The Objective of this course is to acquaint the participants with concepts and techniques used in Micro-Economic Theory and to enable them to apply this knowledge in business decision-making. Emphasis is given to changes in the nature of business firms in the context of globalization
Managerial Economics: Meaning, Nature and Scope of managerial economics
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 and law of demand, 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 and Output Analysis: Cost Concepts and Cost Output Relationship
Concepts of Revenue, General Theory of Price Determination
Production Function: Short Run and Long Run
Markets: Meaning, characteristics, types of markets-perfect and imperfect markets , Price and output determination in perfect competition, monopoly and monopolistic market.
Macro Economic factors affecting Business- Business cycles, Inflation, National Income, Political stability, Financial markets-Stock Market, Currency Market and Commodity Markets
Essential Books
Links:
[1] https://www.foreigntrade.iisuniv.ac.in/courses/subjects/managerial-economics-5
[2] https://www.foreigntrade.iisuniv.ac.in/academic-year/2015-2016