The emergence of managerial economics has been the result of new conjunction around management and economics. Demand, benefit, expense, and competition are all concepts that involve economic analysis. In this way, managerial economics is called economics referred to as “problems of choice’’ or alternatives and distribution of scarce resources by the firms.
Economics with time has become an indispensable part of any enterprise. This single definition underpins all market expectations, forecasting, and investments.
Managerial economics is a branch of economics that incorporates managerial practice with theory. It aids in bridging the difference between logical and policy issues. The topic provides useful methods and strategies for formulating managerial policy.