MANAGERIAL ECONOMICS

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Learning Outcomes

will able to define and explain Managerial Economics, the basic concepts and variables in Managerial Economics and their relations
will able to define Managerial Economics.
will understand the importance of Managerial Economics.
will able to define the basic concepts in Managerial Economics
will able to explain relations between fundamental variables
explain any topic with the help of graphs and drive conclusions
analyse consumer equilibrium
defines marginal relations
define marginal analysis
use marginal analysis in decision making
define economic optimisation
use economic optimisation in decision making
will able to analyse demand and supply
define demand function
explain the factors affecting demand
define supply function
explain the factors affecting supply
explains market equilibrium.
will able to obtain and interpret elasticities and use elasticities in firm’s pricing policy.
will able to calculate price, income and cross-price elasticity
will able to explain the factors affecting the sensitivity of demand to price changes
interprets the relation between prices change and elasticity
develops pricing strategies based on elasticities
classifies goods with respect to the values of income and cross price elasticities
will able to define costs of production and short and lung run cost functions
explains costs of production
will able to define short run costs and their relations
will able to define long run costs and their relations
defines constant, increasing and decreasing returns to scale
defines scale economies and its main assumptions
will able to define market, categorize markets and analyse decisions of the firms operating in markets with different structures
defines market and lists market types
will able to asses the properties of markets with different competitive structures.
will able to solve the profit maximisation problem of the firm operating in perfectly competitive market
will able to solve the profit maximisation problem of the firm under monopoly and monopolistic competition.
will able to solve the profit maximisation problem of the firm operating in oligopolistic markets.
will able to carry out risk analysis in decision making.
will able to define risk and uncertainty
will able to explain the relation between risk and return
will able to understand the importance of risk in decision making.
will able to use game theory in risk analysis