Economic theory
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How would a manager use economic theory to maximize profit price for a service or product?
In engaging in due diligence for any investment, what types of factors and issues might you focus on? Are there "levels" of due diligence?
……….Answer preview……..
Economic theory helps managers in describing and understanding business problems by use of simplifying assumptions. These problems may include abstract of irrelevant ideas or information such that they can turn into complexity into relative simplicity. This includes road map and any other problem which requires simplicity. As if not enough, economic theory ignores anything which up rises as irrelevant within a problem hence minimizes problems to their most essential components………….
APA
735 words