Students_Managerial Economics Lecture 1 _Syllabus.pptx.pptx

Managerial/ entrepreneurial Economics Meenakshi Rajeev 1 What we will learn How an economist thinks about business Rigorous methods of Economics in Business ================================= == Ref. Managerial Economics: Mansfield Managerial Economics: Baye...

Managerial/ entrepreneurial Economics Meenakshi Rajeev 1 What we will learn How an economist thinks about business Rigorous methods of Economics in Business ================================= == Ref. Managerial Economics: Mansfield Managerial Economics: Baye et al. Microeconomics: Nicholson 2 Topics to be covered Basic concepts concerning Manager/ Entrepreneur Concepts of Demand Concepts of Supply Quantitative analysis of demand and supply : Elasticities Going deeper into demand formulation: Consumers’ Problem Going deeper into supply issues: Producers’ Problems Different types of Markets and Optimization: Perfectly competitive markets, Monopoly market, Monopolistic Competition, Oligopoly ================== If time permits Preliminary concepts of Game Theory Pricing Techniques Government and Business 3 Teaching Method Rigorously discuss basic concepts using board and ppt slides Participatory teaching: Expect students to participate and discuss cases Discussing examples from business Numerical problem solving in the class Give economic perspective of business decisions 4 Evaluation Class test 10+10 Mid term 40 End term 40 5 Method of teaching Rigorous concept discussion Case studies Class participation 6 Entrepreneur’s Behaviour A manager/entrepreneur generally has responsibility for his or her own actions as well as for the actions of individuals, machines, and other inputs under the manager/entrepreneur’s control. This control may involve responsibilities for the resources of a multinational corporation or for those of his own small start-up. In each instance, however, a manager/entrepreneur/Entp must direct resources and the behavior of individuals to accomplish some task. Which may be maximizing profit or expanding business or improving productivity and often all of them. 7 What is manager/entrepreneurial Economics? Managerial/entrepreneurial economics, therefore, is the study of how to direct scarce resources in the way that most efficiently achieves an entrepreneurial/ manager/entrepreneurial goal. It is a very broad discipline in that it describes methods useful for directing everything from the resources of a self-own/startup business to the resources of a multi-national firm to maximize profits. 8