ECONOMICS MANAGERIAL ECONOMICS
Concept
What is managerial economics? Support your own answer with the various definitions
Answer: Managerial economics is an applied branch of micro economics, which studies the topic
which are of great interest and importance to a manager these topics involve component like
demand, supply, production. Cost revenue, government regulation etc. Managerial economics is
the application of the economic analysis to evaluate business decisions. It concentrates on the
decision process, decision model and decision variable at the firm level is viewed as a micro-
economics unit located within as industry, which exists in the context of a given socioeconomic
environment of business.
Managerial economics is concerned with economics with economics behavior of the firm it is
assumed that firm maximizes profit. In general managerial economics can Be used by the goal
oriented manager.
Definitions
There are many managerial economics, some of them are
Prof Spencer Siquelman: Managerial economics deals with integration of economics theory
with business practice for the purpose of facilitating decision making and forward planning.
Prof Hague: Managerial economics is concerned with using logic of economics mathematics
and statistics to provide ways of thinking about business decision problem.
Mc Nair and Meriam: Business economics and managerial consists of the use of economic.
