Managerial Economics: Home
Managerial Economics is a key branch of economics at graduate level. This is basically applied microeconomics though it uses macroeconomic variables also. The subject matter deals with the economic theory and its application in business management. The course provides a unifying theme of managerial decision making around the theory of the firm. It examines the process whereby a firm can reach optimal managerial decisions in the face of constraints in today’s dynamic market. It covers a variety of topics such as demand Analysis, Estimation and forecasting, market structure, production and cost analysis, pricing practices, economic optimization and risk analysis. A strong grasp of the principles that govern the behavior of economic agents (firms, individuals and government) is a vital managerial talent.
The course provides practical guidelines to students to analyze in depth the managerial decisions in the market. It enables students to comprehend the complexity, risk element, and key success in business.
A sound background of mathematical and statistical tools makes the understanding of the subject matter more interesting and easier.
After completing this course participants must be able to:
- Understand the key role of managers in decision making
- Analyze firm’s decision making process
- Examine how a firm achieves its aims and objectives most efficiently
- Understand functioning of different markets
- Meet the challenges of the risky businesses
- Formulate price strategies in different markets
- Become confident in making managerial decisions