Managers, in their day-to-day activities, are always confronted with several issues such as how much quantity is to be supplied; at what price; should the product be made internally; or whether it should be bought from outside; how much quantity is to be produced to make a given amount of profit and so on. Managerial economics provides us a basic insight into seeking solutions for managerial problems. Economics, as the name itself implies, is an offshoot of two distinct disciplines: Economics and Management. In other words, it is necessary to understand what these disciplines are, at least in...