Managerial Economics: A Decision Science And Business Management

Managerial economics is pragmatic. It is concerned with analytical tools and techniques of economics that are useful for decision making in business. Managerial economics is, however, not a branch of economic theory but a separate discipline by itself, having its own selection of economics principles and methods. In essence, managerial economics rests on the edifice of economics. Knowledge of economics is certainly useful to business people. Businessmen/ business managers must know the fundamentals of economics and economic theories for a meaningful analysis of business situations. Managerial economics is a science that deals with the application of various economic theories, principles, concepts and techniques to business management in order to solve business and management problems. It deals with the practical application of economic theory and methodology to decisionmaking problems faced by private, public and non-profit making organizations. Managerial economics is essentially applied economics in the field of business management. It is the economics of business or managerial decisions. It pertains to all economics aspects of managerial decision making. Here I will this paper is having its prime focus in discuss Introduction & what is Managerial Economics, Features of Managerial Economics, The Nature and Role of Managerial Economics, Uses/objective of Managerial Economics, Managerial economics analysis, Managerial decision analysis, managerial optimizing strategies and conclusions & findings.