MBA7101 Managerial Economics

Managerial economics is designed to develop the students’ ability to apply fundamental economic concepts to business decision and policy issues and problems. It uses the microeconomic theory of the firm to integrate and link key concepts in economics, decision sciences, and the various functional areas of modern business operations such as finance, marketing, production, and human resource management. 

Course Objectives
The course will enable students to:

• Use game theory to analyse firms’ behaviour in a competitive market. 
• Learn how to design coping strategies to compensate for the existence of uncertainty and risk
• Evaluate managerial decision-making problems using economic reasoning.
• Learn how to present business practice topics using an analytical approach such as economic equations and numerical insight
• Carry out an appropriate microeconomic analysis of the actions of firms. 

Learning Outcomes
At the completion of this course, students should: 

• Design economic models for managing scarce economic resources
• Evaluate market process and the new managerial economic theories
• Describe the differences between Market Economy and Command Economy
• Evaluate the importance of Market equilibrium and disequilibria
• Develop and use economic models to manage decision-making processes