Meaning of Managerial Economics
According to E.F. Brigham and J. L. Pappar, Managerial Economics is “the application of economic theory and methodology to business administration practice.”
To Christopher Savage and John R. Small: “Managerial Economics is concerned with business efficiency”.
Milton H. Spencer and Lonis Siegelman define Managerial Economics as “the integration of eco*nomic theory with business practice for the purpose of facilitating decision making and forward plan*ning by management.”
In the words of Me Nair and Meriam, “Managerial Economics consists of the use of economic modes of thought to analyse business situations.”
D.C. Hague describes Managerial Economics as “a fundamental academic subject which seeks to understand and analyse the problems of business decision making.”
In the opinion of W.W. Haynes “Managerial Economics is the study of the allocation of resources available to a firm of other unit of management among the activities of that unit.”