Question

what is difference between managerial economics and economics

Answer 1

The difference between managerial economics and economics is :

Economics deals with body of principles.
Managerial economics deals with applications of principles.
Economics is both normative and positive science.
Managerial Economics is mainly normative science.

Answer 2

Answer:

• Managerial economics is a branch of economics which deals with the application of the economic concepts, theories, tools, and methodologies to solve practical problems in a business these business decisions not only affect daily decisions, also affects the economic power of long-term planning decisions, its theory is mainly around the demand, production, cost, market and so on several factors. In other words, managerial economics is a combination of economics theory and managerial theory. It helps the manager in decision-making and acts as a link between practice and theory. It is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units...