The BUS530 managerial economic concept and game theory concept article focuses on an oligopolistic company’s utilization of game theory. Managerial Economics is the economic theory with business practices to ease decision-making and future planning by management. Besides, Managerial Economics assists the managers of a firm in a rational solution of obstacles. Importantly, managerial economics helps in understanding the application of oligopoly game theory. Furthermore, it makes use of economic theory and concepts. The key to Managerial Economics is the micro-economic theory of the firm. The study of Managerial Economics helps in the enhancement of analytical skills as well as the solution to problems. The BUS530 managerial economic concept and game theory concept article is vital in understanding the oligopoly game theory.
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GAME THEORY CONCEPT AND ITS IMPORTANCE IN MANAGERIAL ECONOMICS
The game theory concept helps to develop effective competitive strategies for setting prices. The idea also helps in the forming of nonprice competition in oligopoly markets. Oligopoly game theory helps in developing a plan in a competitive market. Game theory concepts are also useful in setting public policy for currency market intervention. For instance, in emerging markets and auction strategies for broadcast spectrum in the telecommunications industry. Game theory is a general framework to help decision making when substantial payoffs depend on actions taken by other firms. The BUS530 managerial economic concept and game theory concept article helps to highlight game theory’s role in decision making.
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BUS530 MANAGERIAL ECONOMIC CONCEPT, OLIGOPOLY GAME THEORY AND ITS IMPORTANCE IN A COMPETITIVE MARKET
Oligopoly game theory allows for companies to gain a competitive advantage through market simulations. In competitive and monopolistic companies, the profit-maximizing strategy is to produce that quantity of product. That is where marginal revenue matches the minimal cost. The game theory concept helps companies that are oligopolistic to implement profit-oriented policies. It is difficult for a firm in an oligopoly to determine its marginal revenue. This is because the quantity of products depends on the prices charged by the other firms in the oligopoly. Furthermore, it also depends on the amount that they produce. The BUS530 managerial economic concept and game theory concept article discusses how oligopolistic companies utilize game theory for success.
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