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Economics For Managers.docx

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This document outlines the modules of an Economics for Managers course. The six modules are: 1) Introduction to managerial economics concepts. 2) Demand analysis and consumer behavior, including demand forecasting techniques. 3) Production theory and cost analysis, including economies of scale. 4) Price and output determination under different market structures. 5) Factor market pricing of wages, rent, interest, and profit. 6) Macroeconomic analysis, including national income accounting and the Keynesian theory.

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Economics For Managers MODULE ONE: INTRODUCTION TO MANAGERIAL ECONOMICS 8 HOURS Introduction to Economics, Kinds of Economic Decisions, Significance and applicability of Managerial Economics in decision making, Role and responsibilities of Managerial Economics, Economic principles relevant to managerial decision making, Opportunity cost, Production possibility curve, Concept of increments and Margin, Discounting principle, Theory of firm. MODULE TWO: DEMAND ANALYSIS AND CONSUMER BEHAVIOR 10 HOURS Demand theory and analysis, Elasticity of Demand and its role in Managerial decision making, Demand forecasting, Techniques of Demand forecasting, Consumers Equilibrium, Cardinal utility approach, Indifference curve approach, Theory of revealed preference, Consumer surplus MODULE THREE: THEORY OF PRODUCTION AND ANALYSIS OF COST 10 HOURS Laws of variable proportions and Return to scale, Economies of scale, Isoquants and Isocost, Optimum combination of inputs, Elasticity of substitutions; Cost concepts: Kind of costs, Short run and long run cost functions, Interrelationship of cost, Cost reduction and cost control. MODULE FOUR: DETERMINATION OF PRICE AND OUTPUT 10 HOURS Concept of Market equilibrium and Revenue curves, Characteristics of different market structures, Price determination and firms equilibrium under perfect competition, monopolistic competition, oligopoly and monopoly, Price discrimination, International price discrimination and dumping, Pricing methods MODULE FIVE: FACTOR MARKET AND FACTOR PRICING 8 HOURS Theories of factor pricing: wages and rent, Theories of interest and investment decisions, Profit and profit functions. MODULE SIX: MACROECONOMIC ANALYSIS AND POLICY 10 HOURS
National Income: Concept and measurement, Circular flow of economic activities, Keynesian analysis: Keynesian theory of employment, consumption function, investment function, multiplier, relevance of Keynesian economics in underdeveloped countries, Business cycle, Money supply and Inflation.

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Economics For Managers.docx

  • 1. Economics For Managers MODULE ONE: INTRODUCTION TO MANAGERIAL ECONOMICS 8 HOURS Introduction to Economics, Kinds of Economic Decisions, Significance and applicability of Managerial Economics in decision making, Role and responsibilities of Managerial Economics, Economic principles relevant to managerial decision making, Opportunity cost, Production possibility curve, Concept of increments and Margin, Discounting principle, Theory of firm. MODULE TWO: DEMAND ANALYSIS AND CONSUMER BEHAVIOR 10 HOURS Demand theory and analysis, Elasticity of Demand and its role in Managerial decision making, Demand forecasting, Techniques of Demand forecasting, Consumers Equilibrium, Cardinal utility approach, Indifference curve approach, Theory of revealed preference, Consumer surplus MODULE THREE: THEORY OF PRODUCTION AND ANALYSIS OF COST 10 HOURS Laws of variable proportions and Return to scale, Economies of scale, Isoquants and Isocost, Optimum combination of inputs, Elasticity of substitutions; Cost concepts: Kind of costs, Short run and long run cost functions, Interrelationship of cost, Cost reduction and cost control. MODULE FOUR: DETERMINATION OF PRICE AND OUTPUT 10 HOURS Concept of Market equilibrium and Revenue curves, Characteristics of different market structures, Price determination and firms equilibrium under perfect competition, monopolistic competition, oligopoly and monopoly, Price discrimination, International price discrimination and dumping, Pricing methods MODULE FIVE: FACTOR MARKET AND FACTOR PRICING 8 HOURS Theories of factor pricing: wages and rent, Theories of interest and investment decisions, Profit and profit functions. MODULE SIX: MACROECONOMIC ANALYSIS AND POLICY 10 HOURS
  • 2. National Income: Concept and measurement, Circular flow of economic activities, Keynesian analysis: Keynesian theory of employment, consumption function, investment function, multiplier, relevance of Keynesian economics in underdeveloped countries, Business cycle, Money supply and Inflation.