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Objective of this course is to understand the relevance of economics in business management. This will enable the students to study functional areas of management such as Marketing , Production and Costing from a broader perspective.
1. Introduction to Managerial Economics: Definition, Nature and Scope, Relationship with other areas in Economics, Production Management, Marketing, Finance and Personnel, Operations research - The role of managerial economist.
2. Objectives of the firm: Managerial theories of firm, Behavioural theories of firm, optimization techniques, optimization with calculus, New management tools of optimization.
3. Basic economic principles – the concept of opportunity cost, incremental concept, scarcity, marginalism, Equi-marginalism, Time perspective, discounting principle, risk and uncertainty.
4. Theory of Demand: Demand Analysis, Elasticity of demand, types and significance of Elasticity of Demand. Demand estimation – Marketing research approaches to demand estimation. Need for forecasting, forecasting techniques. Supply Analysis – Supply function, the Law of Supply, Elasticity of Supply.
5. Production Analysis: Production function, Marginal Rate of Technical Substitution, Isoquants and Isocosts, Production function with one/two variables, Cobb-Douglas Production Function, Returns to Scale and Returns to Factors, Economies of scale- Innovations and global competitiveness.
6. Cost theory and estimation: Cost concepts, determinants of cost, cost-output relationship in the short run and long run, short run vs. long run costs, average cost curves, Overall Cost leadership.
7. Market Structure and Pricing practices: Features and Types of different competitive situations - Price-Output determination in Perfect competition, Monopoly, Monopolistic competition and Oligopoly both the long run and short run. Pricing philosophy – Pricing methods in practice: Price discrimination, product line pricing. Pricing strategies: skimming pricing, penetration pricing, Loss Leader pricing. Pricing of multiple products.
8. Profit Management: Nature, scope, Theories of profit, Measurement policies, Cost – Volume- Profit Analysis.
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