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1) Define Managerial economics according to Davies(1991), McGuain, and Moyer (1975). Explain their definition using an example. (10) 2) What are the explicit and implicit

1) Define Managerial economics according to Davies(1991), McGuain, and Moyer (1975). Explain their definition using an example. (10) 2) What are the explicit and implicit costs/ constraints? (10) 3) Give your own definition of managerial economics

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