What is Managerial economics?, Explain Managerial economics, Define Managerial economics
~~~ Managerial economics ~~~
Title: What is Managerial economics?, Explain Managerial economics, Define Managerial economics
Created on: 2018-06-15
Source Link: https://en.wikipedia.org/wiki/Manager...
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Description: Managerial economics deals with the application of the economic concepts,theories,tools and methodologies to solve practical problems in a business.it helps the manager in decision making and acts as a link between practice and theory". It is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units. As such, it bridges economic theory and economics in practice. It draws heavily from quantitative techniques such as regression analysis, correlation and calculus. If there is a unifying theme that runs through most of managerial economics, it is the attempt to optimize business decisions given the firm's objectives and given constraints imposed by scarcity, for example through the use of operations research, mathematical programming, game theory for strategic decisions, and other computational methods.
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