Problem
1. What is the descriptive approach? How is it different from the prescriptive approach and where would managerial economics stand?
2. Explain the concept of profit from both accounting and economic perspectives. What would make the two different from each other? Will this difference have any practical mix-up when it comes to the managerial decision making?
3. Explain the concepts of entrepreneurship, management, and leadership and set the link between an entrepreneur, a manager, and a CEO of a firm. How do the three work to set the firm and optimize its efficiency?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.