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Managerial Economics Overview and Concepts

This document outlines the modules covered in a managerial economics course. Module I introduces fundamental economic concepts including opportunity cost, time value of money, and decision making under certainty, risk and uncertainty. Module II covers demand analysis, elasticity, demand forecasting, and consumer utility and indifference curves. Module III discusses production theory, costs, and revenue. Module IV examines different market structures including perfect competition, monopoly, oligopoly and their price and output determinations. Module V analyzes macroeconomic instruments including fiscal and monetary policy, the national income accounts, business cycles, inflation and deflation. References for further reading are also provided.

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Anit Jacob Philip
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239 views2 pages

Managerial Economics Overview and Concepts

This document outlines the modules covered in a managerial economics course. Module I introduces fundamental economic concepts including opportunity cost, time value of money, and decision making under certainty, risk and uncertainty. Module II covers demand analysis, elasticity, demand forecasting, and consumer utility and indifference curves. Module III discusses production theory, costs, and revenue. Module IV examines different market structures including perfect competition, monopoly, oligopoly and their price and output determinations. Module V analyzes macroeconomic instruments including fiscal and monetary policy, the national income accounts, business cycles, inflation and deflation. References for further reading are also provided.

Uploaded by

Anit Jacob Philip
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

CC 03- MANAGERIAL ECONOMICS

Module I
Introduction: Basic economic problems – Economic System – Micro and Macro economics –
Managerial economics – Nature and scope – Fundamental concepts of Managerial economics –
Incremental concept, Discounting concept, Opportunity cost concept, Time concept, Equi-
marginal concept – Business Decision making – Certainty, Risk and Uncertainty – Applications
of economics in managerial decision making.

Module II
Demand Analysis: Demand – Demand function – Demand distinctions – Elasticity of Demand –
Different types of elasticity – Applications – Measurement of Elasticity. Demand forecasting –
Techniques. Utility – Equilibrium of the consumer using cardinal and ordinal utility
(Indifference curves) – Income effect and substitution effect.

Module III
Supply: Theory of Production – Production function – Laws of Returns – Economies of scale
and Economies of scope – Isoquants – Best Production possibility – Cost Analysis – Cost
concepts – Short run and long run cost curves – Managerial uses of Long run cost curves –
Revenue Analysis – Revenue curves.

Module IV
Market: Definition – Classification of Markets – Importance of understanding market structure –
Different types of market based on competition – Perfect and Imperfect competition – Monopoly
– Price and output determination under perfect competition, monopoly, monopolistic competition
and oligopoly – Kinked Demand curve – Monopoly price discrimination and its conditions –
Non Price competition.

Module V
Instruments of Macro Economic Policy: Circular Flow of Income – National Income – Concepts
of National Income – Methods of measuring National Income – Product Approach, Income
Approach and Expenditure Approach – Business Cycle – Inflation and Deflation – Fiscal Policy
– Budget Deficit and Debt – Government Budgetary Policy – Monetary Policy – Instruments of
Monetary Policy – Balance of Payment.

References
1. P.L. Mehta – Managerial Economics Analysis, Problems and Cases – Sultan Chand &
Sons
2. V.L. Mote – Managerial Economics – Tata McGraw Hill
3. K.K. Dewett – Modern Economic Theory: Micro and Macro Analysis – Orient Book
Distributors

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