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What Is Managerial Economics?
Managerial Economics is the application of economic theories, methodology and tools to solve the practical problems encountered by firms and organizations. It provides a crucial link between theory and practice by enabling managers to apply the knowledge acquired from economic theory to decision making of the firm.
The field of managerial economics is up and coming and its scope is still being discovered. Some of the topics that a managerial economist is expected to master are demand analysis and forecasting, cost and production analysis and advertising. The concepts included in this subject are neither so easy to understand nor to memorize.
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