Definition of Managerial economics according to Douglas

Question

Describes the definition of Managerial economics according to Douglas?

Answer 1

According to Professor Evan J Douglas, Managerial economics is relates with the application of business principles as well as methodologies to the decision making process in the firm or organization under the conditions of uncertainty. This seeks to establish rules and principles to assist the attainment of the required economic intend of management. These economic aims associates to costs, revenue and also profits and are significant within both business and/or non business institutions.