The term managerial economics is defined as the application of economic theory and concepts into solving of managerial decisions by Edwin Mansfield. It is also referred to as business economics. It is often studied as a branch of micro economic study. The managerial decisions are seen to encompass generally the following ideas – the assessing of investible funds, selection of business area, the choice of product along with the determination price of product, the determination of input-combination and technology.
In managerial economics there are two areas of study that occupy prime place of importance one is the study of demand decision and the other is the production decision. Demand decisions influence the production decision of the companies along with this the company also analyses the consumer behavior decisions, The production decision follows the demand decisions and the relevant inputs available on the market demand are analyzed to guide the product , price , place and the promotion strategies. Among the production decision companies also decide on what to produce, how to produce either by labor intensive techniques or by capital intensive techniques. The next question is how much to produce and finally they decide about for whom to produce.
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