Managerial Economics

Economics-=>Economics is the study & solution in producing, distributing and
consuming material goods & services in the world of scarce resources.

Management: Management is the discipline of planning, organizing & allocating a
organization's scarce resources to achieve the certain goal.

Managerial Economics: Relationship between
       ‘economics' and
‘management' begets managerial economics. It's a
recent term used in last fifty years or so. Though
not separate independent science , but used by
practical or working person.
Dean, author of the 1st managerial economics text
book defines managerial economics as, “the use of
economic analysis in the formulation of business
policies.”

Scope of Managerial Economics:
1. decision relating to demand
2. decision related to cost & production
3. decision relating to price & market
4. decision relating
     to profit management
5. macro economic factor

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