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Introduction to Managerial Economics

By Subhashish Gupta   |   Indian Institute of Management Bangalore
Learners enrolled: 4486
A successful manager makes good decisions. To make good decisions, you need to understand the market forces that impact your business and personal life. This is true for managers in large multinationals or small businesses, in non-profit organizations or in the government. Individuals and households also make decisions. They decide on what to learn, where to work, how much to save, where to invest, and what goods to buy, among others. Most modern societies depend on markets to organize economic activity: they are market economies. Many decisions you make as individuals or as managers relate to markets. So, it is important for you to know how markets work and how to make good decisions as a manager or as an individual operating in a market environment. This is what this course will teach you.
Most business schools have a course on Managerial Economics as part of the MBA curriculum. Exposure to Economics is essential for all students of management. This course will provide a simple introduction to Managerial Economics and use minimum mathematics.

What you will learn:

How markets work; supply, demand, and market equilibrium
Elasticity of supply and demand, taxes, and subsidies
Production of goods and services, measures of productivity
Making decisions for hiring and spending on infrastructure
Opportunity costs, different cost concepts, planning for the future
Pricing and selling decisions with different types of competitive pressures
Problems with markets and what we can do about it

Summary
Course Status : Completed
Course Type : Core
Duration : 6 weeks
Start Date : 15 May 2020
End Date : 14 Dec 2020
Exam Date : 26 Mar 2021 IST
Enrollment Ends : 14 Oct 2020
Category :
  • Management Studies
Credit Points : 2
Level : Postgraduate

Page Visits



Course layout

Week 1: How Markets Work?

What is Economics  
Microeconomics and Macroeconomics 
Why should students of Business learn Microeconomics  
Market Economies 
Production Possibility Frontier 
The Demand Curve  
Factors that Affect Demand  
The Supply Curve
Factors that affect Supply  

Week 2: Demand, Supply and Equilibrium 

The Equilibrium
Divergence from the Equilibrium Price
Effects of changes in business environment on the equilibrium
Price Elasticity of Demand and Supply 
Income Elasticity and Cross Price Elasticity 

Week 3: Production and Cost 

The Production Function
Behaviour of Average and Marginal Products 
Law of Diminishing Returns  
Productivity in the Long Run 
Scale and Scope of Production
Costs of Different types
Behaviour of average and marginal costs  
Relationship between costs and productivity  
Costs in the long run

Week 4: Markets - Part 1 

Markets of Different types 
Perfectly Competitive Market  
Profits in a perfectly competitive Market 
Perfect competition in the long run  
Monopoly  
Profits in a monopolistic market  
Sources of Monopoly Power 
The Multi-product firms
Monopolistic Competition 

Week 5: Markets - Part 2

Oligopoly 
Different Models of Oligopoly  
Why do markets Fail  
Game Theory: a strategic understanding


Books and references

Managerial Economics by Ivan Png.

Instructor bio

Subhashish Gupta

Indian Institute of Management Bangalore
Subhashish Gupta is a Professor at the Indian Institute of Management Bangalore. He has been teaching Managerial Economics to MBA students and in Executive Education programs for more than 15 years. His research interests are in microeconomics and industrial organization theory, particularly in the fields of telecommunications, antitrust economics, economics of organizations and marketing.

Course certificate

Type of exam: Computer based exam 

You will have to appear at the allotted exam centre and produce your Hall ticket and Government Photo Identification Card (Example: Driving License, Passport, PAN card, Voter ID, Aadhaar-ID with your Name, date of birth, photograph and signature) for verification and take the exam in person. You can find the final allotted exam centre details in the hall ticket.

The questions will be on the computer and the answers will have to be entered on the computer; type of questions may include multiple choice questions, fill in the blanks etc.

FINAL CERTIFICATE:

Weightage: 25% weigtage for weekly assignment + 75% weigtage for final exam.

Passing Marks: You will be Eligible for Certificate Only if you score minimum 40% Weekly Assessment and min 40% in Final Exam. If you score less than 40% in either weekly assessments (avg) or in final exam, you will not receive the certificate.

The final score will determine if you will/will not receive a certificate.
1. Final score < 40%: NO certificate.
2. Final score between 40% -49.99%: Grade D.
3. Final score between 50% -59.99%: Grade C.
4. Final score between 60% -84.99%: Grade B
5. Final score of 85% and above: Grade A


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