Managerial Economics

IIT Bombay Course , Prof. Trupti Mishra

Lecture 1: L1-Introduction to Managerial Economics

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Lecture Details :

Managerial Economics I by Prof. Dr. Trupti Mishra, Department of Management, IIT Bombay. For more details on NPTEL visit

Course Description :

The Fundamentals of Managerial Economics : Goals and Constraints - The Nature and Importance of Profits - Understanding Incentives - Economic rationality, Scarcity and opportunity cost - Marginal and Incremental Analysis
Basic Calculus: The Calculus of Optimization.

Theory of Demand : Demand and Supply - Market Equilibrium - Price Ceilings and Price Floors
Comparative Statics: Changes in Demand and Supply - Price Elasticity of Demand - Price Elasticity, Total Revenue, and Marginal Revenue - Factors Affecting Price Elasticity - Cross Price Elasticity - Income Elasticity of Demand - Other Elasticities ,Elasticities for Nonlinear Demand Functions - Elasticity of Supply - Demand Forecasting - Choice and Utility Theory - Law of Diminishing marginal utility - Consumer Equilibrium - Indifference curve Analysis - Consumer Surplus - Price effect, Substitution Effect and Income Effect

Theory of Production and Cost : The Production Function - Profit-Maximizing Input Usage - Isoquants and Isocosts - Cost Minimization and Optimal Input Substitution - The Cost Function - Breakeven analysis, Contribution analysis - Long-run Costs and Economies of Scale - Multiple Cost Functions and Economies of Scope. - Learning curve
Theory of Market and pricing : The Nature of Industry - Perfect Competition - Monopoly - Monopolistic Competition - Oligopoly - Game theory - Product pricing

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