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MANAGERIAL ECONOMICS
CO 7. Analyze concept of utility & consumer’s equilibrium from the perspective of an organization.
CO 8. Analyze how changes in demand and supply affects the Business
CO 9. Analyze consumer behaviour and consumer equilibrium.
CO 10. Analyze relationships between production output & costs and between revenue and costs.
CO 11. Distinguish different forms of markets.
CO 12. Analyze Macroeconomic factors affecting business situations.
Managerial Economics: 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 analysis: 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 and Output Analysis: Cost Concepts and Cost Output Relationship Concepts of Revenue, Theory of Firm
Production Function: 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.
Macro-Economic factors affecting Business- Business cycles, Inflation, National Income, Political stability, financial markets-Stock Market, Currency Market and Commodity Markets
Essential Readings:
• Satya P Das, Micro Economics for Business, Sage Publications Pvt. Ltd.
• Mathur, Yadav, Vyas, Business Economics, RBSA, Jaipur
• Jain,Khanna & Tiwari, “ Business Economics”,V K India enterprises,New Delhi.
• Adhikary, M. Business Economics., New Delhi, Excel Books, 2000.
Suggested Readings:
• Perloff & Brander, Managerial Economics and Strategy, Pearson Education
• Hirschey, M., Pappas, J. L., & Whigham, D. (1996). Managerial economics. Dryden Press.
• Keat, Paul G & Philips K. Y. Young, Managerial Economics, Prentice Hall, New Jersey,
E Resources:
• Microeconomics for Business, Satya P. Das, https://mithunjadhav.files.wordpress.com/2015/11/microeconomics-satya-pa..., Sage Publications 2007
Journals:
• Economic and Political Weekly
• The Economic Challenger
