define managerial economics

Answer 1

Managerial economics is an applied field of economics that focuses on the use of economic analysis and techniques to solve business decisions. It combines economic theory with managerial practice and focuses on the microeconomic aspects of an organization, such as demand analysis and pricing, production costs, and investment decisions. Managerial economics applies microeconomic analysis to specific decisions in order to optimize outcomes and maximize profits. It also considers the macroeconomic environment in which a business operates, such as global economic trends and government regulations. Managerial economics provides a framework for understanding how businesses interact with their environment and make decisions that will impact their long-term success.

Answer 2

A subfield of economics called managerial economics deals with the use of economic principles in managerial decision-making. Economics is the study of how products and services are produced, distributed, and consumed.

Answer 3

Managerial economics is a branch of economics involving the application of economic methods in the managerial decision-making process.