Introduction to Managerial Economics

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Managerial economics is an interdisciplinary field, which aims at studying the application of economic theories, tools and methodologies to solve practical problems in business and management. It is a branch of economics which applies microeconomic analysis to decision making methods of businesses and other units. This field combines managerial and economics theory. Various areas included in managerial decision making include assessment of investable fund, selecting business area, sales promotion and determining optimum output. The techniques of managerial economics are commonly applied to production analysis, capital budgeting, pricing analysis and risk analysis. Managerial economics helps in suggesting the course of action to a managerial problem and it is prescriptive in nature. This book provides comprehensive insights into the field of managerial economics. It is a compilation of chapters that discuss the most vital concepts in this field. The book is appropriate for those seeking detailed information in managerial economics.