Managerial Economics

Teacher

Dr. Bibhunandini Das

Category

Core Courses

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Course Name : Managerial Economics

Code(Credit) : CUTM1212(4-0-2)

Course Objectives

  • To apply micro economic concepts and techniques in evaluating business decisions taken by firms
  • How tools of standard price theory can be employed to formulate a decision problem, evaluate alternative courses of action and finally choose among alternatives

Learning Outcomes

  • The students will be able to understand the basic concepts of  micro economics and its application.
  • Can make optimal decisions by integrating the concept of economics and business

Course Syllabus

Unit I: Demand, Supply and Market equilibrium: individual demand, market demand, individual supply, market supply, market equilibrium; Elasticity of demand and supply: Price elasticity of demand, income elasticity of demand, cross price elasticity of demand, elasticity of supply; Theory of consumer behaviour: cardinal utility theory, ordinal utility theory(indifference curves, budget line, consumer choice, price effect, substitution effect, income effect for normal, inferior and giffen goods), revealed preference theory.

 

Unit II: Producer and optimal production choice: optimizing behaviour in short run (geometry of product curves, law of diminishing margin productivity, three stages of production), optimizing behaviour in long run (isoquants, isocost line, optimal combination of resources) Costs and scale: traditional theory of cost (short run and long run, geometry of cost curves, envelope curves), modern theory of cost (short run and long run), economies of scale, economies of scope.

 

Unit III: Theory of firm and market organization: perfect competition (basic features, short run equilibrium of firm/industry, long run equilibrium of firm/industry, effect of changes in demand, cost and imposition of taxes) ; monopoly (basic features, short run equilibrium, long run equilibrium, effect of changes in demand, cost and imposition of taxes, comparison with perfect competition, welfare cost of monopoly), price discrimination; monopolistic competition (basic features, demand and cost, short run equilibrium, long run equilibrium, excess capacity)

 

Unit IV: Factor market: demand for a factor by a firm under marginal productivity theory (perfect competition in the product market, monopoly in the product market), market demand for a factor, supply of labour, market supply of labour, factor market equilibrium.

 

Readings:

  1. Dominick Salvatore (2009). Principles of Microeconomics (5th ed.) Oxford

University Press

  1. Lipsey and Chrystal. (2008). Economics. ( 11th ed.) Oxford University Press
  2. Koutosyannis (1979). Modern Micro Economics. Palgrave Macmillan
  3. Pindyck, Rubinfeld and Mehta. (2009). Micro Economics. (7th ed. ). Pearson

Session 3

Demand: Individual and Market Demand

Individual and Market Demand

Law of Demand

https://www.youtube.com/watch?v=QvGLcCTXk9o

Demand

Session 6

Session 7

Cardinal utility theory- Law of diminishing marginal utility

https://www.youtube.com/watch?v=YhqqWKw_OGs

https://www.youtube.com/watch?v=wFrGhooQheU

Utility

Session 8

Cardinal utility theory- Law of equi-marginal utility

https://www.youtube.com/watch?v=LOjyVoGTGj8

Allocating Income to Maximize Utilty

Session 9

Session 11

Budget Constraints

Budget Constraint

Session 12

Consumer's equilibrium through Indifference Curve

Consumers’ Equilibrium Under Ordinal Utility Theory

Session 13

Project 1 - Impact of Covid 19 on Street Vendors

Session 14

Introduction to Production- Optimal production choice

Producer and Optimal production choice

Session 15

Law of Diminishing Marginal Productivity/Law of Variable Proportion

https://www.youtube.com/watch?v=lt6LpwBNSlM

Law of Variable Proportion

Session 16

Project 1- Discussion and Review

Session 17

Project 1- Discussion and Review

Session 18

Project 1

Session 19

Project 1

Session 20

Laws of Returns to Scale/ Production function in the long run

Production Function in the long-run

Session 21

Introduction to Costs

Traditional Theory of Costs

Cost

Session 22

Short-run Cost Functions

Average Costs

Session 23

Economies of Scale

https://www.youtube.com/watch?v=6ihehRMtRWc

https://www.youtube.com/watch?v=rYvzM_tayY4

Session 24

Presentation on Project 1

Session 25

Presentation on Project 1

Session 26

Presentation on Project 1

Session 27

Theory of Firm and Market- Market structure

https://www.youtube.com/watch?v=QJnP8jzBjvk

https://www.youtube.com/watch?v=z7g6rFjvvkU

Session 28

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Session 2

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Case Studies

Case Studies

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    Dr. Bibhunandini Das is working as Associate Professor in Economics in the school of management, Centurion University of Technology and Management, Odisha. Dr Bibhunandini Das has obtained her PhD from the Centre for Development Studies, Jawaharlal Nehru University, New Delhi in 2015. Prior to joining CUTM, she has worked with Indian Institute of Public Health, […]