What is the definition and importance of managerial economics?
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Managerial economics helps managers to decide on the planning and control of the benefits. Managerial Economics is synchronized between the planning and control of any institution or firm and hence itsimportance increases. Thus, It plays a huge role in business decisions.
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=> 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.
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