Question

What is Business Economics? Explain in detail the scope of Business Economics.

Answer 1

Business Economics, also calledManagerial Economics, is the application of economic theory and methodology to business. Businessinvolves decision-making. ... It would he in the interest of the business to reach an optimal decision- the one that promotes the goal of the businessfirm.

Answer 2

Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. Business involves decision-making. ... It would he in the interest of the business to reach an optimal decision- the one that promotes the goal of the business firm......

Since business economics is thought of as applied microeconomics, the scope of business economics includes: ... Long-run planning decisions of a firm that studies capital budgeting and capital management. Managerial economics now includes 'operations research'—a mathematical technique to solve business problems......

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