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What is Managerial economics?
Managerial economics is a term that describes the discipline of economic analysis that is conducted for managers, executives, and policy makers to make decisions or choices that are of benefit to them and their organization. Managerial economics is one of the four main branches of economics which include microeconomics, macroeconomics, and environmental economics. It includes the study of the behavior of firms and households, its consequences, and the allocation of resources. Managerial economics plays an important role in all aspects of business and it provides valuable insights for those in charge of business decisions and policy-making.
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