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AKTU MBA NOTES

KMB102/KMBN102 Managerial Economics

UNIT 1 (Basic Concepts and Principles)

Definition and Nature of Economics

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Scope of Economics

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Micro Economics and Macro Economics

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Managerial Economics and its Relevance in Business Decisions

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Fundamental Principles of Managerial Economics: Incremental Principle, Marginal Principle, Opportunity Cost Principle, Discounting Principle, Concept of Time Perspective

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Equi-Marginal Principle

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Utility Analysis

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Cardinal Utility and Ordinal Utility

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UNIT 2 (Demand and Supply Analysis)

Theory of Demand

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Types of Demand

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Determinants of Demand

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Demand Schedule

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Demand Curve

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Law of Demand

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Exceptions to the Law of Demand

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Shift in Demand Curve

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Elasticity of Demand and its Measurement: Price Elasticity, Income Elasticity, Arc Elasticity, Cross Elasticity of Demand, Advertising Elasticity of Demand

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Uses of Elasticity of Demand for Managerial Decision Making

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Demand Forecasting: Significance and Methods

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Supply Elasticity: Analysis and its uses for managerial decision making

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Price of a Product under Demand and Supply Forces

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UNIT 3 (Production and cost Analysis)

Product concepts and Analysis

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Production Function and It’s Types

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Laws of Production

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Laws of Diminishing Returns

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Laws of Returns to Scale

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Cost Concept and Analysis: Costs, Types of costs

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Cost output Relationship in the short-run

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Cost output Relationship in the Long-run

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Estimation of Revenue

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Average Revenue

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Marginal Revenue

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UNIT 4 (Market structures)

Perfect and Imperfect Market Structures

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Perfect Competition, Features, Determination of Price under Perfect Competition

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Monopoly, Features, Pricing under Monopoly

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Price Discrimination

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Monopolistic: Features, Pricing under Monopolistic Competition

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Production Differentiation

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Oligopoly: Features

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Kinked Demand Curve

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Cartels

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Price Leadership

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UNIT 5 (National Income)

National Income Concepts

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Various Methods of Measurement of National Income

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Circular flows in 2 Sector, 3 Sector, 4 Sector economics

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Inflation: Types and Causes

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Business Cycle and its Phases

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