Economics 1.216181522

Managerial Economics Session 1

Course Content ,[object Object],[object Object],[object Object],[object Object]

Contd.. ,[object Object],[object Object],[object Object],[object Object]

References ,[object Object],[object Object],[object Object],[object Object]

What is Managerial Economics??? ,[object Object],[object Object]

Definitions: Managerial Economics ,[object Object],[object Object],[object Object],[object Object]

Why do Managers need to know Economics? ,[object Object],[object Object],[object Object]

Decision Problems faced by firms ,[object Object],[object Object],[object Object],[object Object],[object Object]

Relationship between Economics & Management Economics theory Business Management Decision Problems Optimal Solutions to Business problems Managerial Economics- Application of Economics to solving business problems

Significance: Managerial Economics ,[object Object],[object Object],[object Object],[object Object]

Characteristics: Managerial Economics ,[object Object],[object Object],[object Object],[object Object]

Scope: Managerial Economics ,[object Object],[object Object],[object Object]

Microeconomics applied to (operational) internal issues ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Macroeconomics applied to external issues-Economic Environment ,[object Object],[object Object],[object Object],[object Object]

Role of a Managerial Economist ,[object Object],[object Object],[object Object],[object Object]

Decisions to be taken by Managerial economist ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Basic Economic Principles for Managerial Decision making ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Opportunity Cost ,[object Object],[object Object],[object Object]

Marginal Principle ,[object Object],[object Object],[object Object],[object Object]

Marginal value The marginal value of a dependent variable is the change in this dependent variable associated with a 1-unit change in a particular independent variable

Marginal Analysis in TV Advertising (Rs) No of TV Ads Total revenue TR Marginal Revenue MR Total Cost TC Marginal Cost MC Net benefit 1 20000 - 4000 - 16000 2 34000 14000 8000 4000 26000 3 42000 8000 12000 4000 30000 4 46000 4000 16000 4000 30000 5 48000 2000 20000 4000 28000 6 49000 1000 24000 4000 25000

Limitations of Marginalism ,[object Object],[object Object]

Incremental Principle ,[object Object],[object Object],[object Object]

Contd.. Incremental Principle ,[object Object],[object Object]

Equi - Marginal Principle ,[object Object],[object Object],[object Object]

Time Perspective Principle ,[object Object],[object Object],[object Object]

Discounting Principle ,[object Object],[object Object],[object Object],[object Object],[object Object]

Variables and Functions ,[object Object]

Functions ,[object Object],[object Object],[object Object]

Functions ,[object Object],[object Object]

Economics 1.216181522

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