Managerial Economics

Paper Code: 
MIV 122
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (Cos):

 

Course Outcomes

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will be able to;

 

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.

Approach in teaching:

Interactive Lectures, Group Discussion, Tutorials, Case Study

 

Learning activities for the students:

Self-learning assignments, presentations

Class test, Semester end examinations, Quiz, Assignments, Presentation

 

12.00
Unit I: 
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.

12.00
Unit II: 
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)

12.00
Unit III: 
Cost and Output Analysis

Cost Concepts and Cost Output Relationship Concepts of Revenue, Theory of Firm

12.00
Unit IV: 
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.

12.00
Unit V: 
Macro-Economic factors affecting Business

Business cycles, Inflation, National Income, Political stability, financial markets-Stock Market, Currency Market and Commodity Markets

Essential Readings: 

*Case studies related to entire topics are to be taught.
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.

References: 

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

ACADEMIC YEAR: 
2022-2023
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