Question

Discuss the importance of managerial economics

Answer 1

it is an amalgamation of economic theory with business practices so as to ease decision-making and future planning by management. 

1. It assists the managers of a firm in a rational solution of obstacles faced in the firm’s activities. 

2. It helps in formulating logical managerial decisions. 

3. It lessens the gap between economics in theory and economics in practice. 

4. It guides the managers in taking decisions relating to the firm’s customers, competitors, suppliers as well as relating to the internal functioning of a firm.

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