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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. Emphasis is given to changes in the nature of business firms in the context of globalization
Managerial Economics: Meaning, Nature and Scope of managerial economics
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, 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, General Theory of Price Determination
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
Case studies related to entire topics are to be taught.
Books Recommended
1. Essential Books
• Mathur N.D. Business Economics, Shivam Publication, Jaipur2003
• Mathur, Yadav, Vyas, Business Economics, RBSA, Jaipur
• Jain,Khanna & Tiwari, “ Business Economics”,V K India enterprises,New Delhi.
2 Reference Books
Reference Books
• Adhikary, M. Business Economics., New Delhi, Excel Books, 2000.
• Keat, Paul G & Philips K. Y. Young, Managerial Economics, Prentice Hall, New Jersey, 1996.
• Somdeo, Business Economics, RBD, Jaipur
