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Who among the following defined “Managerial economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management”?
  • a)
    Spencer
  • b)
    Haynes, Mote, and Paul
  • c)
    Mansfield
  • d)
    Evan J Douglas
Correct answer is option 'A'. Can you explain this answer?
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Who among the following defined “Managerial economics is the int...
Managerial economics
  • The study of managerial economics focuses on the application of economic theory to corporate management. 
  • It deals with the use of economic theories and principles of business decision-making.
​Important Points 
Definition of Managerial economics
According to M.H. Spencer and L. Siegelman- 
“Business Economics (Managerial Economics) is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.” 
  • They believe that the theory of decision-making acknowledges the diversity of objectives and pervasiveness of uncertainty in the real management world.
  • The decision-making theory rejects the idea of a single optimal solution in favor of the idea that the goal is to find a solution that "satisfies" as opposed to "maximizes."
  • It delves into an examination of motivation, the relationship between rewards and aspirational levels, and the distribution of power.
  • Hence, the correct answer is Spencer.
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Who among the following defined “Managerial economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management”?a)Spencerb)Haynes, Mote, and Paulc)Mansfieldd)Evan J DouglasCorrect answer is option 'A'. Can you explain this answer?
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Who among the following defined “Managerial economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management”?a)Spencerb)Haynes, Mote, and Paulc)Mansfieldd)Evan J DouglasCorrect answer is option 'A'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about Who among the following defined “Managerial economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management”?a)Spencerb)Haynes, Mote, and Paulc)Mansfieldd)Evan J DouglasCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Who among the following defined “Managerial economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management”?a)Spencerb)Haynes, Mote, and Paulc)Mansfieldd)Evan J DouglasCorrect answer is option 'A'. Can you explain this answer?.
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