MANAGERIAL ECONOMICS

Managerial economics is a stream of management studies that emphasizes primarily solving business problems and decision-making by applying the theories and principles of microeconomics and macroeconomics. It is a specialized stream dealing with an organization's internal issues by using various economic theories.

In this course you will be learning about the concepts of managerial economics and its uses in practical life. Economics is the study of how people make decisions and how these decisions apply to real-world problems. Economics can help us understand income inequality within and across countries, the quality of the environment, unemployment, poverty, crime, health care, financial crises, technological change, inflation and many more issues. This course introduces the basic tools that economists use to explore these topics and will cover fundamental economic concepts like scarcity, supply and demand, costs and benefits, trade-offs, and incentives.

Demand Theory: Demand Theory emphasizes the behavior of the consumer towards a product or service. This takes into account the customers’ desires, expectations, preferences, and conditions to enhance the manufacturing process.

Managerial economics is commonly used to deal with various business problems within organizations. Both micro and macroeconomics have an equal effect on the organization and its working.

This course focuses on theories and applications of Entrepreneurship to identify opportunities and solve problems around the world. Students will learn contemporary methodologies used in startup companies and early stage organizations. Methodology of economic science; theory of consumer behavior; theory of the firm; market structure and price determination; factor markets and income distribution; general equilibrium analysis; market failure.