Managerial Economics and Mathematics

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Mathematics is yet another important subject closely related to managerial economics. This is because managerial economics is mathematical in character, as it involves estimating various economic relationships, predicting relevant economic quantities and using them in decision-making and forward planning. Knowledge of geometry, trigonometry ad algebra is not only essential but also certain mathematical tools and concepts such as logarithms and exponential, vectors, determinants, matrix, algebra, calculus, differential as well as integral, are the most commonly used devices. Further, operations research, which is closely related to managerial economics, is mathematical in character. It provides and analyses data ad develops models, benefiting from the experiences of experts drawn from different disciplines, viz., psychology, sociology, statistics and engineering.

 

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