{tocify} {$title=Table of Contents} Managerial Economics “Managerial economics is the application of economic theory and analysis to practice of business firms and other institutions.” Was this helpful? YesNo 0 / 0 Related ArticlesMichall R. Baye | Production Function : Best Meaning, DefinitionCIMA TerminologyIncome Elasticity of Demand Meaning, Formula and ExampleIsoquants Optimal Production Function: Properties, TypesWhat is Labor? Definition and Characteristics of LaborDevelopment Gap: Divisions, Measurement, and Strategies