Introduction to Managerial Economics

INTRODUCTION TO MANAGERIAL ECONOMICS

PROF. V. R . KISHORE KUMAR,

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INDEX 

Introduction  Definition of Economics and Managerial Economics  Scope of Managerial Economics  Basic Economic Problems  The Firm  Role of a Managerial Economist  Decision making areas

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INTRODUCTION Emergence of managerial economics as a separate curse of  management manageme nt studies can be attributed to at least least three factors  b) Growing complexity of business decision making process due to changing market conditions and business bus iness environment c) The increasing use of economic logic, conceptual theories and tools of economic analysis in the process of business

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DFINITIONS OF ECONOMICS AND MANAGERIAL ECONOMICS ECONOMICS: Economics is a social science . Its basic function is to study how people – individual house holds, firms and nations maximizing their gains from their limited resources and opportunities. 

In economic terminology it is called as “maximizing  behaviour” or more approximately “optimizing  behaviour” .

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

Economics is thus a social science, which studies human behaviour in relation to optimizing allocation of available resources to achieve the given goals.

Eg : individual household behaviour, behaviour, firm, industry and nation Economics is also a study of choice-ma choice-making king behaviour 

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The origin of the subject could be traced from the works of the Greek philosopher Aristotle who confined the study of  economics to household management and acquiring, guarding and making proper use of wealth. The term economics is derived from two Greek Greek words “OIKOS”(a house) and “NEMEIN”(to manage).

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Definitions of Economics: Wealth DefinitionDe finition- Adam Smith, J.B.Say, J.S.Mill etc.(Classical definition)

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Managerial Economics Managerial economics can be broadly defined as the study of economic theories, logic and tools of economic analysis that are used in the

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Douglas : Managerial economics is concerned

with the application of economic principles and methodologies to the decision making process

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Mansfield : He defines that managerial economics is

concerned with the application of economic concepts and economic tools to the problems of  formulating rational decision making.

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Economic Theory and Managerial Theory Managerial Theory

Economic Theory

1.

It deals with the body principles

1.

It deals with the application of certain   principles to solve the problem of a

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Scope of Managerial Economics

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The scope of M.E. comprises all the

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Micro-economics Micro-ec onomics applied to internal issues :

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ØHow to decide on new investments

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ØProfit analysis and management

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INVESTMENT DECISION Business firms invest large money in their   projects. Therefore, capital expenditure for  different project proposals compete within themselves for their claim on scarce resources. Generally , in business sector itself, individual firms compete against access to financial

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The investment decisions are important as v Not easily reversible vGenerally involves large sums of money vHighly futuristic and future is full of uncertainty vLong gestation periods

Thus, careful financial appraisal of each project involves larger investments. Due to above reasons, capital decisions fall in the category of investment and

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STEPS IN DECISION MAKING Managerial economics is concerned with decision making at the level level of firm. These decisions have far  far  reaching effects effects on the firm. Delay in taking decisions or implementing decisions might turn in to losses. Various steps in the decision making by a business firm

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REFERENCES 3. MANAGERIAL ECONOMICS -D.N.DWIVEDI 2. BUSINESS ECONOMICS -D.D. CHATURVEDI S.L. GUPTA SUMITR SUM ITRA A PAUL PAUL 11. MICRO ECONOMICS --

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THANK YOU