Define managerial economics.
Understand the Problem
The question is asking for a definition of managerial economics, which involves the application of economic theory and methodologies to business management practices. This typically includes concepts such as resource allocation, production and costs, market structure, and pricing strategies.
Answer
Managerial economics applies economic methods to business decision-making.
Managerial economics is a branch of economics that applies economic methods and theories in organizational decision-making to help fulfill company objectives effectively and efficiently.
Answer for screen readers
Managerial economics is a branch of economics that applies economic methods and theories in organizational decision-making to help fulfill company objectives effectively and efficiently.
More Information
Managerial economics bridges the gap between economic theory and practical business solutions. It uses quantitative methods to solve complex business problems and is essential in strategic planning.
Sources
- Managerial economics - Wikipedia - en.wikipedia.org
- What is Managerial Economics? Definition, Scope, and Purposes - clockster.com
- Managerial Economics Definitions - Google Sites - sites.google.com
