Spencer and siegelman definition of managerial economics
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Managerial economics, used synonymous with business economics. It is a branch of economics that deals with the application of microeconomics analysis to decision-making techniques of businesses and management units. It acts as the via media between economic theory and pragmatic economics. Managerial economics bridges the gap between "theory and practice".
According to Spencer and Siegelman:
“The integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management”.
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