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IILM Institute for Higher Education

Module Manual: Basics of Economics

Academic Year: PGP/ 2012-2014

1. Introduction to the Module and Module Objective

Executives, consultants, investment bankers and many other practitioners make daily economic decisions that explicitly or implicitly follow economic laws. ‘Basics of Economics’ give an introduction to the economics of business decision-making. It is an introductory course in the application of microeconomics to business decision making.

Managers would be confronted with situations where they have to decide upon important business questions like - How much to produce? How to allocate the resources in an optimal manner? What price to charge in order to maximize profits? etc. This course provides the analytical skills and economic insights to analyze such managerial problems. It covers the broad principles of marginal analysis - from cost analysis to pricing. These principles shape managerial decisions in all other functional areas of business: accounting, finance, marketing, and strategy.

By the end of this course, students will have learned how to do at least four things:

1. Identify the categories of costs that are relevant for critical business decisions such as pricing, market entry or exit, and growth or downsizing of business lines or projects.

2. Construct fact-based, logically-grounded analyses of competition in highly fragmented markets that will allow them to make educated conjectures about prices and future profitability, and guide capacity expansion or disinvestments in these markets.

3. Use demand and cost fundamentals to determine profit-maximizing pricing decisions, evaluate the profitability of current pricing policies, and use pricing strategy to enhance value creation.

4. Identify problems arising due to external factors and market solutions for externalities.

2. Introduction to the Module Team Members

2.1 Area Chair
Name : Mr. Abhijit Mukhopadhyay
Email ID : abhijit.mukhopadhyay@iilm.edu
Cabin Location : 56
Website URL : www.iilm.edu

2.2 Module Leader- GSM Greater Noida campus
Name : Mr. Rajkishan Nair
Email ID : rajkishan.nair@iilmgsm.ac.in
Website URL : www.iilm.edu

2.3 Module Leader- LR & GGN campus
Name : Ms. Deepa Bhaskaran
Phone Number : 011- 40934349
Email ID : deepa.bhaskaran@iilm.edu
Cabin Location : 227
Website URL : www.iilm.edu

2.3 Module Delivery Team

i) Ms. Deepa Bhaskaran
She been with IILM for over two years and currently teaches PGDM students courses in Microeconomics and Macroeconomics. Her areas of interest are Managerial Economics, Macroeconomics, International Economics and Developmental Economics. She also has over 5 plus years of research experience in the field of academic and business research and publications to her credit. She completed Masters in Economics Programme from Delhi School of Economics, Delhi University with specialisation in Macro-economics, and has an executive MBA from All India Management Association, with specialisation in Finance.

ii) Ms. Shegorika Lalchandani
Ms.Shegorika has more than 11 years of experience in the area of academics, training, research and content development. She has shown keen interest in the area of training and research and has trained more than 5000 students, schoolteachers and professionals across the country. She has been associated with institutes like CBSE, Heromindmine, and AAFM etc. Her area of interest is in International finance, International stock markets and corporate finance. She has authored books in the field of stock markets and corporate finance. As far as educational qualifications are concerned, she is M.Com, MBA (Finance) and pursuing PhD from Indian Institution for foreign trade....
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