Role of Managerial Economics in Building a Business
The business houses sell services and products to consumers. And for selling or producing any product or service, it has to use the available resource in optimum, whether the resource available to them is large or small. For a business, its resources are land, investment and labor. In addition to this, the business owners constantly think about questions, such as what should be the amount of product, what should be the price of the product, what profit margin is good.…