Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
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d\ql \li567\sb66\sl-253\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf
1\f2\fs22 2\par\pard\column \ql \li3401\sb0\sl-253\slmult0 \par\pard\ql \li20\sb
184\sl-253\slmult0 \up0 \expndtw-3\charscalex100 supply by the RBI could impact
inflation and affect the demand for your product,\par\pard\ql \li20\ri958\sb3\sl
-263\slmult0 \up0 \expndtw-2\charscalex100 fiscal deficit could affect interest
rates and therefore investment spending by a \line \up0 \expndtw-1\charscalex100
manager etc. The focus of managerial economics is on how the firm reacts to \li
ne \up0 \expndtw-2\charscalex100 changes in the economic environment in which it
operates and how it predicts these \up0 \expndtw-1\charscalex100 changes and de
vises the best possible strategies to achieve the objectives that \line \up0 \ex
pndtw-4\charscalex100 underlie its existence.\par\pard\ql \li3401\sb0\sl-263\slm
ult0 \par\pard\ql \li20\ri974\sb2\sl-263\slmult0 \up0 \expndtw-4\charscalex100 T
he economy is the institutional structure through which individuals and firms in
a \line \up0 \expndtw-2\charscalex100 society coordinate their desires. Economi
cs is the study of how human beings in a \line \up0 \expndtw-2\charscalex100 soc
iety go about achieving their wants and desires. It is also defined as the study
of \line \up0 \expndtw-2\charscalex100 allocation of scarce resources to satisf
y individual wants or desires. The latter is \line \up0 \expndtw-2\charscalex100
perhaps the best way to broadly define the study of economics in general. The \
line \up0 \expndtw-2\charscalex100 emphasis is on allocation of scarce resources
across competing ends. You should \line \up0 \expndtw-2\charscalex100 recognize
that human wants are unlimited and therefore choice is necessary. \line \up0 \e
xpndtw-2\charscalex100 Choices necessarily involve trade-offs. For example, if y
ou wish to acquire an \line \up0 \expndtw-2\charscalex100 MBA degree, you must t
ake time off to devote to study. Your time has many uses \line \up0 \expndtw-3\c
harscalex100 and when you devote more time to study you are allocating it to a p
articular use in \line \up0 \expndtw-3\charscalex100 order to achieve your goal.
Economics would be a most uninteresting subject if \line \up0 \expndtw-3\charsc
alex100 resources were unlimited and no trade offs were involved in decision mak
ing.\par\pard\qj \li3401\sb0\sl-263\slmult0 \par\pard\qj \li20\ri1169\sb2\sl-263
\slmult0 \up0 \expndtw-2\charscalex100 There are many general insights economist
s have gained into how the economy \up0 \expndtw-3\charscalex100 functions. Econ
omic theory ties together economists\u8217? terminology and knowledge \up0 \expn
dtw-4\charscalex100 about economic institutions. An economic institution is a ph
ysical or mental\par\pard\ql \li20\ri958\sb1\sl-263\slmult0 \up0 \expndtw-3\char
scalex100 structure that significantly influences economic decisions. Corporatio
ns, \line \up0 \expndtw-3\charscalex100 governments, markets are all economic in
stitutions. Similarly cultural norms are the \up0 \expndtw-2\charscalex100 stand
ards people use when they determine whether a particular activity or \line \up0
\expndtw-2\charscalex100 behaviour is acceptable. For example, Hindus avoid meat
and fish on Tuesdays. \up0 \expndtw-2\charscalex100 This has an economic dimens
ion as it has a direct impact on the sale of these items \up0 \expndtw-3\charsca
lex100 on Tuesdays. Further, economic policy is the action usually taken by the
\line \up0 \expndtw-4\charscalex100 government, to influence economic events. An
d finally, economic reasoning helps in \up0 \expndtw-3\charscalex100 thinking li
ke an economist. Economists analyse questions and issues on the basis of \up0 \e
xpndtw-1\charscalex100 trade-offs i.e. they compare the cost and the benefits of
every issue and make \line \up0 \expndtw-2\charscalex100 decisions based on tho
se costs and benefits.\par\pard\ql \li3401\sb0\sl-264\slmult0 \par\pard\ql \li20
\ri1154\sb1\sl-264\slmult0 \up0 \expndtw-3\charscalex100 The market is perhaps t
he single most important and complex institution in our \line \up0 \expndtw-3\ch
arscalex100 economy. A market is not necessarily a physical location, but a desc
ription of any \line \up0 \expndtw-2\charscalex100 state that involves exchange.
The exchange could be instantaneous or it could be \line \up0 \expndtw-1\charsc
alex100 over time i.e. exchange which is agreed today but where the transaction
takes\par\pard\qj \li20\ri1183\sb1\sl-264\slmult0 \up0 \expndtw-3\charscalex100
place, say after 3 months. You will learn in this course the myriad functions th
at \up0 \expndtw-3\charscalex100 markets perform, most significantly bringing bu
yers and sellers together. Markets \up0 \expndtw-4\charscalex100 could be compet
itive or monopolistic, with a large number of firms or a small\par\pard\ql \li20
\ri928\sb1\sl-264\slmult0 \up0 \expndtw-3\charscalex100 number of firms, with fr
ee entry and exit or government licensing restricting entry \line \up0 \expndtw2\charscalex100 of firms and so on. The major point is that firms operate in dif
ferent types of \line \up0 \expndtw-3\charscalex100 markets and use the well-est
ablished principles of managerial economics to improve \line \up0 \expndtw-3\cha
rscalex100 profitability. Managerial economics draws on economic analysis for su
ing more would exceed \line \up0 \expndtw-3\charscalex100 the cost of producing
it. If output were higher, the cost of producing the extra units \line \up0 \exp
ndtw-2\charscalex100 would exceed the extra benefits. So the point where supply
equals demand is \line \up0 \expndtw-3\charscalex100 \u8220?efficient\u8221?.\pa
r\pard\ql \li3401\sb0\sl-264\slmult0 \par\pard\ql \li20\ri1004\sb1\sl-264\slmult
0 \up0 \expndtw-2\charscalex100 However, the conditions for market efficiency ar
e extremely demanding\u8212?far too \line \up0 \expndtw-2\charscalex100 demandin
g ever to be met in the real world. The theory requires \u8220?perfect \line \up
0 \expndtw-3\charscalex100 competition\u8221?: there must be many buyers and sel
lers; goods from competing \line \up0 \expndtw-4\charscalex100 suppliers must be
indistinguishable; buyers and sellers must be fully informed; and \line \up0 \e
xpndtw-1\charscalex100 markets must be complete\u8212?that is, there must be mar
kets not just for bread here \line \up0 \expndtw-2\charscalex100 and now, but fo
r bread in any state of the world. (What is the price today for a loaf \line \up
0 \expndtw-3\charscalex100 to be delivered in Timbuktu on the second Tuesday in
December 2014 if it rains?)\par\pard\ql \li3401\sb0\sl-253\slmult0 \par\pard\ql
\li20\sb21\sl-253\slmult0 \up0 \expndtw-2\charscalex100 In other words, market f
ailure is pervasive. It comes in four main varieties:\par\pard\qj \li3401\sb0\sl
-263\slmult0 \par\pard\qj \li20\ri1035\sb4\sl-263\slmult0 \up0 \expndtw-2\charsc
alex100 \ul0\nosupersub\cf5\f6\fs22 Monopoly:\ul0\nosupersub\cf1\f2\fs22 By red
ucing his sales, a monopolist can drive up the price of his good. \up0 \expndtw4\charscalex100 His sales will fall but his profits will rise. Consumption and p
roduction are less than \up0 \expndtw-3\charscalex100 the efficient amount, caus
ing a deadweight loss in welfare.\par\pard\ql \li3401\sb0\sl-264\slmult0 \par\pa
rd\ql \li20\ri943\sb1\sl-264\slmult0 \up0 \expndtw-1\charscalex100 \ul0\nosupers
ub\cf5\f6\fs22 Public goods:\ul0\nosupersub\cf1\f2\fs22 Some goods cannot be su
pplied by markets. If you refuse to pay for \up0 \expndtw-2\charscalex100 a new
coat, the seller will refuse to supply you. If you refuse to pay for national \u
p0 \expndtw-3\charscalex100 defence, the \u8220?good\u8221? cannot easily be wit
hheld. You might be tempted to let others \up0 \expndtw-2\charscalex100 pay. The
same reasoning applies to other \u8220?non-excludable\u8221? goods such as law
and \up0 \expndtw-2\charscalex100 order, clean air, and so on. Since private sel
lers cannot expect to recover the costs \up0 \expndtw-5\charscalex100 of produci
ng such goods, they will fail to supply them.\par\pard\qj \li3401\sb0\sl-263\slm
ult0 \par\pard\qj \li20\ri1109\sb2\sl-263\slmult0 \up0 \expndtw-2\charscalex100
\ul0\nosupersub\cf5\f6\fs22 Externalities:\ul0\nosupersub\cf1\f2\fs22 Making so
me goods causes pollution: the cost is borne by people \up0 \expndtw-3\charscale
x100 with no say in deciding how much to produce. Consuming some goods (educatio
n, \up0 \expndtw-3\charscalex100 anti-lock brakes) spreads benefits beyond the b
uyer; again, this will be ignored
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