Managerial Economics short definition MBA lecture notes
Unit 1. Introduction to Managerial Economics
Introduction -Definitions of Managerial Economics – Nature of Managerial Economics – Scope of Managerial Economics -Significance of Managerial Economics -Economic Problems – Meaning of Economic Problem -Basic Economic Problems. you can read more Production/operations management
Unit 2. Profit
Meaning of Profit -Types of Profit -Theories of Profit -Measurement of Profit -Profit Policy -Reasonable Profit Target
Unit 3. Demand
Concept of Demand -Determinants of Demand -Demand Schedule -Demand Curve -The Law of Demand -Assumptions underlying the Law of Demand -Exceptions of the Law of Demand -Changes in Quantity Demanded and Changes in Demand
Unit 4. Elasticity of Demand
Introduction -Price Elasticity of Demand -Types of Price Elasticity -Measurement of Elasticity -Factors Influencing Price Elasticity of Demand -Practical Significance of the Concept of Elasticity of Demand -Income Elasticity of Demand : Measurement, Types and Uses of the Concept -Cross Elasticity of Demand : Concept, Measurement and its Uses
Unit 5. Demand Forecasting
Meaning and Importance -Necessity of Forecasting Demand -Factors Influencing Demand Forecasts -Techniques or Methods of Forecasting Demand -Criteria for a Good Demand Forecast
Unit 6. Supply Analysis
Meaning of Supply -Determinants of Supply -The Law of Supply -Assumptions underlying the Law -Exceptions to the Law -Expansion & Contraction in Supply -Increase & Decrease in Supply -Causes of Change in Supply -Elasticity of Supply -Measurement of Elasticity of Supply -Factors Determining Elasticity of Supply
Unit 7. Production and Costs – I
Introduction -Production Function -Practical importance of Production Function -Linear Homogeneous Production Function -Time-Periods -The Law of Diminishing Returns or The Law of Variable Proportion -Returns to Scale or Laws of Returns to Scale -Economies and Diseconomies of Scale
Unit 8. Production and Costs – II
Cost Concepts (Meaning and Importance) – Accounting Costs -Economic Costs -Opportunity Costs -Explicit and Implicit Costs -Other Production Costs -Firms’ Cost Curves -Determinants of Costs -Break-Even Point
Unit 9. Pricing and Output Determination under Perfect Competition
-Introduction -Concept of Market -Classification of Market based on the nature of Competition -Pure Competition -Perfect Competition -Demand Curve under Perfect Competition -Working of Price Mechanism under Perfect Competition -Equilibrium of Firm and Industry under Perfect Competition
Unit 10. Imperfect Competition
Introduction -Monopoly -Distinction between Perfect Competition and Monopoly -Determination of Price and Output (Equilibrium Under Monopoly) -Price Discrimination under Monopoly -Conditions of Equilibrium under Price-Discrimination -Equilibrium under Discriminating Monopoly -Dumping -Degrees of Price Discrimination -Monopolistic Competition -Determination of Price and Output under Monopolistic Competition -Comparison of Long-Run Equilibrium under Perfect Competition and Monopolistic Competition -Monopsony -Oligopoly and Duopoly -Miscellaneous Issues in Monopolistic Competition
Unit 11. Pricing Methods or Pricing Practices
Introduction -Full Cost or Cost Plus Pricing -Going Rate Pricing -Marginal Cost Pricing -Some Other Approaches -Some Guidelines for Fixation -Pricing in Public Sector Undertakings (PSUs) -Pricing in Co-operative Societies.
Unit 12. Cost Benefit Analysis
Introduction -Public Goods vs. Private Goods -Externalities -Marginal Cost -Average Cost -Impure Public Goods -Steps in Cost Benefit Analysis -Justification for the use of Cost-Benefit Analysis -Cost-Benefit Analysis: Private and Social -Policies to Reconcile Private and Public Costs and Benefits -Cost Benefit Analysis and Overall Resource Allocation -Overall Resource Allocation -Foundations of Market System of Economy.
Unit 13. Macro Economic Analysis
Introduction -Importance of Macro-Economic Studies -Keynesian Macro-Economic Theory -Determination of Equilibrium Level of Output/ Employment -Keynesian Remedy to Unemployment : Government Intervention -Business Fluctuations -Inflation -Macro Policies.
Unit 14 Government and Private Businesses
Introduction -Need for Government Intervention -Cause for Rise in Prices in India -Price Controls in India -Protection of Consumer Interest – The New Industrial Policy 1991 -MRTP ACT -De-Reservation – Further Liberalisation -Economic Liberalisation -The Process of Disinvestment: Need and Methods -Disinvestment of Public Sector Shareholding €” the Indian Experience.
Summary in all units
Question and answer in all units
Keyword short description
Above are all Managerial Economics short definition of lesson wise.
Are you Interested in doing MBA or any other course? Fill in your details below and we will connect you with the Institute.