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The course is mainly analytical in nature and focuses on clarifying fundamental concepts from microeconomic viewpoint. The students are expected to study and analyses the dynamics of managerial decision making through this course. Also wherever possible, students are expected to study, analyses and interpret empirical evidence and case studies available currently on various basic concepts. 1. Definition, Nature and Scope of Managerial Economics, Managerial Economics and Microeconomic and Macroeconomics. Managerial Economics and decision-making. Definitions of basic concepts: a. Positive and normative approach b. Optimization c. Marginal analysis d. Opportunity Cost. e. Economic Model. f. Statics and Dynamics. (8) 2. Meaning and determinants of demand. Demand Function. Law of Demand, Market Demand, Elasticity Is this Essay helpful? Join OPPapers to read more and access more than 470,000 just like it! get better grades of demand. Types of elasticity. Measurement of elasticity. Significance and uses of the elasticity. Methods of demand estimation. Demand forecasting. Forecasting of an established product. Forecasting of a new product. (8) 3. Production Function. Law of Variable Proportions. Law of supply. Elasticity of supply. Measurement of elasticity. Significance and uses of the concept of elasticity. (6) 4. Costs of production. Private costs and Social Costs. Accounting Costs and economic costs. Short run and Long Run costs. Economies of scale. Cost estimation. Methods of cost estimation and cost forecasting. Cost reduction and cost control. (6) 5. Pricing under various markets including: Perfect Competition, Monopoly, Monopolistic competition, oligopoly. Cartels. Price discrimination. Measurement of Monopoly Power. (8) 6. Pricing Strategies and Methods Cost plus pricing. Marginal cost pricing. Cyclical pricing. Penetration Pricing. Price Leadership. Price Skimming. Transfer pricing. (8)
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The 15th edition of the book contains 32 chapters encompassing the whole gamut of managerial economics and has incorporated some sweeping changes in the post liberalization, privatization and globalization era. The author has tried to present a comprehensive, compact and updated framework of managerial theories and practices attaching the economic work. Broadly the book for cases over three major areas like managerial theories, problems, cases and establishing a linkage between macro and micro aspects. The book covers the following relevant segments: (i) Meaning and scope of Managerial Economics, Fundamental concepts, models and methods, alternative approach to customers choice, theory of consumer behavior, Demand Analysis, demand estimation, demand forecasting, mechanical extrapolation, multi product sales maximizing, techniques, changes in factor prices and choice of techniques, relationship between production and cost.
(ii) Theory of pricing, inventory cost management, policy, planning and maximization of profit, Capital Budgeting, risk in projects, decision analysis etc. (iii) National Income, international trade, Linear programming, input-out theory, game theory, economic decision in multinational settings, Location decisions etc. In analyzing the above chapters, the livid presentation, live examples, case studies and related problems make the clarities of ideas. Besides critically evaluating the progress made at the post opening up of the Indian economy, the identification of the causes underlying poverty, unemployment, inflation of monetary policy and fiscal measures, industrial restructuring etc. have been dealt with passionate objectivity. It is an exhaustive analysis, mainly addressed to students and carries enough deliberative for teachers, business executives, professional managers, financial planners and corporate managers. With conceptual clarity, the book will be very useful for the students of undergraduate as well as post graduate level. This is equally beneficial for post graduate courses in Business Economic, Commerce, Business Management and Government Officials, who can refer and find solutions to their operational and administrative problems. By integrating managerial decision marked with economic theory and business practices, the book s ucceeds in comprehensive coverage and microscopic analysis of theory and practices of financial world. Devendra Pathak Delhi Business School, Mathura Road, New Delhi