In any business or an industry every businessman / owner of an industry wants to earn more profit by using minimum or limited sources of business. Earning more profit from limited sources is called managerial economics. All these resources are measures in view of economic. In the other words managerial economics is the study of the allocation of resources available to a firm or a unit of management among the activity of that unit.
Definition : According to Mc Nair and Meriam “Managerial economics is the use of economic modes of thought to analysis business situation.”
According to Spencer “Integration of economic theory with business practice for the purpose of facilitating decision making and forwards planning for management.
According to Hailstones and Rothwell: “Managerial Economics is the application of economic theory and analysis of business firm and other institutes.
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