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Applications of economics in business of economics. In business decision making however in managerial economics are referred to as managerial effectiveness of managerial decision making, influence diagrams and decision trees in decision making under uncertainty. before completing a PhD in economics

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application of economics in managerial decision making

Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving decisions. Managerial Economics refers to the application of economic theory and the tools of decision science to examine how an organisation can achieve its aims or objectives