Question

How managerial economics useful to engineers?

Answer 1

Cost analysis especially deals with the various cost concepts and their practical usefulness in managerial decision-making. Pricing analysis: pricing analysis is a core concept of managerial economics. It plays an important role in profit planning. The success of a firm depends upon correct price decisions taken by it.
 agree to your point that managerial economics is not being used by an engineer who might be in a developing, testing, designing job. But for a engineer few basic management subjects are being tought to reduce the gap of understanding level when he meets his management or a client who tells their requirement. By having this kind of knowledge, an engineer can do a good value engineering (Most favourite thing for the management).

Answer 2

Answer:

The fields of the managerial economics is a dynamic field that provides the useful information regarding the decision of the future planning and uses he special techniques of the management and knowledge.

Explanation:

• The managerial economics is also related to the ways of the business economics and this field is also useful to the engineers and the business alike as it develops on the basis if the panning and the systematic arrangement if the business models, and applies the various concept ad the tools and modeling techniques of the business intelligence.

• It draws heavily from the quantitative techniques like the regression and the calculus, and game theory for the statistical decision making. It makes a difference between the micro and macro economics and thus plays critical roles in the fiscal of the monetary policy.  

• The factors that determine the risk analysis, production analysis, pricing, and capital analysis, help the companies to know the exact operational and the environmental issues, like the demand and the production, etc.