What is managerial economics how does it differ from traditional economics?
Answers
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Managerial economics being a microeconomics branch that studies individual firms and how to apply economic or managerial planning of a firm.It also tries to explain various applications of practicals to business management planning.
therefore, there are various differences between the managerial economics and a traditional economics explained as follows;
In tradional economics,it focusses on a study of both macroeconomics and microeconomics as their main characteristics unlike in the managerial economics where it only studies on a individual firm of microeconomics applications and practicals.
Again,in managerial economics the practical aspect is mostly adopted as the main characteristics unlike in the traditional economics where it focuses on a theoretical framework of the whole firm say industry.