|Industrial Economics and Management||Learning Schedule|
The course describes the basics of demand and demand forecasting. It explains cost functions, cost control, cost reduction and pricing techniques.
On completion of this course, the students will be able to
- Apply the concept of demand.
- Estimate production and cost function.
- Formulate appropriate pricing strategies.
Students would have fundamental knowledge about industrial economy.
Unit I Introduction
Introduction: The Scope and Method of Managerial economics – Fundamental Economics concepts – Managerial Economics with other subjects – Objectives of the Firm
Unit II Demand and Supply Analysis
Meaning, Types and Determinants – Demand estimation- Demand elasticities for decision making – Business and Economic forecasting: Qualitative and Quantitative methods – Supply analysis: Meaning, elasticities and determinants – Market equilibrium
and price determination
Unit III Production Economics
Production and Production function – Types – Estimation – Returns to Scale – Economies and Diseconomies of Scale and Economies of Scope. Factor Inputs – Input-Output Analysis
Unit IV Market Structure
Perfect Competition – Imperfect Competition: Monopoly – Monopolistic – Oligopolistic Strategy, Cartels, Cournot, Kinked Demand and Price Leadership. Oligopolistic Rivalry & Theory of Games – Measurement of economic concentration – Policy against monopoly and restrictive trade practices – Competition Law – Pricing Practices: Objectives – Determinants – Pricing Methods – Government Policies and Pricing.
Unit V Introduction to Macroeconomics
Circular Flow of Income and Expenditures – Components of National Income and its significance – Measuring Gross Domestic Product (GDP) – Inflation and Business Cycles – Government Fiscal and Monetary Policy – Balance of payments – Foreign exchange markets
- P.L. Mehta – Managerial Economics Analysis, Problems and cases, Sultan Chand & Co. Ltd., 2001
- Peterson and Lewis: Managerial Economics, 4th Ed., Prentice Hall , 2004
- Dholakia and Oza: Microeconomics for Management Students, 2nd Edition, Oxford University Press
- Gregory Mankiw: Principles of Microeconomics, Havcourt Asia Publishers, 2001
- Mote and paul – Managerial Economics, Tata McGraw Hill, 2001