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Managerial Economics
The Objective of this course is to acquaint the participants with concepts and techniques used in Micro-Economic Theory and to enable them to apply this knowledge in business decision-making using both micro and macroeconomic principles. Emphasis is given to changes in the nature of business firms in the context of globalization
Meaning, Nature and Scope of managerial economics.
Constraints and Opportunity costs, Production Possibility Curve,
Consumer Behaviour:Utility and indifference curve approaches-meaning, law of diminishing, marginal rate of substitution, properties of indifference curve, price line, consumer’s equilibrium-conditions of consumer equilibrium, income substitution and price effect.
Demand and law of demand, Normal Goods, Substitute Goods, Veblen Effect, Bandwagon effect, Network Externality, Snob Effect,determinants of demand on demand function, change in demand, elasticity of demand-degrees, Measurement of price elasticity of demand-total expenditure method, proportionate method, point elasticity method. Demand forecasting- Meaning and techniques of demand forecasting, Law of supply (Conceptual)
Cost Concepts and Cost Output Relationship
Concepts of Revenue, Theory of Firm
Short Run and Long Run
Markets: Meaning, characteristics, types of markets-perfect and imperfect markets, Price and output determination in perfect competition, monopoly and monopolistic market.
Business cycles, Inflation, National Income, Political stability, Financial markets-Stock Market, Currency Market and Commodity Markets
• Satya P Das, Micro Economics for Business, Sage Publications Pvt. Ltd.
• Perloff & Brander, Managerial Economics and Strategy, Pearson Education
• Jain, Khanna & Tiwari, “ Business Economics”,V K India enterprises,New Delhi.
• Adhikary, M. Business Economics., New Delhi, Excel Books, 2000.
• Keat, Paul G & Philips K. Y. Young, Managerial Economics, Prentice Hall, New Jersey, 1996.
