Managerial Economics Books

Applications This course provides an overview of the economic tools and analytical approaches available to managers for business decision making. It covers topics such as pricing, forecasting, demand analysis, production and cost analysis, and macroeconomic policies that affect the business environment. The aim of this course is to develop an appropriate economic perspective for students wishing to manage business units or entire companies in various industries.

Managerial economics is defined as the branch of economics which deals with the application of various concepts, theories, methodologies of economics to solve practical problems in business management. It is also reckoned as the amalgamation of economic theories and business practices to ease the process of decision making. Managerial economics is also said to cover the gap between the problems of logic and problems of policy.

Managerial economics is used to find a rational solution to the problems faced by firms. These problems include issues around demand, cost, production, marketing, and it is used also for future planning. The best thing about managerial economics is that it has a logical solution to almost every problem that may arise during business management and that too by sticking to the microeconomic policies of the firm.

When we talk of managerial economics as a subject, it is a branch of management studies that emphasizes solving business problems using theories of micro and macroeconomics. Spencer and Siegelman have defined the subject as “the integration of economic theory with business practice to facilitate decision making and planning by management.” The study of managerial economics helps the students to enhance their analytical skills, developing a mindset that enables them to find rational solutions.

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