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...Unit i lesson managerial economics structure introduction objectives nature of is a science requires art for administration organisation helpful in optimum resource allocation has components micro macro dynamic importance scope role summary self assessment questions suggested readings the emerged only recently with growing variability and unpredictability business environment managers have become increasingly concerned finding rational ways adjusting to an exploiting environmental change problems world attracted attentions academicians from onwards mana gerial as subject gained popularity usa after publication book by joel dean can be defined amalgamation economic theory practices so ease decision making future planning management assists firm solution obstacles faced s activities it makes use concepts helps formulating logical decisions key lessens gap between practice dealing effective scarce resources guides taking relating customers competitors suppliers well internal functioning s...