On completion of this course the participants are expected
UNIT I–The Economic Way of Thinking
Meaning, Nature, Scope and Importance of Managerial Economics- Meaning of Demand: Theory of demand, Law of Demand, Elasticity of Demand, Shifting and expansion of demand– Exceptions to law of demand. Demand Forecasting, Methods of Demand Forecasting– Meaning of Supply: Theory of supply- Market Equilibrium.
UNIT II– Production and Cost Analysis
Introduction, Meaning of Production and Production Function- Law of Variable Proportions- Cost of Production: Various types of cost of production (internal cost and external cost) Type I Cost of production: Short run cost of production analysis. Type II cost of production: Long run cost of production analysis– Externality- Positive and Negative Externality.
UNIT III– Objectives of Firm and Price Determination
Types of market structure–Perfect Competition and Imperfect Competition–price and output determination (short run and long run)- (1) Perfect competition (2)Imperfect Competition:- (i) Monopoly: (private monopoly and public monopoly–dead weight loss) (ii) Monopolistic competition (iii) Oligopoly competition: Price and output determination- Pricing Policies.
UNIT IV Indian Economic Policy
Indian Economic Growth and Development: Silent features of underdeveloped economy–economic factors and non–economic factors– poverty and inequality. Latest trend in Indian Economic Planning. Macroeconomic Overview – Fiscal and Monetary Policy –– Financial Sector Performance and impending reforms.
UNIT V
Indian Economic Growth and Development: Silent features of underdeveloped economy–economic factors and non–economic factors– poverty and inequality. Latest trend in Indian Economic Planning. Macroeconomic Overview – Fiscal and Monetary Policy –– Financial Sector Performance and impending reforms.
Learning Resources
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