Course Outline Managerial Economics Jun
INTERNATIONAL MANAGEMENT INSTITUTE
COURSE OUTLINE: MANAGERIAL ECONOMICS
PGDM 2013-15
INSTRUCTORS
Dr. Rajeev Anantaram (ranantaram@imi.edu)
Dr. Arnab Deb (arnab.deb@imi.edu)
1. COURSE DESCRIPTION
In a scenario characterized by increasing uncertainty and competition, managers will be called upon to make increasingly complex decisions that will have a crucial bearing on the prospects of the firm they work for. Indeed, even Public Sector Undertakings (PSUs) are increasingly faced with the challenge of operating like private sector firms, combining public interest with the objectives of profit maximization. It follows that a thorough grounding in the economic principles is not merely helpful, but necessary for a successful manager in today’s global environment.
Managerial economics is based on the principles of microeconomics, which essentially deals with the understanding of consumer behavior, decision making in firms and market structure. This course seeks to provide students with a rigorous exposure to underlying economic concepts and principles, explaining both the strengths and limitations of these theories Such a holistic understanding is important for managers to be able to meaningfully apply the tools of economic analysis to real life situations. The dominant objective of the course however is economic application: to provide students with the ability to apply the tools and concepts covered towards effective decision making in the allocation of scarce resources, planning corporate strategy and implementing them effectively.
2. COURSE OBJECTIVES
This course makes no claim to train students to become professional economists, focusing instead on providing a working knowledge of the concepts students would need to be effective managers. After completion of this course a student is expected to:
Be familiar with the basic principles of economic decision-making
Comprehend the methods, content and scope of economic principles in managerial
COURSE OUTLINE: MANAGERIAL ECONOMICS
PGDM 2013-15
INSTRUCTORS
Dr. Rajeev Anantaram (ranantaram@imi.edu)
Dr. Arnab Deb (arnab.deb@imi.edu)
1. COURSE DESCRIPTION
In a scenario characterized by increasing uncertainty and competition, managers will be called upon to make increasingly complex decisions that will have a crucial bearing on the prospects of the firm they work for. Indeed, even Public Sector Undertakings (PSUs) are increasingly faced with the challenge of operating like private sector firms, combining public interest with the objectives of profit maximization. It follows that a thorough grounding in the economic principles is not merely helpful, but necessary for a successful manager in today’s global environment.
Managerial economics is based on the principles of microeconomics, which essentially deals with the understanding of consumer behavior, decision making in firms and market structure. This course seeks to provide students with a rigorous exposure to underlying economic concepts and principles, explaining both the strengths and limitations of these theories Such a holistic understanding is important for managers to be able to meaningfully apply the tools of economic analysis to real life situations. The dominant objective of the course however is economic application: to provide students with the ability to apply the tools and concepts covered towards effective decision making in the allocation of scarce resources, planning corporate strategy and implementing them effectively.
2. COURSE OBJECTIVES
This course makes no claim to train students to become professional economists, focusing instead on providing a working knowledge of the concepts students would need to be effective managers. After completion of this course a student is expected to:
Be familiar with the basic principles of economic decision-making
Comprehend the methods, content and scope of economic principles in managerial
References: Salvatore and Srivastava, Managerial Economics, 7th Edition, OUP India, 2012 (ISBN: 0198075340, 9780198075349) 6