Write the techniques of managerial economics, Managerial Economics

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Techniques of Managerial Economics

Managerial economics draws on a wide range of economic tools, concepts and techniques in decision-making process. These concepts can be considered as follows:

(1) Theory of the firm that explains how businesses make a diversity of decisions;

(2) Theory of consumer behaviourthat describes consumer's decision-making process and

(3) Theory of market structure and pricing that describes the structure and characteristics of different market forms under that business firms operate.

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