Question

Relationship with economics theory decision science and functional area

Answer 1

Answer:

The firm uses the models of economic theory to maximize its aim of " maximizing profit", if this model predicts the behavior of the firm accurately. ...  All of these functional areas can apply the theories and method in the context of the particular situation and tasks that they have to perform.

Managerial economics is very closely linked to microeconomic theory, macroeconomic theory, statistics, decision theory, and operations research. It draws together and relates ideas from several functional fields of business administration, including accounting, production, marketing, finance, and business policy.

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