Managerial Economics

Module 1

Demand Analysis: Introduction; Demand Analysis: The Consumer, Demand Concepts, Own-Price Elasticity of Demand, Income Elasticity of Demand, Cross-Price Elasticity of Demand. Substitution and Income Effects. Normal and Inferior Goods. Indifference Curve Analysis. Demand Forecasting: Need, Techniques and Procedures

Module 2

Supply and Production Decisions: The Law of Supply, Theory of Production: Factors affecting production, production function, short run analysis, law of variable proportions, Isoquant Curves, Long run production function, Cobb-Douglas production function, Cost-Output Function, Economies and Diseconomies of Scale

Module 3

Market Structures and Pricing Practices: Introduction; Analysis of Market Structures: Factors That Determine Market Structure.

Perfect Competition: Demand-supply Analysis in Perfectly Competitive Markets, Optimal Price and Output in Perfectly Competitive Markets.

Monopolistic Competition: Demand-Supply Analysis in Monopolistically Competitive Markets, Optimal Price and Output in Monopolistically Competitive Markets, Factors Affecting Long-Run Equilibrium in Monopolistically Competitive Markets.

Oligopoly: Demand-Supply Analysis and Pricing Strategies in Oligopoly Markets, Optimal Price and Output in Oligopoly Markets, Factors Affecting Long- Run Equilibrium in Oligopoly Markets.

Monopoly: Demand-Supply Analysis in Monopoly Markets; Optimal Price and Output in Monopoly Markets, Price Discrimination.

Module 4

Macro Economic Fundamentals: Macro Economics – Meaning, Nature and Scope, Circular Flow Model of Economy.

Inflation: Demand-Pull and Cost-Push Inflation, CPI vs. WPI, Causes, Effects and Remedies of Inflation, Theories of Inflation and Policy measures to control inflation

Module 5

National Income and Business Cycle: National Income – Concept and Measurement, Theory of National Income Determination – Multiplier and Accelerator Theories.

Overview of the Business Cycle: Phases of the Business Cycle; Factors causing swings in business activity and measures to control business cycles.