1st Semester Integrated BBA LL.B (Hons) - Managerial Economics - Notes, Question Papers and Syllabus
Managerial Economics
Objectives
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To enable the students to understand the micro and macroeconomic concepts relevant for business decisions.
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To help the students to understand the application of economic principles in business management.
Module I
Introduction – Definition of Managerial Economics – Objectives – Characteristics – Uses – Decision Making and Forward Planning – Basic Economic Tools in Management Economics.
Module II
The Concept of Demand and Elasticity of Demand – Demand Curve: Individual Demand Curve, Market Demand Curve, Movement Along vs. Shifts in the Demand Curve – Elasticity of Demand: Price, Income, and Cross – Demand Estimation and Demand Forecasting – Concept of Revenue: Average Revenue and Total Revenue – Marginal Revenue and Incremental Revenue.
Module III
Production: Fixed and Variable Inputs, Production Function, Total, Average, and Marginal Product – Law of Variable Proportions – Linear Homogeneous Production Function – Production Isoquants – Marginal Rate of Technical Substitution – Optimal Combination of Resources – Return to Scale – Cost of Production – Social and Private Cost of Production – Difference Between Economic and Accounting Cost – Long Run and Short Run Cost of Production – Economies and Diseconomies of Scale.
Module IV
Price and Output Decisions Under Different Market Structures: Price and Output Decisions Under Perfect Competition, Monopoly, and Monopolistic Competition – Pricing Under Oligopoly – Kinked Demand Curve – Price Leadership – Pricing Under Collusion.
Module V
A. Pricing Policies and Practices: Factors Governing Prices – Objectives of Pricing Policy – Role of Cost in Pricing – Demand Factor in Pricing – Consumer Psychology and Pricing – Pricing Methods: Cost-Plus or Full-Cost Pricing, Target Pricing, Marginal Cost Pricing, Going Rate Pricing, Follow-Up Pricing, Barometric Pricing, Customary Prices – Pricing of New Products: Penetrating Pricing, Price Skimming.
B. Macro Economics and Business Decisions: Phases of Business Cycle – Evil Effects of Cyclical Fluctuations on Business Firms – Minimising Effects of Business Cycles – Economic Forecasting for Business: Economic and Business Forecasting – Uses of Economic Forecasts – Methods of Economic Forecasting – Selecting a Forecast – Evaluating Forecasts.
Reference Books
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R.L. Varshney and K.L. Maheswari, Managerial Economics
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D.N. Dwivedi, Managerial Economics
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Dr. S. Sankaran, Managerial Economics
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D.M. Mithani, Business Economics
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Seth M.L., Text Book of Economic Theory
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K.K. Dewett, Economic Theory
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Petersen & Lewis, Managerial Economics
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Mote V.L., Paul S., & Gupta G.S., Managerial Economics
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H. Craig Petersen & W. Cris Lewis, Managerial Economics
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Dr. P.N. Reddy and H.R. Appanaiah, Essentials of Business Economics
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Barry Keating and J. Holton Wilson, Managerial Economics