Objectives of Business Firms – Profit Maximization – Social Responsibilities – Demand Analysis – Law of Demand – Elasticity of Demand
Production Function – Factors of Production – Law of Diminishing Returns – Law of Variable Proportion – Economies of Scale – Cost and Revenue Curves – Break even Analysis.
Market Structure and Prices – Prices under Perfect Competiton – Pricing Under Monopoly – Price Discrimination – Pricing under Monopolistic Competition – Oligopoly.
Pricing under factors of production-Wages-Marginal Productivity Theory-Interest-Keyne’s Liquidity preference theory- Theories of profit – Dynamic theory of profit-Risk theory-Uncertainity Theory.
Government and Business – Performance of public enterprises in India – Price policy in Public Utilities- Government Measures to control Monopoly in India-MRTP Act.
Reference Book:
1. Sulthan chand & Sons Publications “Managerial Economics”by P.L.Mehta,9th Edition 2002 2.Sulthan chand & Sons Publications “Business Economics” by K.P.M.Sundharam,E.N.Sundharam 4th revised edition 1997
Text Book:
Managerial Economics - Economic Tool for Today’s Decision Makers:Paul G. Keat, Philip K.Y.Young and Sreejata Banerjee, Pearson Education, 6th Ed., 2013.