Managerial Economics

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Swati Watts
Last Update June 9, 2021
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About This Course

The purpose of managerial economics is to provide economic terminology and reasoning for the improvement of managerial decisions. It studies the phenomena related to goods and services from the decision-making entities. It helps managers to decide on the planning and control of the benefits. It is synchronized between the planning and control of any institution or firm and hence its importance increases. Thus, it plays a massive role in business decisions. 

Learning Objectives

By the end of the course, a student will be able to:
1. Understand the nature of economics in dealing with the issue of scarcity;
2. Recognize the difficulties in managerial decision making today;
3. Perform supply and demand analysis to analyze the impact of economic events on markets;
4. Evaluate the factors affecting firm behavior, such as production and costs;
5. Analyze the performance of firms under different market structures.

Target Audience

  • Anyone who has passed his/her 12th exams from Sciences/Commerce/Humanities can study the course

Curriculum

28 Lessons40h

Quardant 1: Demand and its determinents

"Demand" means to "ask for urgently." That said, the concept of demand takes on a very particular, and somewhat different, meaning in economics. Economically speaking, to demand something means to be willing, able, and ready to purchase a good or service.
Demand and its determinents00:5:00Preview
Draft Lesson00:00:00
Draft Lesson00:00:00

Quardant 2: Economic Systems

An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor.

Quardant 2: Pricing Strategies

Price is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding, and risk-taking ability. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins, and input costs, amongst others. It is targeted at the defined customers and against competitors.

Quardant 1: Types of demand

We will learn about the types of demand

Quardant 2: Inflation

Inflation refers to the rise in the prices of most goods and services of daily or common use, such as food, clothing, housing, recreation, transport, consumer staples, etc. Inflation measures the average price change in a basket of commodities and services over time.

Quardant 4: Assignments

Assignments

Law of Variable Proportion

Law of Variable Proportions occupies an important place in economic theory. This law is also known as the Law of Proportionality. Keeping other factors fixed, the law explains the production function with a one-factor variable. In the short run when the output of a commodity is sought to be increased, the law of variable proportions comes into operation.

Quardant 3: Quiz 1

Quardant 3: Quiz 2

Elasticity of demand

Elasticity refers to the relative responsiveness of a supply or demand curve in relation to price: the more elastic a curve, the more quantity will change with changes in price. In contrast, the more inelastic a curve, the harder it will be to change the quantity consumed, even with large changes in price.

Quadrant 2: Scarcity and Choice

Scarcity refers to the finite nature and availability of resources while choice refers to people's decisions about sharing and using those resources. The problem of scarcity and choice lies at the very heart of economics, which is the study of how individuals and society choose to allocate scarce resources.

Quadrant 2: Income Elasticity and Cross elasticity of demand

Income elasticity of demand – which measures how demand responds to a change in income – is always negative for an inferior good and positive for a normal good. ... Cross elasticity of demand measures the responsiveness of demand for one commodity to changes in the price of another good

Quadrant 2: Market equilibrium

In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change

Quadrant 2: Law of Variable Proportion

The Law of Variable Proportions or Returns to a Factor plays an important role in the study of the Theory of Production. In this article, we will look at the meaning, explanation, stages, significance, and reasons behind the operation of the Law of Variable Proportions.

Quadrant 2: Production function

In economics, a production function relates physical output of a production process to physical inputs or factors of production. It is a mathematical function that relates the maximum amount of output that can be obtained from a given number of inputs – generally capital and labor.

Quadrant 2: Producer surplus and consumer surplus

The difference between a consumer's marginal benefit for a unit of consumption, and what they actually pay, represents how much benefit a consumer get's from the price they are paying. Producer surplus represents the difference between the price a seller receives and their willingness to sell for each quantity.

Quadrant 2: Concept of indifference curve

An indifference curve is a graph showing a combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.

Quadrant 2: Properties of indifference curve

It is the locus of points representing pairs of quantities between which the individual is indifferent, so it is termed an indifference curve.” It is, in fact, an iso-utility curve showing equal satisfaction at all its points. A single indifference curve concerns only one level of satisfaction.

Quadrant 2: Concept of costs

Cost, in common usage, the monetary value of goods and services that producers and consumers purchase. ... In a basic economic sense, the cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others. This fundamental cost is usually referred to as opportunity cost

Quadrant 2: Short term cost curves

There are seven cost curves in the short run: fixed cost, variable cost, total cost, average fixed cost average variable cost, average total cost, and marginal cost. The fixed cost (FC) of production is the cost of production that does not vary with the output level.

Quadrant 2: Long term cost curves

The long-run cost curve is a cost function that models this minimum cost over time, meaning inputs are not fixed. Using the long-run cost curve, firms can scale their means of production to reduce the costs of producing the good.

Quadrant 2: Perfect Competition

Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a "commodity" or "homogeneous"). All firms are price takers (they cannot influence the market price of their products). Market share has no influence on prices.

Quadrant 2: Monopoly

A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

Quadrant 2: Monopolistic Competition

Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.

Quadrant 2: Oligopoly

Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. The concentration ratio measures the market share of the largest firms. A monopoly is one firm, a duopoly is two firms and an oligopoly is two or more firms.

Quadrant 2: Concept of Interest

Interest is the monetary charge for the privilege of borrowing money, typically expressed as an annual percentage rate (APR). Interest is the amount of money a lender or financial institution receives for lending out money.

Quadrant 2: Concept of Wages

In economics, the price paid to labour for its contribution to the process of production is called wages. ... Labour is an important factor of production.

Your Instructors

Swati Watts

Associate Professor

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An experienced academician with a demonstrated history of working in the education management industry. Skilled in Educational Leadership, Leadership Development, Lecturing, Teaching, and Higher Education. Strong education professional with an MBE, Mphil, Ph.D. focused on Management. Worked for a number of reputed organizations and assumed key responsibility roles. Published a number of research papers in various leading publishers. Has published four patents under her name. Has been associated with a number of editorial boards, Board of Studies and Academic Council. Keen interest in contemporary economic and business affairs. Delivered keynote addresses at a large number of prestigious academic events. Capable of arousing response from a variety of audiences. She is on the mission to make this world a better place! I believe that every day is an opportunity to become creative to find new colors and paint a new day on canvas of your mind.
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Level
All Levels
Duration 40 hours
Lectures
28 lectures
Subject
Language
English
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