0n Application of Managerial Economics - A Scenario a. Situation - You are the manager and need to increase profitability. Defend the following arguments with your knowledge from our readings and discussions - be descriptive and thorough in your response. 0 Increasing revenues is more favorable than simply reducing costs - why? 0 Decreasing costs and increasing revenues is most favorable - why? 0 Why is a competitive market so important for both the producer and the consumer? Explain. 33. And lastly, you have studied many economists throughout the course - which ONE stands