MI4301 Managerial Economics – I Syllabus:

MI4301 Managerial Economics – I Syllabus – Anna University PG Syllabus Regulation 2021

COURSE OBJECTIVES:

 To expose the basic principles of microeconomic theory.
 To illustrate how micro economic concepts can be applied to analyze real-life situations.

UNIT I INTRODUCTION

Meaning, Nature, Scope and Limitations of Business Economics – Micro & Macro. – Productive
efficiency Vs economic efficiency – economic growth & stability.

UNIT II DEMAND AND SUPPLY

Concept of Demand- Elasticity of Demand -their types and determinants-Concepts of Supply – Elasticity of Supply their types and determinants.

UNIT III PRODUCTION

Introduction to production process, short run production function: law of variable Proportions, long run production.

UNIT IV COST AND REVENUE

Cost Analysis : Fixed, Variable and Total Cost ,Curves, Average and Marginal Costs, Long Run Cost Analysis : Economies and Diseconomies of Scale and Long Run Average and Marginal Cost Curves. Revenue Concepts – Total Revenue, Marginal Revenue, Average Revenue and their relationship.

UNIT V MARKET STRUCTURE

Price and output decisions under different market structures: Price and output decisions under perfect competition, monopoly and monopolistic competition – pricing under oligopoly -kinked demand curve, Factor Market.

TOTAL: 45 PERIODS

COURSE OUTCOME:

 Students are expected to become familiar with principles of micro economics.

TEXT BOOKS:

1. Principles of Economics – H.L. Ahuja, Sultan Chand, Nov. 2007.
2. Yogesh Maheswari, Managerial Economics, 3rd Edition, Phi Learning, New Delhi, 2012, Gupta G.S.

REFERENCES:

1. Richard Lipsey and Alec Charystal, Economics, 12th edition, Oxford, University Press, New Delhi, 2011.
2. Karl E. Case and Ray C. fair, Principles of Economics, 8th edition, Pearson, Education Asia, New Delhi, 2002.
3. Diwedi. D.N. Managerial Economics, 7th Edition, Vikas Publishing HousePvt. Ltd., 2009