Discuss the importance of understanding the six principles of Managerial Economics when applied in a not-for-profit setting.
For purposes of this assignment, assume you are a consultant hired to evaluate the feasibility of rolling out a new program within an existing not-for-profit mental health organization. Your task, in a 4-6 page paper is to:
Discuss/explain and provide the rationale for choosing either the Economic Theory of the Firm or the Managerial Theory of the Firm as the framework for this project.
Discuss the importance of understanding the six principles of Managerial Economics when applied in a not-for-profit setting.
Discuss how you would apply the six principles to decision-making strategies in considering the new program.
What would be the limiting factors for each of the principles?
What other economic issues would you consider in your deliberations? Why?
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