Managerial Economics and Principles of Accountancy

This book is intended for engineering students who would be occupying managerial positions in various organizations. Even though teaching this subject to technical students is a challenging job because of its secondary importance, here is an attempt to make it an interesting endeavor. This book follows a sound pedagogical approach containing abundant examples, solved problems, and figures etc. This book seeks to discuss the theory of managerial economics and accountancy which provides the framework for various economic and accounting applications. One standard definition for economics is the study of the production, distribution, and consumption of goods and services. A second definition is the study of choice related to the allocation of scarce resources. The first definition indicates that economics includes any business, nonprofit organization, or administrative unit. The second definition establishes that economics is at the core of what managers of these organizations do. This book presents economic concepts and principles from the perspective of "managerial economics," which is a subfield of economics that places special emphasis on the choice aspect in the second definition.