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IK Gujral Punjab Technical University

BBA Batch 2018 onwards

BBAGE 101-18 Managerial Economics- I

Objective:  The  objective  of  the  paper  is  to  acquaint  the  students  with  the  economic 

concepts and principles and to enable them to use them to address business problems in a 

globalized economic environment.

Unit-I

Introduction  to  Managerial  Economics:Managerial  Economics:  Meaning,  Nature, 

Scope & Relationship with other disciplines, Role of managerial economics in decision 

Making,  Opportunity  Cost  Principle,  Production  Possibility  Curve,  Incremental 

Concept,Scarcity Concept.

Demand  and  the  Firm:  Demand  and  its  Determination:  Demand  function; 

Determinants of  demand; Demand elasticity  –  Price, Income and cross elasticity. Use 

of elasticity for analyzing demand, Demand estimation, Demand  forecasting, Demand 

forecasting  of  new  product.  Indifference  Curve  Analysis:  Meaning,  Assumptions, 

Properties, Consumer Equilibrium, Importance of Indifference Analysis, Limitations of 

Indifference Theory

Unit-II

Production  Function  :  Production  function  Meaning,  Concept  of  productivity  and 

technology,  Short  Run  and  long  run  production  function  Isoquants;  Least  cost 

combination  of  inputs,  Producer’s  equilibrium;  Return  to  scale;  Estimation  of 

production function. 

Theory of Cost:  Cost Concepts and Determinants of cost, short run and long run cost 

theory, Modern Theory of Cost, Relationship between cost and production function

Unit-III

Revenue  Curve:  Concept  of  Revenue,  Different  Types  of  Revenues,  concept  and 

shapes  of  Total  Revenue,  Average  revenue  and  marginal  revenue,  Relationship 

between Total Revenue,  Average revenue and marginal revenue, Elasticity of Demand 

and Revenue relation  

IK Gujral Punjab Technical University

BBA Batch 2018 onwards

Market  Structure:  Market  Structure:  Meaning,  Assumptions  and  Equilibrium  of 

Perfect  Competition,  Monopoly,  Monopolistic  Competition,  Oligopoly:  Price  and 

output determination under collusive oligopoly, Price and output determination under 

 -collusive oligopoly, Price leadership model.

Unit-IV

Pricing:  Pricing  practices;  Commodity  Pricing:  Economics  of  advertisement  costs; 

Types of pricing practices

Factor Pricing: Demand and supply of factor of production; Collective bargaining,

Concept  of  rent,  profit,  interest-  Rate  of  return  and  interest  rates;  Real  vs.  Nominal 

interest rates. Basic capital theory–Interest rate and return on capital. Measurement of 

profit.