MANAGERIAL ECONOMICS
Definition, scope and nature of Managerial Economics, Methods of economic study, Centralproblems of an economy. Market Structure – Meaning, Classification and characteristic of market.
Demand and supply: Meaning and determinants of demand, Law of demand and elasticity of demand: Price, income and cross elasticity, Theory of consumer’s behaviour: Marshallian approach and Indifference curve. Meaning and determinants of supply; Law of supply and elasticity of supply, relation between price and quantity supplied.
Theory of production and cost: Meaning and factors of production; Law of production: law of variable proportions and returns to scale, Concepts of costs: Short run and long run cost, Average and marginal costs, total, fixed and variable costs, Pricing practices and strategies, Price and output determination under: Various forms of markets; Perfect competition, Monopoly, Monopolistic competition and Oligopoly; Price determination in these markets. Price discrimination, transfer price, price war.
Concepts of National Income, Different methods of measuring national income, National Income in India, Growth of national income and per capita income in various plans. Expenditure methods, Agriculture, Industry and Services role in the development of the Indian Economy, their problems and growth. Indian Economy: Different aspects, Population, Poverty, Unemployment, And Infrastructure: Energy, communication, transportation, Health and Education. Inflation, Budget and Fiscal deficits.
Economic Reforms in India: Features of economic reforms since 1991, Privatization, Liberalization, Globalisation and Disinvestment. Meaning of Money and its functions, Banking: Reserve Bank of India: Role and functions, Monetary Policy in India. Functions and Role of Commercial Banks.