Q:
What is the nature and scope of managerial economics?
A:
Quick Answer
The nature and scope of managerial economics includes taking a managerial problem and suggesting a course of action to solve the problem. The problems include anything related to the managerial process of a business, such as account management, production and inventory or sales and marketing.
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When exploring the scope of managerial economics, there are four primary factors that people explore, including demand decision, price theory or the theory of exchange, production decision and all of the economic activity related to people. In terms of management, this type of economics is generally for microeconomic analysis to allow for better decision making.
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