Question

Define managerial economics. What is its importance and relation to decision making in business?​

Answer 1

Answer:

Managerial economics It is the application of economic theory

to the problem of management..

Hope it helps!!☺️

Answer 2

Explanation:

Managerial economics is a field that comes under economics which takes the practical application business management with the formulated theory of economics thereby helps in making fruitful decisions and strategies.

Managerial economics uses both economic theory and econometrics to measure, analyze and strategize for all important steps in business.

The importance of managerial economics:

It increase efficiency and increase profit levels in business. Each decision in a business perspective is time-consuming and involves multilateral issues associated with it, therefore managerial economics gives a strong foundation in dealing with economic problems effectively.