Definition of Managerial Economics
According to McNair the Merriam, Managerial Economics consists of the use of economic modes of thought to analyse business situations.
Spencer and Siegelman have defined Managerial Economics as “the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management.”
The above definitions suggest that Managerial economics is the discipline, which deals with the application of economic theory to business management. Managerial Economics thus lies on the margin between economics and business management and serves as the bridge between the two disciplines.
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