The course aims at acquainting the students with the elementary concepts of economics, which is vital for effective managerial decision-making. An attempt has been made to familiarize the students with both, the Microeconomics as well as Macroeconomics.
Important factors influencing the managerial decisions of the firm
Utility analysis: Law of diminishing marginal utility, Equi-marginal utility.
Meaning, Law of demand & Supply, Elasticity of demand & supply (Price, income and cross elasticity), Factors affecting demand & supply.
Concept, Short and Long run productive function, Laws of variable proportion, Isoquants, Returns to Scale, Internal and External Economies and Diseconomies, Least cost
Meaning, Classification, and Characteristics & Price-output determination under Perfect Market, Imperfect Market & Monopoly
Marginal Productivity Theory, Business Cycle.
1. Seth, M. L., Principles of Economics, Laxmi Narain Agarwal, Agra
2. Mithani,D.M., Fundamentals of Economics, Himalya Publishing House,Mumbai
3. Ahuja, H.L. , Business Economics, S.Chand & Company,New Delhi
1. Jindal, M.L., Principles of Economics, Vikas Publishing House, New Delhi
2. Salvatore, Dominick, Micro Economics, Oxford University Press, New York
3. Mukherjee,Debes, Business Economics Micro and Macro, New Central Book Agency, Calcutta
Links:
[1] https://management.iisuniv.ac.in/courses/subjects/managerial-economics
[2] https://management.iisuniv.ac.in/academic-year/2018-2019