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Economics for Managers

Dr. Saroj Kumar & Shourya singh

ISBN - 9789387880894

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KTU2018/MBA/01/3

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A.P.J. Abdul Kalam Technological University (KTU), Kerala MBA First Trimester
Syllabus
 
(COURSE NO.13)  ECONOMICS FOR MANAGERS
 
COURSE OBJECTIVES
This subject provides an introduction to important basic economic concepts relevant to management, analysis of demand& supply and analysis of market structures.  It also provides an introduction to the determination of aggregate income and employment with reference to an analysis of fiscal and monetary policies. In short, this course will create an awareness of
the micro and macroeconomic environment and will help to increase decision making skills of the graduates.
 
SYLLABUS
Basic Concepts in Economics, Demand and Supply Analysis, Production and Cost of Production, Market Structure and Pricing, Fiscal and Monetary Policies. 
 
EXPECTED OUTCOME
On successful completion of the course the students will have fundamental knowledge in the economic aspects of demand and supply, market structures, cost-output relationships and pricing, The candidates will be able to analyse business situations in terms of the economic implications. The course will enable them to become efficient managerial decision makers when economic aspects play important role.
 
COURSE PLAN
Unit
Topics
% of Marks in
Final Exam
I
Basic Concepts: Wealth, Welfare and Scarcity definitions of Economics and their Relevance in Managerial Decision Making; Managerial uses of Economic Principles. National Income Concepts; Methods of Calculation of GDP; Problems in Estimation of GDP; Components of GDP and Trends; Importance of GDP Trends to Business. Inflation – Meaning and Types, Causes and Impacts, Control of Inflation, Measuring Inflation - types of Price Indices; Price Situation in India. Business Cycles- Features, Causes and Contra-Cyclical Policies.
20
II
Analysis of  Demand and Supply: Demand -  Supply Interaction and Price Determination. Demand Curve and Demand Function; Law of Demand; Demand Elasticities and their Managerial uses. Supply Curve and Supply Function; law of Supply; Supply  Elasticities  and their Managerial uses. Demand Forecasting and Sales Forecasting - methods.
20
 
FIRST INTERNAL EXAM
 
III
Production and Cost Functions: Cost Concepts; Production Function; Cost-Output Relationships; Managerial Applications of Production and Cost Functions; Break –Even Analysis. Indifference Curves, Iso-Quants & Iso-Cost Lines.  Economies of Scale, Economies of Scope, Economies and Dis-Economies of Production.
20
IV
Analysis of Market Structures: Features of and Price and Output Determination under Perfect Competition, Monopolistic Competition, Oligopoly, and Monopoly; Concepts of Duopoly, Kinky Demand, Bi-lateral Monopoly and Monopsony; Cartels – types, Regulation, Cartels in Indian business; M&As and consolidation; case studies of consolidation in some Industries such as Telecom, Cement, Pharmaceuticals and Banking.
20
 
SECOND INTERNAL EXAM
 
V
Fiscal and Monetary Policies: Fiscal policy – Features, Roles; Features and Role of Budget;  Types of Deficit - Budget, Fiscal, Revenue and Primary Deficits; Sources of Revenue for Union and State Governments; GST. Monetary Policy – Meaning and Roles; Instruments of Monetary Policy: Bank Rate Policy; Repo Rates; Open Market Operations; Cash Reserve Ratio; SLR; Selective Credit Controls. An Overview of Keynesian Theory of Employment.
20
 
END SEMESTER EXAM
 
 
 
 
Unit 1
Chapter 1: Introduction to Economics
1.1.Economics11
1.1.1.Introduction11
1.1.2.Meaning and Definition of Economics11
1.1.2.1.Wealth Definition11
1.1.2.2.Welfare Definition12
1.1.2.3.Scarcity Definition13
1.1.2.4.Growth-Oriented Definition14
1.1.3.Nature of Economics14
1.1.3.1.Economics as a Science14
1.1.3.2.Economics as an Art15
1.1.4.Scope of Economics15
1.1.5.Limitations of Economics17
1.1.6.Branches of Economics17
1.1.7.Micro-Economics17
1.1.7.1.Nature of Micro Economics18
1.1.7.2.Scope of Micro Economics18
1.1.7.3.Importance of Micro Economics18
1.1.7.4.Limitations of Micro Economics19
1.1.8.Macro-Economics19
1.1.8.1.Nature of Macro Economics19
1.1.8.2.Scope of Macro Economics21
1.1.8.3.Importance of Macro Economics21
1.1.8.4.Limitations of Macro Economics22
1.2.Managerial Economics23
1.2.1.Meaning and Definition of Managerial Economics23
1.2.2.Nature of Managerial Economics23
1.2.3.Uses of Managerial Economics23
1.2.4.Limitations of Managerial Economics24
1.2.5.Decision Making24
1.2.5.1.Steps of Decision-Making24
1.2.5.2.Significance of Managerial Economics in Decision-Making25
1.2.5.3.Relevance of Economics in Managerial Decision Making26
1.2.6.Fundamental Concepts of Managerial Economics/Economics Principles27
1.2.7.Opportunity Cost Principle27
1.2.7.1.Explanation of Opportunity Cost Principle27
1.2.7.2.Managerial Use of Opportunity Cost Principle27
1.2.8.Incremental Principle28
1.2.8.1.Components of Incremental28
1.2.8.2.Managerial Use of Incremental Principle28
1.2.9.Marginal Principle28
1.2.9.1.Managerial Use of Marginal Principle29
1.2.9.2.Difference between Marginal and Incremental Concept29
1.2.10.Equi-Marginal Principle29
1.2.10.1.Managerial Use of Equi-Marginal Principle29
1.2.11.Principle of Time Perspective30
1.2.11.1.Managerial Use of Time Perspective30
1.2.12.Discounting Principle30
1.2.12.1.Formula of Discounting Principle31
1.2.12.2.Managerial Use of Discounting Principle31
1.2.13.Scarcity Principle31
1.2.14.Principle of Risk and Uncertainty31
1.2.14.1.Managerial Use of Risk and Uncertainty32
1.3.Exercise32
   
Chapter 2: National Income
2.1.National Income33
2.1.1.Meaning and Definition of National Income33
2.1.2.Features of National Income33
2.1.3.Concepts of National Income34
2.1.4.National Income at Market Price and Factor Cost36
2.1.5.Gross Domestic Income(GDP)37
2.1.5.1.Components of GDP37
2.1.5.2.Trends of GDP38
2.1.5.3.Methods of Calculation of GDP39
2.1.5.4.Output or Production Method39
2.1.5.5.Income Method39
2.1.5.6.Expenditure Method41
2.1.5.7.Real and Nominal GDP41
2.1.5.8.GDP Deflator42
2.1.5.9.Inflation Rate43
2.1.5.10.Importance of GDP Trends to Business43
2.1.5.11.Problems in Estimation of GDP44
2.1.6.Factors Determining Level (Size) of National Income44
2.1.7.Agencies in National Income45
2.1.8.Choice of Methods of National Income45
2.1.9.Importance of Measurement of National Income46
2.1.10.Problems in Measurement of National Income47
2.1.11.Difficulties in Measurement of National Income in India48
2.2.Exercise49
   
Chapter 3: Inflation and Business Cycle
3.1.Inflation50
3.1.1.Meaning and Definition of Inflation50
3.1.2.Features of Inflation50
3.1.3.Types of Inflation50
3.1.4.Stages of Inflation52
3.1.5.Modern Theories of Inflation53
3.1.5.1.Demand-Pull Inflation53
3.1.5.2.Cost-Push Inflation54
3.1.6.Causes of Inflation55
3.1.7.Types of Price Index56
3.1.8.Measurement of Inflation56
3.1.8.1.Measurement of Inflation through CPI56
3.1.8.2.Measurement of Inflation through WPI57
3.1.9.Impact of Inflation58
3.1.10.Measures to Control Inflation60
3.2.Business Cycle61
3.2.1.Meaning and Definition of Business Cycle61
3.2.2.Features of Business Cycle62
3.2.3.Types of Business Cycle62
3.2.4.Phases of Business Cycle63
3.2.5.Causes of Business Cycle64
3.2.6.Contra Cyclical Policy/Stabilisation Policy64
3.2.6.1.Objectives of Stabilisation Policies65
3.2.6.2.Types of Stabilisation Policies65
3.2.7.Effects of Business Cycle65
3.2.8.Measures to Control Business Cycles66
3.3.Exercise67
   
Unit 2
Chapter 4: Demand
4.1.Demand68
4.1.1.Meaning and Definition of Demand68
4.1.2.Objectives of Demand68
4.1.3.Types of Demand68
4.1.4.Determinants of Market Demand70
4.1.5.Demand Function70
4.1.5.1.Individual Demand Function70
4.1.5.2.Market Demand Function71
4.2.Law of Demand71
4.2.1.Meaning and Definition of Law of Demand71
4.2.2.Assumptions of Law of Demand71
4.2.3.Demand Schedule72
4.2.4.Demand Curve72
4.2.5.Why does Demand Curve Slope Downwards?73
4.2.6.Exceptions to Law of Demand74
4.2.7.Variations in Demand75
4.3.Demand Elasticities77
4.3.1.Meaning of Elasticity of Demand77
4.3.2.Managerial Uses of Elasticity of Demand77
4.3.3.Types of Elasticity of Demand78
4.3.4.Price Elasticity of Demand78
4.3.4.1.Types/Degrees of Price Elasticity79
4.3.5.Income Elasticity of Demand80
4.3.5.1.Types of Income Elasticity of Demand81
4.3.5.2.Difference between Price Elasticity & Income Elasticity81
4.3.6.Cross Elasticity of Demand81
4.3.7.Advertising and Promotional Elasticity of Demand82
4.3.8.Difference between Law of Demand and Elasticity of Demand82
4.4.Exercise83
   
Chapter 5: Supply and Equilibrium Analysis
5.1.Supply Analysis84
5.1.1.Meaning and Definition of Supply84
5.1.2.Supply Function84
5.1.3.Determinants of Supply85
5.2.Law of Supply86
5.2.1.Meaning and Definition of Law of Supply86
5.2.2.Assumptions of the Law of Supply86
5.2.3.Supply Schedule86
5.2.4.Supply Curve86
5.2.5.Why does the Supply Curve Slopes upwards to the Right?87
5.2.6.Exceptions to Law of Supply87
5.3.Elasticity of Supply87
5.3.1.Meaning and Definition of Elasticity of Supply87
5.3.2.Degrees of Price Elasticity of Supply88
5.3.3.Managerial Use of Elasticity of Supply89
5.4.Equilibrium Analysis89
5.4.1.Meaning and Definition of Equilibrium89
5.4.2.Demand and Supply Interaction89
5.4.3.Price Determination90
5.4.4.Uses of Equilibrium91
5.5.Exercise91
   
Chapter 6: Demand and Sales Forecasting
6.1.Demand Forecasting92
6.1.1.Meaning and Definition of Demand Forecasting92
6.1.2.Criteria of a Good Forecasting92
6.1.3.Factors Affecting Demand Forecasting93
6.1.4.Importance of Demand Forecasting93
6.1.5.Limitations of Demand Forecasting93
6.1.6.Demand/Sales Forecasting Methods94
6.1.7.Qualitative Techniques/Opinion Polling Method94
6.1.8.Quantitative Techniques/Statistical or Analytical Methods96
6.2.Exercise97
   
Unit 3
Chapter 7: Production and Cost Analysis
7.1.Production Analysis98
7.1.1.Meaning and Definition of Production98
7.1.2.Factors of Production98
7.1.3.Production Function98
7.1.3.1.Assumptions of Production Function99
7.1.3.2.Types of Production Function99
7.1.3.3.Managerial Applications of Production Functions99
7.1.3.4.Limitations of Production Function99
7.2.Law of Variable Proportions100
7.2.1.Concept of Law of Variable Proportions100
7.2.2.Assumptions of Law of Variable Proportions100
7.2.3.Relationship between Average Product and Marginal Product100
7.2.4.Stages of Law of Variable Proportions101
7.3.Production Function with Two Variable Inputs - Isoquants102
7.3.1.Meaning and Definition of Isoquants102
7.3.2.Assumptions of Isoquants103
7.3.3.Types of Isoquants103
7.3.4.General Properties of Isoquant Curves103
7.3.5.Significance of Isoquant Curve in Cost Analysis104
7.3.6.Expansion Path104
7.3.7.Iso-Cost Lines105
7.3.7.1.Optimum Combination of Inputs106
7.3.7.2.Optimisation of Two Inputs106
7.3.7.3.Optimisation of Single Output107
7.3.8.Marginal Rate of Technical Substitution (MRTS)107
7.4.Law of Returns To Scale109
7.4.1.Concept of Returns to Scale109
7.4.2.Assumptions of Returns to Scale109
7.4.3.Types of Returns to Scale110
7.4.4.Difference between Law of Variable Proportions and Returns to Scale111
7.5.Cost Analysis111
7.5.1.Cost Concepts111
7.5.2.Meaning and Definition of Cost111
7.5.3.Types of Cost111
7.5.4.Determinants of Cost112
7.5.5.Cost Function113
7.5.6.Managerial Applications of Cost Function113
7.5.7.Costs Curve114
7.5.8.Cost-Output Relationship114
7.5.9.Short Run Cost Function: Cost-Output Relationship in the Short-Run114
7.5.9.1.Short-Run Total Costs114
7.5.9.2.Short-Run Average Costs116
7.5.9.3.Short-Run Marginal Cost117
7.5.9.4.Relationship between Average Cost and Marginal Cost118
7.5.10.Long-Run Cost Function: Cost-Output Relationship in the Long-Run118
7.5.10.1.Long-Run Total Cost Curve118
7.5.10.2.Long-Run Average Cost Curve or LAC or LRAC/Envelope Curve/Planning Curve119
7.5.10.3.Long-Run Marginal Cost Curve121
7.6.Exercise122
   
Chapter 8: CVP and Indifference Curve Analysis
8.1.Cost-Volume-Profit (CVP) Analysis123
8.1.1.Meaning and Definition of Cost-Volume- Profit (CVP) Analysis123
8.1.2.Features of CVP Analysis123
8.1.3.Techniques of CVP Analysis123
8.1.4.Contribution123
8.1.5.Profit-Volume Ratio (P/V Ratio or C/S Ratio)124
8.1.6.Break-Even Analysis127
8.1.7.Break-Even Point (BEP)127
8.1.7.1.Computation of the Break-Even Point127
8.1.7.2.Algebraic Formula Method for Computing the Break-Even Point127
8.1.7.3.Graphical Method of Break-Even Analysis or Break-Even Chart/Graph128
8.1.7.4.Implication of Break-Even Analysis for Business130
8.1.7.5.Limitations of Break-Even Analysis131
8.1.8.Margin of Safety (MOS)131
8.2.Formulas at Glance in Marginal Costing136
8.3.Theory of Consumer Behaviour137
8.3.1.Introduction137
8.3.2.Utility137
8.3.3.Measurement of Utility137
8.3.4.Theory of Consumer Behaviour138
8.3.5.Cardinal Utility Approach138
8.3.5.1.Approaches to Marginal Utility138
8.3.5.2.Law of Diminishing Marginal Utility (LDMU)138
8.3.5.3.Law of Equi-Marginal Utility139
8.3.6.Indifference Curve Analysis140
8.3.6.1.Assumptions of Indifference Curve140
8.3.6.2.Indifference Curve and Indifference Schedule141
8.3.6.3.Properties of Indifference Curve141
8.4.Exercise143
   
Chapter 9: Economics of Scale and Scope
9.1.Economies and Diseconomies of Scale of Production145
9.1.1.Introduction145
9.1.2.Meaning and Definition of Economies of Scale of Production145
9.1.3.Meaning of Diseconomies of Scale of Production146
9.1.4.Kinds of Economies and Diseconomies of Scale of Production146
9.1.4.1.Internal Economies and Diseconomies of Scale of Production146
9.1.4.2.External Economies and Diseconomies of Scale of Production147
9.2.Economies of Scope148
9.2.1.Meaning of Economies of Scope148
9.2.2.Reasons for Economics of Scope148
9.2.3.Formula for Calculating Degree of Economics of Scope149
9.2.4.Importance of Economics of Scope149
9.2.5.Difference Between Economies of Scale and Economies of Scope149
9.3.Exercise149
   
Unit 4
Chapter 10: Market Structure
10.1.Analysis of Market Structure150
10.1.1.Introduction150
10.1.1.Features of Market150
10.1.2.Determinants of Market Structure150
10.1.3.Types of Market Structure151
10.2.Perfect Competition152
10.2.1.Meaning and Definition of Perfect Competition152
10.2.2.Features of Perfect Competition152
10.2.3.Assumptions of Perfect Competition153
10.2.4.Advantages of Perfect Market153
10.2.5.Disadvantages of Perfect Market153
10.2.6.Pricing under Perfect Competition154
10.2.7.Pricing and Output Determination under Perfect Competition155
10.2.7.1.Price Determination and Equilibrium of the Firm in Short Run155
10.2.7.2.Price Determination and Equilibrium of the Firm in Long Run156
10.2.7.3.Price Determination and Equilibrium of the Industry in Short-Run156
10.2.7.4.Price Determination and Equilibrium of the Industry in Long-Run157
10.2.8.Difference between Perfect Competition and Imperfect Competition157
10.3.Monopolistic Competition158
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Economics for Managers

Economics for Managers

Dr. Saroj Kumar & Shourya singh

ISBN - 9789387880894

Write your review