UBMSFSII.3 : Managerial Economics

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[50 lectures : 3 Credit]

 

Objective :

  1. To acquaint the students with concepts and techniques used in Micro-economic Theory and to enable them to apply the knowledge in business decision making.
  2. To apply economic analysis in the formulation of business policies.
  3. To use economic reasoning to problems of business.

 

Level of Understanding: The students should acquire applied and analytical skill using economic theories to solve management problems.

 

Units Name of the topic No. of
    lectures
     
Unit I Meaning, scope and role of managerial economics 15
  Meaning and types of demand, demand function and demand curve,  
  variation and increase and decrease in demand, concepts of price, income  
  and cross elasticity of demand, consumer’s surplus.  
  Supply-meaning and supply function  
     
Unit II Meaning and types of production function, application and importance of 15
  production function in Managerial decision making, Economies of scale  
  & scope-Producers surplus.  
  Cost concepts, cost-output relationships and its importance, types of cost,  
  functional form of short run and long run cost, LAC as a decision making  
  tool. Impact of learning curve  
  Revenue concepts- TR, MR,AR.  
Unit III Market structure- meaning, types and need for analyzing market 15
  structure.  
  Perfect Competition- features, representative firm and industry,  
  Equilibrium in short and long run, price and output determination with  
  diagrams, normal profits and losses, supernormal profits  
  Monopoly- features, equilibrium in short and long run, Price  
  discrimination, Dumping  
Unit IV Oligopoly and Monopolistic Competition: 15
  Oligopoly: definition and characteristics, collusion and cartel, non-price  
  competition, price stickiness and kinked demand.  
  Monopolistic competition- definition and characteristics, equilibrium  
  price and output determination.  
  Pricing policies and practices- role of cost, demand and consumer  
  psychology in pricing. Pricing methods: full cost pricing, marginal cost  
  pricing, pricing of new products, penetration pricing, skimming pricing.  
     

 

Reference Books

  1. A study of Managerial Economics, Gopalakrishna, Himalaya Mumbai
  2. Managerial Economics Hague, D. Longman, London
  3. Managerial Economics, Dean Joel, Eastern Edition
  4. Managerial Economics Paul G Keat, K.Y. Young Prentice Hall Publications
  5. Managerial Economics Ahuja HL (2007) S.Chand & Co.Delhi
  6. Micro Economics – M. L. Seth
  7. Micro Economics – M. L. Jhingan; Vrinda Publications, New Delhi.
  8. Managerial Economics – Theory and Application – D. M. Mithani
  9. Managerial Economics, Varshney RL and Maheshwari KL
  10. Managerial Economics, Peterson – Prentice-Hall of India.
  11. Managerial Economics, Mote Paul Gupta – MGH.
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