INDUSTRIAL ECONOMICS AND MANAGEMENT

L T P C 3 0 0 3

Objectives The student will able to 1. Understand and apply the various economic concepts 2. Analyze any economic problem with the reasons behind it and provide the best Possible solution 3. Forecast the future values of economic variables and make rational decision based on them 4. Understand the limitations of economic theories and to what extent they can be used in decision making . Outcome The students will able to 1. Apply the concept of price determination and formuate the best pricing strategy 2. Understand the economic problems and the governments economic policies 3. Estimate the cost and revenue related to any project 4. Understand the role of market and the role of government Contents MEANING AND SCOPE OF ECONOMICS DEMAND AND SUPPLY ANALYSIS PRODUCTION FUNCTION AND COST FUNCTION MARKET STRUCTURE INTRODUCTION TO MACROECONOMICS

Unit - I Introduction, Basic economic problems, Production possibility curve, Difference between microeconomics and macroeconomics, Opportunity cost, Present discounted value Unit II Meaning, Types and determinants of demand, Law of demand, Elasticity of demand, Law of supply, Elasticity of supply, Market equilibrium, Total utility and Marginal utility, Indifference curve, Budget line and Consumer equilibrium, Demand forecasting- meaning and methods. Unit III Production and production function, Isoquants, Returns to scale and returns to factor, Economies of scale and scope, Cost function, Total cost, Average cost, Marginal cost, Short run cost function and Long run cost function Unit IV Perfect competition, Monopoly, Monopolistic competition, Oligopoly, Cournot model, Kinked demand curve, Pricing strategies and introduction to game theory and Nash equilibrium Unit V

Circular flow of income, Meaning and components of national income, Methods of measurement of national income, Fiscal policy- meaning and instruments, Monetary policy meaning and instruments, Balance of payment account, Business cycles meaning, types and theories. Text Book 1. D. N. Dwivedi Managerial Economics 7th edition Vikas Publishing House Reference Books 1. Salvatore and Srivastava Managerial Economics 7th edition Oxford University Press 2. Allen, Doherty, Mansfield, Weigelt Managerial economics: Theory, Application, Cases 7th edition Viva Books 3. Jaswinder Singh Managerial Economics Dreamtech Press 4. Lipsey and Chrystal Economics 12th edition Oxford University Press Mode of Evaluation Quiz/Assignment/Written Examination Version 1.0 Academic Council Approval date