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A close interrelationship between management and economics had led to
the development of managerial economics. Economic analysis is required
for various concepts such as demand, profit, cost, and competition. In
this way, managerial economics is considered as economics applied to
“problems of choice’’ or alternatives and allocation of scarce resources
by the firms.
Managerial economics is a discipline that combines economic theory
with managerial practice. It helps in covering the gap between the
problems of logic and the problems of policy. The subject offers
powerful tools and techniques for managerial policy making.
But the term managerial economics
seems more appropriate as economics principles are applied by the
managerial economists and the managers. A lot of material has been
written so far but crux of the discipline is analytical decision making
process for allocation of scarce resources to the best possible
alternatives.
The process
may take place in private business or public policies; ultimately the
managers have to decide what is better for the competing ends. They are
recruited to apply logic and economic analysis tools to evaluate their
options to make the best choices for their employers.
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