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Let’s Know About Managerial Economics
Managerial economics can be described as a part of economics concerned with the application of the economic model to make a rational judgment. It allows economist apply Microeconomics study to the management units and business. It employs a range of mathematics tools to get the correlation among diverse entities.
Another important aspect is the choice making. It is not a simple process to design strategy and take decisions. Decision-making comprises making a product choice and defining the creation portfolio. A manager has to make the choice about the business area, pricing, Funds estimation and promotional activities.