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Managerial economics (Theory) [1]

Paper Code: 
24MTM122
Credits: 
04
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to understand the fundamental concepts and principles of managerial economics and its application in decision making.

 

 

Course Outcomes: 

Course

Learning outcome

(at            course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course title

24MTM122

Managerial Economics (Theory)

CO7: Analyze concept

of utility & consumer’s

equilibrium  from         the

perspective  of an organization.

CO8: Critically assess

the    role      of demand

analysis in decision

making          processes within organizations.

CO9: Apply cost output

analysis techniques to

real   world   business

cases and scenarios.

CO10: Evaluate different types         of  production function and examine the characteristics  of

Various types for market to     optimize

production         processes

and resource allocation.

CO11: Analyze and

interpret       various

Macroeconomic factors

affecting      business

situations.

CO12:Contribute

effectively  in  course-

specific interaction

Approach in teaching:

InteractiveLectures,

Group Discussion,

Tutorials, Case Study

Learning activities for

the students:

Self-learning

assignments,

presentations

Continuous Assessment Test,

Semester end

examinations,

Quiz,

Assignments,

Presentation

 

12.00
Unit I: 

 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.

 

12.00
Unit II: 

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)

 

12.00
Unit III: 

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

 

12.00
Unit IV: 

 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

12.00
Unit V: 

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.

 

Essential Readings: 
  • Adhikary, M. Business Economics., New Delhi, Excel Books, 2000.
  • Jain,Khanna & Tiwari, “ Business Economics”,V K India enterprises,New Delhi.
  • Mathur, Yadav, Vyas, Business Economics, RBSA, Jaipur
  • Satya P Das, Micro Economics for Business, Sage Publications Pvt. Ltd.

 

References: 

Suggested Readings:

  • Hirschey, M., Pappas, J. L., & Whigham, D. (1996). Managerial economics. Dryden Press.
  • Keat, Paul G & Philips K. Y. Young, Managerial Economics, Prentice Hall, New Jersey,
  • Perloff & Brander, Managerial Economics and Strategy, Pearson Education

E Resources:

Journals:

  • Economic and Political Weekly
  • The Economic Challenger

 

 

Academic Year: 
2024-2025 [3]

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Source URL: https://tourism.iisuniv.ac.in/courses/subjects/managerial-economics-theory

Links:
[1] https://tourism.iisuniv.ac.in/courses/subjects/managerial-economics-theory
[2] https://mithunjadhav.files.wordpress.com/2015/11/microeconomics-satya-pal.pdf
[3] https://tourism.iisuniv.ac.in/academic-year/2024-2025