Managerial Economics: Microeconomics Concepts

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Managerial Economics
Subject Code:1001 Contact Hours: 60
Work Load: 4hrs/week Credit Points: 04
Semester End Exam Marks: 80 Internal Marks: 20
1. To familiarize students with Micro Economic Concepts used in Decision Making. 2. To develop application and analytical skills by using these concepts to make managers effective in economic decision making.

Module: 1 (10 Hours)
Introduction to Economics - Introduction to Managerial Economics- concept, Nature, Scope, & significance. Role of Managerial Economist in Decision making -Decision Making Process in Managerial Economics, Difference between Micro and Macro Economics, Fundamental Concepts- Opportunity Costs, Incremental Concepts, Discounting Principle, Equimarginal Principle.

Module: 2 (10 Hours)
Demand and Supply Analysis –Determinants of demand, Law of Demand, Types of demand, Determinants of Demand, Elasticity of Demand - Price, Income, Cross, Advertising and promotional elasticity Promotional Elasticity, Demand Forecasting - Methods and Significance. Exercises on demand forecasting, Law of Supply, Determinants of Supply, Elasticity of Supply.

Module: 3 (12 Hours)
Production Function - Cobb Douglas Production Function, Law of Variable Proportion, Law of Returns to Scale, Isoquants, production function and Managerial decisions, Returns to scale.
Cost Concepts – Fixed, Variable, Average, Marginal Costs, Short Run and Long Run Cost output relationship.
Module: 4 (12 Hours)
Introduction to Market Structures - Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly.
Pricing - Pricing policies in practice and pricing methods - Skimming and Penetration Price, Cost plus Pricing, Transfer Pricing, Target Rate of Return Pricing. Price Leadership, Resale Price Maintenance, Price Discrimination.

Module 5 ( 08 Hours)
Theories of firms and Profits theories : theories of firms and their managerial application, Determinants of Short-term & Long-term profits. Classification – Measurement of Profit. Break Even Analysis – Meaning, Assumptions, determination of BEA, Limitations – Uses of BEA in Managerial decisions.

Recommended Book:
1. Managerial Economics by D. N. Dwivedi 7th edition, Vikas Publishing Reference Books:
1.Managerial Economics by Petersen, Lewis and Jain 4th edition, Pearson 2.Managerial Economics by Prof. ABN Kulkarni and Dr. A. B. Kalkundrikar, 2009, R. Chand & Co.
3.Economics by Paul A. Samuelson 19th edition, Tata McGraw Hill 4.Managerial Economics by Dr. D. M. Mithani 5th edition, Himalaya Publishing House 3
Management and Behavioral Process
Subject Code: 1002 Contact Hours: 60
Work Load: 4hrs/week Credit Points: 04
Semester End Exam Marks: 80 Internal Marks: 20
1. Familiarize the students with the fundamental concepts of Management. 2. To highlight various approaches in organization behavior
Module: 1 (10 Hours)
Definition, nature, importance, evolution of management thought, contribution made by Taylor, Ford and Fayol Hawthorne experiments, Maslow’s-hierarchy of needs, Is management a science or art? Functions of Manager, ethics in managing and social responsibility of managers Types of Business Organization, The Process of Management; The Process of Decision making.

Module: 2 (15 Hours)
Planning Organizing & Controlling
Why Management process starts with planning, steps in planning, types of planning, Barriers to effective planning, operational plan, strategic planning, Mckinsey’s 7’s Approach SWOT analysis, Controlling- concept, Planning- control relationship, process of Control, human response to control, dimensions of control , MBO. Organizing – concept, nature and process of organizing, authority and responsibility, delegation and empowerment, centralization and decentralization, concept of departmentation. Module: 3 (12 Hours)

Leadership Staffing and Motivation
Concept, Manpower planning, Job design, recruitment & selection, training and development, performance...
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