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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