Question

Q63 Explain the nature and scope of managerial economics in 60 words.

Only valid way of answering is require.

Answer 1

Good Evening

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Glad to answer this!

Before going to it's nature and scope let's go with what it is

Question :

What is managerial economics ?

Answer :

Let's get this answer from the word " Managerial " itself .

There are 10 letters  in managerial . Use the reverse of letters with a gap

Managerial

Reverse of M  : N

Reverse of N  : M

Reverse of G : T

Reverse of R : I

Reverse of A = Z

A new word form : Nmtiz

Managerial economics is Nmtiz :

N =  Narrow and Limited Scope

M = Micro in nature and Macro in analysis

T = Topic of about greatest interest and importance to manager are it's main focus

I = It discusses individual problems

Z = Zone of Profit it can give  better result

Question :

Explain it's nature ?

Answer :

• Basis of decision making

Managerial economics is surely an art of decision making . Decisions of here are taken scientifically .

• Best use of resources

The main focus of managerial economics is to use resource wisely . Better use of resource can provide a better result .

• Above mention points in previous  answer of question about what it is

Question :

Scope of Managerial economics ?

Answer :

• Capital Management
• Cost analysis
• Profit analysis
• Profit management
• Theory of  production

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#Be Brainly

Answer 2

Explanation:

Managerial economics is a discipline which deals with the application of economic theory to business management. It deals with the use of economic concepts and principles of business decision making.