MANAGERIAL ECONOMICS

Managerial Economics uses concepts, models and analytical techniques of economics to study and analyze the operations of businesses and the type of problems managers face. It also provides important conceptual insights for gaining a better understanding of business environment and to make quality business decisions. Managerial economics is designed to develop the students’ ability to apply fundamental economic concepts to business decision and policy issues and problems.                                                                                                                                                                                                                                                                           Objectives:This course aims to familiarise students with the key microeconomic concepts and models necessary for understanding and dealing with the problems of management, to enable them to:

•  Approach managerial decision problems using economic reasoning.
• Present business practice topics using an analytical approach, using equations and numerical insight.
•  Carry out an appropriate microeconomic analysis of the actions of firms.
•  Use game theory to analyse firms’ behaviour in a competitive market.
•  Design coping strategies to compensate for the existence of uncertainty and risk.