What is Managerial Economics? Meaning, Definitions, Features, Scope, and Importance
Jul 17, 2022
Managerial economics can be defined as the study of economic theories, logic, concepts and tools of economic analysis applied in the process of business decision-making.
In general practice, economic theories and techniques of economic analysis are applied to diagnose business problems and to evaluate alternative options and opportunities open to the firm for finding an optimum solution to the problems.
In simple words, managerial economics is an integration of economic science with the decision-making process of business management.
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