Question 1 (25 Marks) a) Briefly explain what does managerial economics means? b) (5 marks) Why managerial economics is so important in business activities? How does managerial economics can help managers in business practices in term of designing business strategies? (10 marks) One of the most important tool in managerial economics is marginal analysis. How marginal analysis is used for making a managerial decision? (10 marks)