Economics for Managers

The module aims to simplify complex economic concepts to enable the students to implement them in a business framework. Understanding concepts of economics is critical to business success. You will learn how businesses think about pricing and production and powerful ideas like complements and network effects that firms rely on to generate demand. This course also dives into the functioning of markets, the force of competition, and strategies for differentiation. In the process of exploring these ideas, you will learn how to develop the beginnings of a competitive strategy that will lead to a business thriving over time.

• Managerial Economics– Definition and Scope
• Steps in Decision Making
• Demand Forecasting, Methods of Forecasting Demand for Consumer Non Durable Goods
• Consumer Durables and Capital Goods
• Supply-Cost Analysis
• Cost-Volume, Profit Analysis, Calculation of Break – Even Point, Margin of Safety
• Uses of Break – Even Analysis for Decision Making
• Economic Systems
• Impact of Fiscal and Monetary Policies, Resource Allocation
• Market Structure – Different Types of Market
• Pricing – Pricing In Practice, Different Pricing Policies, Transfer Pricing