Tag: Exam Question #  Q.1. How does Managerial Economics Differ from Economics?

Ans. i. Whereas managerial economics involves application of economic principles to the problems of the firm, Economics deals with the body of the principles itself. ii. Whereas managerial economics is micro-economic in character economics is both macro-economic and micro-economic. iii. Managerial economics, though micro in character, deals only with the firm and has nothing to do…