What is managerial economics?

Managerial economics is a branch of economics that applies economic theory and concepts to solve managerial problems and make informed business decisions. It involves the use of economic principles and tools to analyze and understand the behavior of firms, markets, and consumers in order to optimize resource allocation, maximize profits, and achieve organizational goals. Managerial economics combines economic theory with business practices to provide managers with a framework for decision-making and strategic planning. It covers various topics such as demand analysis, production and cost analysis, pricing strategies, market structure analysis, risk analysis, and decision-making under uncertainty.