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Managerial eco

mba syllabus

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Managerial eco

  1. 1. MBA - M012 - 104 MANAGERIAL ECONOMICS OBJECTIVES:  To understand the relevance of economics in business management.  This will enable the students to study functional areas of management such as Marketing, Production and Costing from a broader perspective. CONTENTS: Unit: I Introduction to Managerial Economics: Definition, Nature and Scope, Relationship with other areas in Economics, Production Management, Marketing, Finance and Personnel, Operations research - The role of managerial economist. Unit: II Objectives of the firm: Managerial theories of firm, Behavioural theories of firm, optimization techniques, optimization with calculus, New management tools of optimization. Unit: III Basic economic principles: the concept of opportunity cost, incremental concept, ` scarcity, marginalism, Equi-marginalism, Time perspective, discounting principle, risk and uncertainty. Unit: IV Theory of Demand: Demand Analysis, Elasticity of demand, types and significance of Elasticity of Demand. Demand estimation – Marketing research approaches to demand estimation. Need for forecasting, forecasting techniques. Supply Analysis – Supply function, the Law of Supply, Elasticity of Supply. Unit: V Cost theory and estimation: Cost concepts, determinants of cost, cost-output relationship in the short run and long run, short run vs. long run costs, average cost curves, Overall Cost leadership. Unit: VI Market Structure and Pricing practices: Features and Types of different competitive situations - Price-Output determination in Perfect competition, Monopoly, Monopolistic competition and Oligopoly both the long run and short run. Pricing philosophy – Pricing methods in practice: Price discrimination, product line pricing. Pricing strategies: skimming pricing, penetration pricing, Loss Leader pricing. Pricing of multiple products. Unit: VII Profit Management: Nature, scope, Theories of profit, Measurement policies, Cost – Volume- Profit Analysis. Unit: VIII Economics for Tourism and Hospitality: Innovation and Global Competitiveness & Case studies REFERENCE BOOKS: 1. Hirschey: Economics for Managers, Thomson, 2007. 2. Petersen,Lewis and Jain: Managerial Economics, Pearson/PHI, 2006 3. Gupta: Managerial Economics 1e TMH 2005.
  2. 2. 4. Dominic Salvatore, Managerial Economics, Thomson, 2006 5. Keat, Managerial Economics : Economic Tools for Today’s Decision Makers, Pearson Education, 2007 6. Mote Paul: Managerial Economics 1e TMH 2004