Managerial economics kerala university notes

A managerial economist must have a proper understanding of the different cost concept which are essential for clear business thinking.
The cost concept which are relevant to business operation and decision can be grouped on the basis of their propose under two overlapping categories:

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The scope of managerial economics refers to its area of study.
Scope of Managerial Economics is wider than the scope of Business Economics in the sense that while managerial economics dealing the decisional problems of both business and non-business organizations, business economics deals only the problems of business organizations.

The objective of the Managerial Economics course is to acquaint students with the basic principles of micro and macroeconomics for developing the understanding of the theory of the firm, markets, and the macro environment, which would help them in managerial decision-making processes

A managerial economist must have a proper understanding of the different cost concept which are essential for clear business thinking

The cost concept which are relevant to business operation and decision can be grouped on the basis of their propose under two overlapping categories: 1

Concept used for accounting purpose 2