Managerial economics

MANAGERIAL ECONOMICS Prof. Swaha Shome

Managerial Economics ,[object Object],[object Object],[object Object],[object Object]

What is Managerial Economics? Howard Davies - “ It is the application of economic analysis to business problems; it has its origin in theoretical microeconomics.”

Why Managerial Economics? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Contents ,[object Object],[object Object],[object Object],[object Object],[object Object]

Market Structures ,[object Object],[object Object],[object Object],[object Object]

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TEN PRINCIPLES OF ECONOMICS ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Scarcity and Economic System ,[object Object],[object Object],[object Object]

Opportunity Cost - Components ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Opportunity Cost and Society ,[object Object],[object Object],[object Object],[object Object],[object Object]

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

Production Possibilities Frontiers ,[object Object]

Opportunity cost ,[object Object],[object Object],[object Object],Situation X Y 1 0 20 2 1 18 3 2 15 4 3 11 5 4 6 6 5 0

Opportunity Cost - Illustrated ,[object Object],[object Object],[object Object]

Production Possibility Curve ,[object Object],[object Object],[object Object]

Production Possibility Frontier ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic Growth Improvement in skills Improved Technology Increase in factors of production

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Resource Allocation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Three Methods of Resources Allocation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Nature of Markets ,[object Object],[object Object],[object Object],[object Object],[object Object]

INVISIBLE HAND ,[object Object],[object Object]

The Importance of Prices ,[object Object],[object Object],[object Object],[object Object]

Types of Economic Systems ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Figure 4: Types of Economic Systems Resource Allocation Market Command Private State Resource Ownership Market Capitalism Centrally Planned Capitalism Centrally Planned Socialism Market Socialism

Role of Government ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Externalities ,[object Object],[object Object],[object Object],[object Object]

Public Goods ,[object Object],[object Object],[object Object]

Mixed economy ,[object Object],[object Object]

Managerial economics

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Managerial economics