Question

What is managerial economics..?
 What role does it play in shaping business Decisions?

Answer 1

Managerial economics is the process of mapping economic theory to economic practice to understand how to access and use limited resources effectively for optimal performance and generation of profits and revenues. It plays a key role in business decision making and helps to answer various questions such as:

* What product or how much of the product should be made?

* Whom should the product be targeted at?

* What price should be charged for the product?

Answer 2

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