One of your colleagues Lily has learned that you are taking Managerial Economics at Lewis. Lily has never learned economics and is curious about Managerial Economics.

1. Explain to Lily what Managerial Economics is.
2. Why do you think Managers need to learn Managerial Economics?
3. Give one business setting in which you believe Managerial Economics is applicable. Explain how Managerial Economics can be applied to make a difference

Answer rating: 100% (QA)

Managerial Economics is a branch of economics that applies economic theories and principles to solve managerial problems and aid decisionmaking within organizations It essentially focuses on how manag... View the full answer