QUESTION ONE

The decision-making process in managerial economics is a complex and iterative process that involves data analysis, cost-benefit analysis, and risk assessment. It is essential to ensure that the decision-making process is based on accurate and relevant data and that the risks associated with the investment are assessed and mitigated. By making informed decisions, companies can achieve their strategic goals and long-term objectives, and ensure their long-term success.

REQUIRED;

Describe how the decision-making process in managerial economics contributes to the achievement of strategic goals and long-term objectives for businesses.