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- Why is Managerial Economics relevant to you as a student?Define managerial economics and its relation with economics theory and decision science?Generally speaking, managerial economics is the application of economic theory to the field of business: a) Ethics b) Management c) Practice d) All of the above.
- In general, managerial economics refers to the integration of economic theory with business: a) Ethics b) Management c) Practice d) All of the abovedescribe of How managerial economics ( micro economics ) works in our professional life ( real life example please) and personal life ( real life example please)?Business economics bridges the gap between abstract theory and business practice. It uses the tools of economic analysis in classifying problems in organising and evaluating information and in comparing alternative courses of action outline the nature and scope of managerial economics.
- Is it possible for a Managerial Economist to be liberal, normative, and radical at the same time? Explain your answerDecision sciences involve * mathematical economics and econometrics. econometrics. macroeconomics and microeconomics. mathematics and operations management.Economist are assumed to behave rational not functional
- Economics gives managers a framework for assessing profitability.Explain some usual critics of economics: bias toward market-based solutions, cannot be properly tested, failure to predict. Typed answer please. Don't copy..I need non plagiarised answerBehavioral economics is the field of economics that........... explores economic decision making using findings from experimental psychology. studies the impact of educational attainment on earnings. explores the impact of inflation on unemployment. attempts to explain macroeconomics using microeconomic foundations.