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One of your colleagues Lily has learned that you are taking Managerial Economics at Lewis. Lily has never learned economics and is curious about Managerial

One of your colleagues Lily has learned that you are taking Managerial Economics at Lewis. Lily has never learned economics and is curious about Managerial Economics.

Explain to Lily what Managerial Economics is.
Why do you think Managers need to learn Managerial Economics?
Give one business setting in which you believe Managerial Economics is applicable. Explain how Managerial Economics can be applied to make a difference. Your score is based on your explanation. Explain as clearly as you can.

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