Introduction to Managerial Economics & Consumer Behaviour                                  

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.

Demand Analysis                                                                                       

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)

Cost & Output Analysis                                                                                               

Cost and Output Analysis: Cost Concepts – Direct & Indirect Cost, Opportunity Cost, Sunk Cost, Fixed Cost, Variable Cost, Semi Variable Costs and Cost Output Relationship, Concepts of Revenue, Theory of Firm

 Production Functions & Markets          

Production Function: Short Run Production Function and Long Run Production Function

Markets: Meaning, characteristics, types of markets-perfect and imperfect markets, Price and output determination in perfect competition, monopoly and monopolistic market

Macro Economic Environment of Business                                                                    

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.