Rapid changes in technology, greater focus on innovation in products as well as processes that command influence over marketing and sales techniques have contributed to the escalating complexity in the business environment. Decisions pertinent to production and marketing of goods are shaped with a view of the world both inside as well as outside the economy. Today, no business decision is bereft of influences from areas other than the economy. Increasing complexity in the business world has spewed forth greater challenges for managers. The success or failure of a business is contingent upon the decisions taken by managers. Managerial Economics 3 1.1 Introduction Managerial decisions are an important cog in the working wheel of an organisation.2 Managerial Economics 1.2.3 Characteristics of Managerial Economics 1.2.4 Scope of Managerial Economics 1.2.5 Why Managers Need to Know Economics? 1.3 Techniques of Managerial Economics 1.4 Managerial Economics - Its application in Marginal Analysis and Optimisation 1.4.1 Application of Managerial Economics 1.4.2 Tools of Decision Science and Managerial Economics 1.5 Summary 1.6 Self Assessment Test 1.7 Further Reading.
Revision and Further Reading: It is a continuous process Content Map 1.1 Introduction 1.2 Concept of Managerial Economics 1.2.1 Meaning of Managerial Economics 1.2.2 Definitions of Managerial Economics Assignment: It will need 2 Hrs for completing an assignment 5. Self Assessment: It will need 3 Hrs for reading and understanding a unit 4. Journal of Economics Teaching.Ģnd Reading with understanding: It will need 4 Hrs for reading and understanding a unit 3. 3 Undergraduate Business Economics Student. 1st Reading: It will need 3 Hrs for reading a unit 2.Īn Exercise on Creating a. Explicate the application of managerial economics in marginal analysis and optimisation Time Required to Complete the unit 1.Explain the application of managerial economics in various aspects of decision making.
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