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PostPosted: Sat Feb 13, 2021 12:22 pm 
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Location: Australia
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Introduction to Managerial Economics:
Let us now discuss the concept of Managerial Economics. This is essential because the students can't solve the questions if they don't know the matter. It is imperative to understand the subject, nature, and its applications to solve any problem. So as the name suggests, Managerial Economics is a branch of economics itself. Managerial economics deals with the following given things:
Economic theories
Methodologies and tools for solving practical problems
Application of the concepts
Affecting the daily decisions of a business
Long- term planning
Cost and market of a product
Production and demand in the market
Linking theory with practice
Plays a significant role in decision making
Comparing and analyzing alternate solutions available to find the best option
Combining management practices with microeconomics to solve the problems of the organization.
Theories of Managerial Economics
Managerial Economics focuses on the four main approaches, which are:
1.Cost Theory
2.Demand Theory
3.Market Theory
4.Production Theory
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