ECONOMICS FOR MANAGERS

Semester: I
Sub Code: MSM T 104
Credits: 4
Hours/Wk: 4
Total Hrs: 60
Exam Marks: 50
IA Marks: 50
Exam Duration: 3 Hrs

Objective:
to familiarize students with concept and analytical tools from micro economic theory that are useful to managers in making decision at the enterprise level large, medium, small ,tiny and other types. Further to familiarize them with the essentiality of macro economic concepts and policy needed to appraise the economic environment and government policy decision so as to understand their implications on decision making.

Course content:

Unit 1:
Demand distinction and determinants, Demand function, elasticities of Demand, Price elasticity, revenue relationship and Techniques of demand forecasting.

Unit 2:
Production functions and laws of production, managerial applications of production function, Optimal input combination cost concepts. Cost output relationship; Pricing under different market structure, price fixation under different objectives, pricing methods in practice.

Unit 3:
Macro economic concepts; micro-macro interrelationships’, circular flow of economic activity, national income concepts, meaning and phases of business cycles, concepts and objectives of private business, economic stabilization. The role of Government in the economy.

Unit 4:
Monetary, fiscal, foreign trade and exchange rate policies.

Suggested Readings
1. Debroy Bibek, Managerial Economics: Abhinav Publicatiobn.
2. Atmanand, Managerial Economics, EB
3. Dominick Salvatore, Managerial Economics, Thomson
4. Paul Keat and Philip Young, Managerial Economics, Pearson
5. Dwivedi D N, Managerial Economics, PHI