Respond to below in 150 words
Nowadays, satisficing is the goal of business, however, profit-maximization is always not far behind in the goal list of business. Managerial economics is the utilization of economic analysis aiding business decision makers in allocation of the scarce resources. For managers to contribute in maximizing profit, a firm has to utilize its resources in an efficient manner. Managerial economics provide insight with respect to demand analysis and forecasting, profit and capital management and by studying management economics, managers can utilize these insights to make better managerial decisions.
Erfle, S.E., Keat, P.G., Young, P.K. (2013). Managerial Economics. Economics Tools for Todays Decision Makers.
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