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Managerial economics is an art or science.explain?

Updated: 4/28/2022

Wiki User

∙ 14y ago

Best Answer

Both!

The ideas and concepts behind managerial economics all have a scientific basis. Some managerial decisions made using managerial economics can employ scientific explanations.

On the other hand, many managerial decisions made using the concepts of managerial economics are very subjective. One must, for example estimate the intentions of competitor firms. While some of this is scientific, some of it is luck and some of it is an art.

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∙ 14y ago

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