Managerial economics is the application of economic theory and methodology to managerial decision making. It bridges traditional economics and business practices by using tools and techniques to analyze problems related to demand, production, costs, prices, investments, and profits. The goal is to help managers make efficient decisions. Managerial economics gained popularity after Joel Dean published the book "Managerial Economics" in 1951, applying economic theories to real-world business problems. It examines how managers can coordinate unlimited wants with limited resources to maximize profits within the constraints of scarcity.