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Controlling vital few/scarce resources to manage cost effectively
Mangerial Economics is the study of costs, benefits, and about maximising returns on capital and available resources by adopting proper techniques or by devloping suitable skills.
Managerial economics is the application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions.
Managerial economics consists of the use of economic modes of thought to analyse business situation.
Managerial economics are the methods to achieve the most economical viable solutions.
