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What is Managerial Economics?

Managerial economics is a subject that engages with the application of economics in terms of concepts and analysis to policy and decision making at the managerial level. The domains of managerial economics and business economics are very similar to each other in the respect that they have a very similar premise and area of application. Both make use of the body of knowledge of economics in substantiating business activities and actions.

However, as managerial economics refers to only the application of economics to managerial concerns such as planning, policymaking, decision making, assessment, and analysis, etc., its area of interest is somewhat smaller than that of business economics which concerns itself with the entire range of activities that are involved in business economics. One may even argue that managerial economics is a subset of business economics but the exact meaning of these two terms and the relationship between the two is often subject to interpretations.


Managerial Economics Assignment Help

Quantitative techniques and methodologies are an important aspect of the application of economics to the domain of management. Techniques like regression analysis, correlation, calculus, etc. are used widely in this subject. Economics is applied to this field to optimize managerial decision making and put them in line with the overall organizational objectives. For this purpose, the subject makes use of many other interspersing domains like operations research, mathematical programming, game theory, etc. Let us examine some of the operative areas of managerial decision making.


Investment Analysis
When a company decides to invest in a market, it must determine the viability of the investible funds that it is buying. Managerial economics does the analysis and evaluation of funds to assess their profitability and thereby it provides the management with adequate technical information to allow for effective decision making.

Business Domain Selection
For a business, deciding upon the domain of business that they wish to enter is an indispensable prerequisite. Managerial economics makes assessments of the target markets and identifies the areas where the enterprise may successfully initiate its venture.

Product Decision
Through the processes of managerial economics, managers can consolidate their market research and identify the product that would best befit their company’s abilities.

Output Optimization
Maximizing output is essential for sustainable profitability. Through the application of economics techniques managers can identify the weak links in their production chain and optimize the process.

Product Pricing
Price determines value – is the idea behind the pricing of the product and by applying economics to the determination of the price, companies can identify the margin that would yield them the maximum profit.

Planning Inputs
Economic assessment of inputs and resources required for running a given business can provide managers with a fair view of what they would need for optimal operability.

Sales Promotion
Promoting brands and products requires a thorough understanding of the market conditions and managers use economic tools to assess these and devise efficient sales promotion strategies.


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