1. The document provides an introduction to managerial economics by a professor.
2. It defines key economic terms like microeconomics, macroeconomics, and managerial economics.
3. It outlines the core content of managerial economics including demand analysis, production decisions, cost analysis, and market structures.
Introduction of economics | Managerial Economics | Natures and ScopeSachin Paurush
Introduction of economics | Managerial Economics | Natures and Scope
The crucial concepts of Managerial Economics.
Where all economics is applied and how it is going to affect one's life!!!
CONTRIBUTIONS OF ALFRED MARSHALL TO THE FIELD OF ECONOMICSRejoitJames
1.BIOGRAPHY
PERSONAL LIFE
EDUCATION AND EARLY CAREER
2.CONTRIBUTION TO THE FIELD OF ECONOMICS
PRINCIPLES OF ECONOMICS
THEORY OF DEMAND
THEORY OF PRODUCTION
THEORY ON SUPPLY
3.METHODOLOGY
4.CRITICAL REMARKS
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PRODUCTION AND COST CONCEPTS
Theory of production
Production function
Input output combination
Short run production laws
Law of diminishing marginal returns to scale
ISO-quant curves
ISO-cost curves
Fundamental concepts, principle of economicsShompa Nandi
Fundamental Concept or Principle of Economics, Opportunity cost principle, Equi-marginal principle, incremental principle, discounting principle, Risk and uncertainty, Time Perspective
Introduction of economics | Managerial Economics | Natures and ScopeSachin Paurush
Introduction of economics | Managerial Economics | Natures and Scope
The crucial concepts of Managerial Economics.
Where all economics is applied and how it is going to affect one's life!!!
CONTRIBUTIONS OF ALFRED MARSHALL TO THE FIELD OF ECONOMICSRejoitJames
1.BIOGRAPHY
PERSONAL LIFE
EDUCATION AND EARLY CAREER
2.CONTRIBUTION TO THE FIELD OF ECONOMICS
PRINCIPLES OF ECONOMICS
THEORY OF DEMAND
THEORY OF PRODUCTION
THEORY ON SUPPLY
3.METHODOLOGY
4.CRITICAL REMARKS
Business Economics - Unit-3 IMBA Syllabus Osmania UniversityBalasri Kamarapu
PRODUCTION AND COST CONCEPTS
Theory of production
Production function
Input output combination
Short run production laws
Law of diminishing marginal returns to scale
ISO-quant curves
ISO-cost curves
Fundamental concepts, principle of economicsShompa Nandi
Fundamental Concept or Principle of Economics, Opportunity cost principle, Equi-marginal principle, incremental principle, discounting principle, Risk and uncertainty, Time Perspective
A traves de esta disposición, el Poder Judicial ha dispuesto la obligatoriedad de la cancelacion de oficio de los antecedentes policiales y judiciales generados por procesos donde el imputado ha sido absuelto o se le ha sobreseido el proceso
Managerial Economics | Overview and SummaryMBA ASAP
Managerial economics deals with the application of the economic concepts, theories, tools and methodologies to solve practical problems in a business. It helps the manager in decision making and acts as a link between practice and theory.
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1. Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
What is “Economics”?
What is ‘ Micro and Macro economics?
What is Managerial Economics?
Nature, scope and significance of Managerial Economics
How it is useful to a Manager?
Functions of a Managerial Economist?
What Role a managerial Economist plays in the Management Team
5. Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
What is Microeconomics and Macroeconomics ?
•Ragnor Frisch : Micro means “ Small” and Macro means
“Large”
Microeconomics deals with the study of individual behaviour.
• It deals with the equilibrium of an individual consumer,
producer, firm or industry.
Macroeconomics on the other hand, deals with economy wide
aggregates.
• Determination of National Income Output, Employment
• Changes in Aggregate economic activity, known as Business
Cycles
• Changes in general price level , known as inflation, deflation
• Policy measures to correct disequilibrium in the economy,
Monetary policy and Fiscal policy
6. Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
What is Managerial Economics?
“Managerial Economics is economics applied in decision making. It is a
special branch of economics bridging the gap between abstract theory
and managerial practice” – Willian Warren Haynes, V.L. Mote, Samuel Paul
“Integration of economic theory with business practice for the purpose of
facilitating decision-making and forward planning” - Milton H. Spencer
“Managerial economics is the study of the allocation of scarce resources
available to a firm or other unit of management among the activities of that
unit” - Willian Warren Haynes, V.L. Mote, Samuel Paul
“ Price theory in the service of business executives is known as Managerial
economics” - Donald Stevenson Watson
7. Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
BUSINESS ADMINISTRATION
DECISION PROBLEMS
MANAGERIAL ECONOMICS :
INTEGRATION OF ECONOMIC
THEORY AND
METHODOLOGY WITH TOOLS
AND TECHNICS BORROWED
FROM OTHER DECIPLINES
OPTIMAL SOLUTIONS TO
BUSINESS PROBLEMS
TRADITIONAL ECONOMICS :
THEORY AND METHODOLOGY
DECISION SCIENCES :
TOOLS AND TECHNICS
8. Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
Nature, Scope and Significance of Managerial Economics:
Managerial Economics – Business Economics
Managerial Economics is ‘Pragmatic’
Managerial Economics is ‘Eclectic’
Managerial Economics is ‘Normative’
Universal applicability
The roots of Managerial Economics spring from Micro Economics
Relation of Managerial Economics to Economic Theory is much like
that of Engineering to Physics or Medicine to Biology. It is the
relation of applied field to basic fundamental discipline
Core content of Managerial Economics :
Demand Analysis and forecasting of demand
Production decisions (Input-Output Decisions)
Cost Analysis (Output - Cost relations)
Price – Output Decisions
Profit Analysis
Investment Decisions
9. The core content of Managerial Economics :
Theoretical foundation for demand analysis
Consumer’s equilibrium :
Cardinal Utility:
• Law of Diminishing marginal Utility
• Law of equimarginal Principle
• Consumers equilibrium and derivation demand curve
Ordinal utility Analysis:
• Indifference Curve, Budget line,
• Equilibrium using indifference curves
• Changes in Equilibrium
• Due to change in Income – ICC Curve - Engel Curve
• Due to change in Price - PCC Curve – Demand Curve
Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
10. 1. Demand Analysis :
Meaning of demand : No. of units of a commodity that customers
are willing to buy at a given price under a set
of conditions.
Demand function : Qd = f (P, Y, Pr W)
Demand Schedule : A list of prices and quantitives and the list is so
arranged that at each price the corresponding
amount is the quantity purchased at that price
Demand curve : Slops down words from left to right.
Law of demand : inverse relation between price and quantity
Exceptions to the law of demand :
Giffens paradox
Thorsten Veblen's “ Doctrine of conspicuous consumption
Price expectations
Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
11. Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
Elasticity : Measure of responsiveness - Qd = f (P, Y, Pr W)
E = percentage change in DV/ percentage change in IV
Concepts of price, income, and cross elasticity
Price Elasticity :
Ep = Percentage change in QD/Percentage change in P
Types of price elasticity :
1. Perfectly elastic demand Ep = ∞
2. Elastic demand Ep > 1
3. Inelastic demand Ep < 1
4. Unit elastic demand Ep = 1
5. Perfectly inelastic demand Ep = 0
12. Elasticity and expenditure : If demand is elastic a given fall in price causes a
relatively larger increase in the total expenditure.
P↓ - TR↑ when demand is elastic.
P↓ - TR↓ when demand is inelastic.
P↓ ↑ - TR remains same when demand is Unit elastic.
Elastic Demand Unit Elastic Demand Inelastic Demand
P Q PQ P Q PQ P Q PQ
10 1,000 units 10,000 10 1,000 units 10,000 10 1,000 units 10,000
9 2,000 units 18,000 9 1,111 units 10,000 9 1,050 units 9,450
8 3,000 units 24,000 8 1,250 units 10,000 8 1,100 units 8,800
Measurement of elasticity :
Point and Arc elasticity
Elasticity when demand is linear
Determinants of elasticity :
(1) Number and closeness of its substitutes,
(2) the commodity’s importance in buyers’ budgets,
(3) the number of its uses.
Other Elasticity Concepts
Income elasticity
Cross elasticity
Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
13. 2. Theory of production :
Input – Output relation
What is a production function :
Q = f (A, B, C, D)
Production function with one variable input
Law of variable proportions
Equilibrium of producer with one variable input (optimum
quantity of variable input)
Production function with two variable inputs
Iso-costs, iso-quants, equilibrium - least cost combination of
inputs
Equilibrium of producer with two variable inputs (optimum
combination of inputs)
Production function with all variable inputs
Returns to Scale
Increasing returns to scale
Constant returns to scale
Decreasing returns to scale
Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
14. 3. Theory of Cost : Cost - output relations
Cost Concepts
Opportunity Cost
Implicit Cost
Explicit Cost
Cost function :
Short run cost functions
Fixed Cost
Variable Cost
AFC
AVC
AC
MC
Long run cost functions
LAC
LMC
Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
15. 4. Market structures - Price – Output Decisions
Classification of markets: 1. No of firms 2. nature of the product
Perfect competition
Features of perfect competition
Short-run equilibrium
Long-run equilibrium
Monopoly
Meaning and Barriers to entry
Short-run equilibrium
Long-run equilibrium
Discriminating Monopoly
Monopolistic competition
Oligopoly – Duopoly models
Cournot’s Model
Edgeworth’s Model
Chamberlin’s Model
Paul Sweezy’s Kinked Demand Curve
Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
16. Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
5. Profit Management :
Concept of Profit
Profit Theories
Payment to factor services
Reward for taking risk and baring uncertainty
Result of Frictions and Imperfections and Monopoly
Reward for successful innovations
Cost-volume-profit Analysis
Break even analysis
Make or buy decisions
18. Functions of a Managerial Economists:
The main function of a manager is decision making and managerial
Economics helps in taking rational decisions.
The need for decision making arises only when there are more
alternatives courses of action.
Steps in decision making :
Defining the problem
Identifying alternative courses of action
Collection of data and analyzing the data
Evaluation of alternatives
Selecting the best alternative
Implementing the decision
Follow up of the action
Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
19. Specific functions to be performed by a managerial Economist :
1. Production scheduling
2. Sales forecasting
3. Market research
4. Economic analysis of competing companies
5. Pricing problems of industry
6. Investment appraisal
7. Security analysis
8. Advice on foreign exchange management
9. Advice on trade
10.Environmental forecasting
- Survey of British Industry by Alexander and Kemp
Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
20. Introduction to Managerial Economics -- Prof. V. Chandra Sekhara Rao
Role a Managerial Economist in the Management Team:
William J. Baumol, “What Can Economic Theory Contribute to Managerial
Economics?” American Economic Review, 1961
Baumol concludes that “a managerial economist can become a far
more helpful member of a management group by virtue of his studies
of economic analysis, primarily because there he learns to become an
effective model builder and because there he acquires a very rich
body of tools and techniques which can help him to deal with the
problems of the firm in a far more rigorous, a far more probing, and a
far deeper manner”.