Managerial Economics -Definition, Types, Nature, Principles, and Scope
Managerial Economics Definition, Types, Nature, Principles, and Scope ************************************************* What is Managerial Economics? Definition, Types, Nature, Principles, and Scope Businesses run on various theories that are explained in Economics. Managerial Economics is the stream of management studies that emphasizes solving problems in businesses using the theories in micro and macroeconomics. This branch of economics is used by firms to not only find a solution to problems in daily running but also for long-term planning. We can also say that Managerial economics is a practical application of theories in economics. “Managerial economics is concerned with the application of economic concepts and economic analysis to the problems of formulating rational managerial decisions.” - Edwin Mansfield, Economics Professor, University of Pennsylvania We should also look here at What is economics? Economics is an inevitable part of any business....