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IMN703:MANAGERIAL ECONOMICS
Module ‐ I: AN INTRODUCTION TO MANAGERIAL ECONOMICS:
The Nature and Scope of Managerial Economics, The basic process of Decision making, The
Theory of the Firm( Reasons for the existence of Firms and their functions, The objective and value of the Firm, Constraints on the operation of the Firm), Methods of expressing Economic relationships, Optimization Analysis( profit maximization by the total revenue and total cost approach, optimization by Marginal Analysis), constrained optimization, Management tools for optimization(Benchmarking, TQM, Re engineering). Marketing Research Approaches to Demand Estimation(consumer surveys and observational research), Demand Forecasting: qualitative forecasts(survey techniques,opinion polls,soliciting a foreign perspective).
MODULE-II:PRODUCTION AND COST ESTIMATION:
Optimal combination of inputs(isocost lines,optimal input combination for minimizing costs or maximizing output, profit maximization, effect of change in input prices), Emperical production function, innovation and production function, Estimation of short run and long run cost functions, cost-volume-profit analysis.
Module ‐ III: MARKET STRUCTURE AND PRICING PRACTICES:
Market structure and Degree of competition, Perfect competition(Meaning and importance,
Price and output determination), Monopoly(Meaning and Sources of Monopoly, Price and
output determination), Monopolisic Competition(Meaning and importance, Price and output determination,product variation and selling expenses), Oligopoly(Meaning and sources, oligopoly mode s). Descriptive pricing approaches: Full cost pricing, product pricing; Price skimming, penetration pricing. Input pricing
Module ‐ IV: MACRO ECONOMIC ANALYSIS: Macro economics , the concepts of GDP, GNP, GDP deflator, concepts of consumption,
saving, and investment, Phases of business cycle, Inflation, Fiscal and Monetary policies, Balance of Payment