MANAGERIAL ECONOMICS

MANAGERIAL ECONOMICS - MANAGERIAL ECONOMICS Prof. Swaha...

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Unformatted text preview: MANAGERIAL ECONOMICS Prof. Swaha Shome Managerial Economics Objectives Understand usefulness of economics in describing managerial behavior. Understand how economics can be used to improve managerial decisions. Appreciate vital role of business in society. What is Managerial Economics? Howard Davies - It is the application of economic analysis to business problems; it has its origin in theoretical microeconomics. Why Managerial Economics? A powerful analytical engine. A broader perspective on the firm. what is a firm? what are the firms overall objectives? what pressures drive the firm towards profit and away from profit The basis for some of the more rigorous analysis of issues in Marketing and Strategic Management. Contents Introduction to economics- scarcity, choice and Efficiency. Role of Government Demand and Supply analysis Consumer behaviour Production and costs Markets Market Structures Perfect competition Monopoly Oligopoly Monopolistic Competition Pricing practices- transfer pricing Current developments TEN PRINCIPLES OF ECONOMICS How people make decisions: People face trade offs The cost of something is what you have to give up. Rational people think at the margin People respond to incentives How people interact? Trade can make everybody better off Markets are usually a good way to organize economic activity Government can sometimes improve market outcomes How the economy as a whole works? A countrys standard of living depends on the its ability to produce goods and services Prices rise when Govt prints too much money Society faces a short run trade off between inflation and trade off Scarcity and Economic System 1. What are the opportunity costs of the choices you make?...
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MANAGERIAL ECONOMICS - MANAGERIAL ECONOMICS Prof. Swaha...

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