Question

what is managerial economics also write difference between managerial economics and economics!

Answer 1

Answer:

Managerial economics deals with the application of the economic concepts, theories, tools, and methodologies to solve practical problems in a business. In other words, managerial economics is the combination of economics theory and managerial theory.

Managerial economics involves application of economic principles to the problems of a business firm whereas; economics deals with the study of these principles only. Economics ignores the application of economic principles to the problems of a business firm.

Answer 2

Answer:

Here's your answer mate -☆

MANAGERIAL ECONOMICS -:

INTRODUCTION TO MANAGERIAL ECONOMICS

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.

DIFFERENCE BETWEEN MANAGERIAL ECONOMICS AND ECONOMICS-

1. The traditional Economics has both micro and macro aspects whereas Managerial Economics is essentially micro in character.
2. Economics deals mainly with the theoretical aspect only whereas Managerial Economics deals with the practical aspect.
3. Managerial Economics studies the activities of an individual firm or unit. Its analysis of problems is micro in nature, whereas Economics analyzes problems both from micro and macro point of views.

Explanation:

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