Question

Compare economics with managerial economics

Answer 1

Managerial economics deals with the application of the economic concepts,theories,tools and methodologies to solve practical problems in a business. It helps the manager in decision making and acts as a link between practice and theory

Answer 2

Economics deals mainly with the theoretical aspect only whereas Managerial Economics deals with the practical aspect. Managerial Economics studies the activities of an individual firm or unit. Its analysis of problems is micro in nature, whereas Economics analyzes problems both from micro and macro point of views.