The role of Managerial Economics has become all the more important today because of the increasingly competitive business world and the financial implications of many managerial decisions in such a scenario. This compact yet comprehensive book discusses the basic concepts and techniques of microeconomic analysis and their applications to managerial decision making with many useful and practical examples.
The text explains the basic concepts of the demand function and demand curve, the supply function and the supply curve, demand elasticities and their applications, techniques of demand estimation, and the theory of consumer behaviour. It also analyzes the theory of production, clarifies the nature of economic costs, and describes the profit maximizing tools of a business firm. Finally, the book describes standard pricing rules under different assumptions about the structure of the market in which the firm operates and examines certain pricing practices such as mark-up pricing and multiple products pricing.
KEY FEATURES :
Gives many Indian cases and Indian examples.
Provides data analysis of certain firms and industries in India with respect to sales or demand forecasting through statistical tools.
Gives multiple choice, analytical and applied questions at the end of each chapter.
Intended as a text for the postgraduate students of management, the book would be equally useful for the postgraduate students of Commerce and Economics. Besides, practising managers should find the book quite valuable.