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Managerial Economics
“Managerial Economics is economics applied in decision making. It is a special branch of economics bridging the gap between abstract theory and managerial practice.” –
Meaning
Management economics can be defined as the study of economic theories, logic, and course that are commonly applied in search of solutions to real business problems. Thus, Managerial economics includes a section of economic knowledge or economic theories used as a tool for analyzing business problems to make sound business decisions. Management economics is often referred to as business economics or business economics.
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