Indias

Rajiv Gandhi

Indian Institute of Management, Shillong PGP: 2010-12 Term- I

Subject: Economics Name of the Paper: Microeconomics for Managers

Course Instructor: Prof Keya Sengupta

Credit: 1.00(one) Session:20(twenty) (90 minutes each)

Course Overview: A good command and grasp over the subject and the principles of microeconomics is imperative for tackling and taking business decisions in an effective manner. Taking correct decision in a complex and competitive business environment is a crucial strategy for the success of any business enterprise. A successful manager therefore needs to have a thorough knowledge of all the tools and techniques of micro economics so that he can take the business decisions with regards to finance, marketing, operations, human resource management in an effective manner. Decisions regarding the type and nature of goods to be produced and extent of operation of any business, the correct choices on the extent of investment to be made , and also the ways in which competition in the market is to be tackled can be undertaken only with the knowledge of the principles of microeconomics. It is with this aim in view that the present course is designed in a manner so that the students can attain the basic as well as theoretical knowledge of the subject and master the art of application of the same to business decisions. Objectives of the Course: To have a knowledge of the tools and techniques of business economics To understand the application of the tools and techniques of microeconomics for managerial decision making. Course Structure: Topics Microeconomics and Managerial Economics Analysis of Demand Elasticity of Demand and its relevance for business Behavior of Consumer Analysis of Production-I Analysis of Production-II Cost Estimation and its Analysis Transaction Costs and its Impact on Business Managerial Costs Sessions 1 2 3 4 5 6 7 8 9

Competitive markets and Firms Monopolistic Model Oligopolistic Markets and Business...