Question

Define managerial economics and explain its nature and scope

Answer 1

this is your answer of question define managerial

Answer 2

Managerial Economics should be thought of as applied micro economics. It is an application of the part of microeconomics that focuses on the topics that are of greatest interestand importance to managers. Managerial Economics includesdemand, production, cost, pricing, market structure, and government regulations. A strong understanding of the principlesthat govern the economic behavior of firms and individuals is animportant managerial talent. The rational application of these principles should result in better managerial decisions, higher profits, and an increase in the value of the firm.