Meaning and definition
Managerial economics general refer to the integration of economy theory with business practice economics provide tools managerial economy apply these tools to the management of business. Simple terms, managerial economics means the application of economics theory of the problem of management economics may be view as economy applied to problem solving at that level of the firm. It enable the business executive to assume the analyze thing. Every firm tries to get satisfactory profit even though economics emphasize maximizing the profit. Hence it becomes necessary to redesign of economy ideas to a practical world this function being done by managerial economics.
According to spencer and siegelman ,'' management economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management ,''
According to Mc nair and Merriam '', managerial economy is used of economy models of thought to analyze business situation,''
According to jell,'' managerial economy is concerned with application of economy concept and economy analyze the problem of formulation policies,''
According to mansfied,'' managerial economics is concerned with application of economic concepts and economic analysis to the problems of formulating rational managerial decision." Managerial economics is often called as Business Economics or Economics for firms.
Thus, Managerial Economics is an attempt to use economics and economic logic in formulating business policies. It is that body of economic knowledge, which is used in analyzing business problems for taking appropriate business decisions, and formulating forward plans.
Some definitions about managerial economics:
Managerial economics is concerned with the application of economic concepts and economics to the problems of formulation rational decision making. - Mansfield
"Managerial economics ... is the integration of economic theory with the application of the economic concepts principals and methodologies to the decision making process with the firm and or organization. It seeks to establish rules and principals to facilitate the attainment of the desired economic goals of economic management."
"Managerial economics applies the principals and methods of economics to analyze the problems faced by the management of a business, or other type of organization and to help the fins solutions that advance the best interests of such organizations".
avis and change "Managerial economics applies the principals and methods of economic to analyze problem faced by the management of a business, or other types of organizations and to help find solutions that advance the best interests