It crosses over any barrier between theoretical hypothesis and managerial practice. These changes are having significant influence on management accounting system. Managerial economics, or business economics, is a division of microeconomics that focuses on applying economic theory directly to businesses. Role of Managerial Economics. 2. In short, managerial economics will be “Economics connected in decision making” (Stengel, 2012). In its application managerial economics uses microeconomics principles and economics theories. Managerial economics analyze the practical application of economic logic and principles Managerial Economics elaborates how economic concepts, principles and economic logic can be applied in taking business decisions and formulating future plans.

Managerial economics is a science connected to choice making. Managerial economics is mostly applicable to risk analysis, production analysis, pricing analysis, and capital budgeting. The application of economic theory through statistical methods helps businesses make decisions and determine strategy on pricing, operations, risk, investments and production. Globalization is the main reason for the keen competition.

Application of managerial economics "During the past decade many organization in both the manufacturing and services sectors have faced dramatic changes in their business environment." However, practical life tells that almost all businesses apply managerial economics in one way or another. It focuses all the more on the strategy for thinking.

Applications of Managerial Economics

It is amply clear from the above discussion that economic analysis and economic theories are widely used in business management.



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