answersLogoWhite

0


Best Answer

Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving

managerial decisions. Managerial economics also helps managers recognize how economic forces affect organizations and describes the economic consequences of managerial behavior. It links traditional economics with the decision sciences to develop

vital tools for managerial decision making. This process is illustrated in Figure 1.1.

Managerial economics identifies ways to efficiently achieve goals. For example,

suppose a small business seeks rapid growth to reach a size that permits efficient use

of national media advertising. Managerial economics can be used to identify pricing

and production strategies to help meet this short-run objective quickly and effectively

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What do you mean by managerial economics and what is science?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Is economics a science an art or social science explain?

Economics is a social science because it is a field of study dealing with society and human behavior.


Nature of managerial economics?

nature of managerial economics?


Scopes of managerial economics?

scope of managerial economics


Explain Managerial economics is economics applied in decision making?

Explain Managerial economics is economics applied in decision making?


What is the role of Managerial economics in the economy of Pakistan?

what is the role of managerial economics in Pakistan


Significance of managerial economics in decision making?

significance of managerial economics is decesion making


What is the difference between Economics and Managerial Economics?

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. According to Lionel Robbins, Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Managerial economics, used synonymously with business economics, is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. According to McGutgan and Moyer, "Managerial economics is the application of economic theory and methodology to decision-making problems faced by both public and private institutions".


What is objective of managerial economics?

responsibilities of managerial eeconomic


What is the importance of managerial economics principle in modern organization?

what is the importance of managerial economics principles in the modern organization?


Scope methods of economics?

about scope of managerial economics?


What is the Difference between economics and manegrial economics?

difference between economics and managerial economics


What has the author Lawrence Southwick written?

Lawrence Southwick has written: 'Managerial economics' -- subject(s): Managerial economics