Managerial Economics Lecture Notes: Managerial economics is a subject that has gained popularity in recent years in B-schools and economic classes. The reason for this popularity is globalization, industry revolution 4.0, digitization, technological advancement, and many more reasons which are in trend. Students who aim to achieve success in the management field should have explicit knowledge of this chapter, and managerial economics lecture notes make this possible by giving a clear overview of the subject.
Managerial economics lecture notes help the students in their preparation and make them more confident. The Lecture Notes cover approximately every area that comes under the managerial economics subject. The managerial economics lecture notes ensure that the students understand this subject clearly, which will help the students build a strong base on this subject.
Managerial economics lecture notes inform the students about the curriculum followed in this subject and the type of questions they should expect in the exams. These notes also suggest some books intending to make the preparations of the student more efficient. A student with efficiency in his/her preparation can secure good marks.
- About Managerial Economics
- Managerial Economics Lecture Notes PDF
- Managerial Economics Reference Books
- Managerial Economics Curriculum
- Important Questions for Managerial Economics
- FAQs on Managerial Economics
- Conclusion
About Managerial Economics Lecture Notes
Managerial economics is considered as a branch of economics which are responsible for dealing with economic concepts, theories, tools, and methodologies that can help in solving the arising business issues in every company. Business decisions taken considering managerial economics affect the daily activities of the business and affect the long-term plans of the company.
The theory of managerial economics is based upon demand, production, cost, market, and several other factors. Managerial economics is considered as a combination of economics theory and managerial theory. Managers take the help of managerial economics theory for decision making and to tackle unwanted situations that arise in day-to-day operations of the business; thus, it acts as a link between practice and theory.
Sometimes it is referred to as business economics as its theories turn out to be a great help for managers. Managerial economics is the branch of economics that makes use of microeconomic analysis during the process of decision making.
Managerial economics lecture notes can be the best option for the students to learn more from this subject, which can be the key to success in their future.
Managerial Economics Lecture Notes PDF
A student who is facing difficulties in the managerial economics subject and is unable to understand the subject’s concept must download the managerial economics lecture notes PDF. This PDF can be a great help for the students as it explains every concept of managerial economics in a detailed manner. A detailed view of the subject will strengthen the student’s core knowledge and clear all his/her doubts.
Managerial economics lecture notes PDF has some important questions that are most likely to come in the exams, thus giving the students a preview of the pattern of questions they are going to face in the exams. This will make the student’s preparation more efficient, thus helping the students in scoring the highest possible marks.
Few important notes for managerial economics are:-
- Managerial economics question bank with answers PDF
- Managerial economics handwritten notes PDFs
- Managerial economics program question papers PDFs
- Managerial economics semester notes PDFs.
- Managerial economics PPT
Managerial Economics Reference Books
The best source to gain knowledge on a particular topic or subject is books. Books are capable of giving students a detailed view of different concepts that are in a particular subject. Students are able to understand every concept thoroughly and make their preparations efficient and productive with the help of books.
Books help students in building a strong core knowledge on a particular subject. Building a strong core knowledge is not possible if the students are referring to only one book; thus, they need to extract knowledge from a number of books available.
Managerial economics has a number of reference books that are available for the students. Let’s list out some of these books which are considered productive and efficient by some experts in this field:
- Managerial Economics by Craig Petersen and H.W Cris Lewis
- Theory and Problems of Micro Economic Theory by Dominick Salvatore
- Modern Economic Theory by Dewet K.K and McGraw Hill
- Managerial Economics Concepts and Cases by Mote V.L, Samuel Paul and G.S Gupta
- A Modern Micro Economics by A. Koutsoyiannis
- Managerial Economics by G. Geetika
- Managerial Economics by Tata McGraw-Hill
- Economic Theory and Socialism by Morris Dobb
- Managerial Economics by Yogesh Maheswari
There are also some non-fictional economic books that are capable of giving some knowledge of economic principles and theories. Some of them are:
- The Undercover Economist by Tim Harford
- Animal Spirits by Akerlof and Shiller
- Freakonomics by Stephen J. Dubner and Steven Levitt
- The Wealth of Nations by Adam Smith
- History of Economic Thought by Eric Roll
- Poor Economics by Abhijit Banerjee
Managerial Economics Curriculum
Students who are preparing for the managerial economics exam must have explicit knowledge of the curriculum of the subject. They must know the units that are there in the managerial economics syllabus. Every unit needs to be covered for ensuring the highest possible marks in the exams.
The managerial economics curriculum helps the students in their preparation. The students can prepare their study plan according to the curriculum provided. This will make their preparation more efficient.
The managerial economics curriculum is as follows:
| UNIT – I |
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| UNIT – II |
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| UNIT – III |
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| UNIT-IV |
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| UNIT – V |
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Important Question for Managerial Economics
Every exam follows a pattern on the basis of which the questions come. A candidate needs to understand that pattern so that he/she will not face any trouble during the exams. A candidate can get an idea of the pattern of the exams if he/she practice some of the important questions that are most likely to come in the exams. This will increase the student’s knowledge and will increase his/her confidence. This confidence will help the students to secure the highest possible marks in the exams.
The questions that are most likely to come in the exams are as follows:
- What is managerial economics?
- How can managerial economics help a manager?
- Discuss the basic concepts of managerial economics.
- Explain micro and macroeconomics.
- What are the differences between microeconomics and macroeconomics?
- State the law of demand
- What do you mean by perfect competition?
- What do you mean by demand forecasting?
- Explain the equilibrium of the firm and industry.
- What are the factors that influence managerial decisions?
- What are the ways to arrive at a business decision? What do you understand by the business environment?
- What are firms?
- Discuss the factors of production. Explain each in brief
- List the main techniques of demand estimation.
- Explain the significance of Foreign Exchange Rate Risk. And how can this risk be mitigated?
- What do you understand by the pricing of factors of production?
- Discuss the types of market economies.
- State the importance of microeconomics in the study of managerial economies.
- Explain the degree of price discrimination in brief
- Why does an indifference curve never meet?
- What do you understand by full employment GDP?
- State the importance of strategic management in the success of a business.
- Discuss the functions of the price mechanism in a free market economy.
- What do you understand by a social cost-benefit analysis?
- What do you mean by collateral management?
- Explain the macro-economic environment.
- What do you understand by Public-Private Partnership (PPPs)?
- What do you understand by Foreign Direct Investments (FDIs)?
- Explain Liberalization, Privatization, and Globalization.
- What is the business cycle? Discuss the different phases of the business cycle.
- What do you understand by monetary policy?
- What do you understand by the fiscal policy?
- Explain the monopoly and duopoly.
- State the national income concepts.
- What is monopolistic competition?
- Explain economic transition in India.
- Explain the macroeconomic indicators
- What do you understand by determinant of costs?
- What do you understand by cost forecasting?
Frequently Asked Questions on Managerial Economics Lecture Notes
Question 1.
What is microeconomics?
Answer – Microeconomics is a branch of economics and is responsible for studying the behavior of firms or individuals while making different decisions on regards to the collection of scarce resources. It also studies the interaction that happens among the individual and firms. Microeconomics aim is to analyze the existing market mechanisms which are responsible for establishing relative prices among goods and services. Microeconomics bring conditions where free markets can lead to desirable allocations. Microeconomics is also responsible for analyzing market failures to know the areas where the production is inefficient. Microeconomics studies a small part of the whole economy.
Question 2.
What is macroeconomics?
Answer – Macroeconomics is a branch of economics. It is responsible for studying the usage of interest rates, taxes, and government spendings for regulating the growth of the economy as well as its stability. Macroeconomics deals with the structure, behavior, performance, and decision-making of the economy as a whole. This branch of economics includes regional, national, and global economies as a whole. The topics that are studied under macroeconomics are GDP, employment, consumer price index, consumer confidence index, inflation, saving, investment, international trade, international finance, and the stock market. Macroeconomics is a much bigger term than microeconomics.
Question 3.
What is Demand? Discuss the factors influencing market demand.
Answer: Demand can be defined as the effective desire or want to acquire a particular product, which is backed by the ability and willingness to pay for it. The demand for a product refers to the amount of product bought per unit time at a particular price.
Factors influencing market demand are:
- Price of the product
- Income and wealth distribution
- Age structure and sex ratio of the population
- Tax structure by the government
- Policies imposed by the government
- Population growth
- Number of buyers present in the market
- Climate conditions
- Change in fashion
- Change in technology
Question 4.
What is the business cycle?
Answer: A business cycle is also known as a trade cycle and economic cycle. The business cycle is the series of stages that come in between the expansion and contraction of the economy. The business cycle is generally measured according to the rise and fall of gross domestic product (GDP). Nations having capitalistic economies experience every stage of the business cycle. The business cycle has four stages which are classified as expansion, peak, contraction, and trough. All capitalistic economies will experience such growth and declines, though not at the same time.
Conclusion
Managerial economics lecture notes are the key for the students to achieve success in the exams. These notes will help the students to get a detailed view of the subject and also in strengthening their core knowledge in this subject. All this will help students to achieve expertise in this subject and secure the highest possible marks in the exams. The questions included in these notes have the most chances to come in the exam, thus making the preparation easy for the students. Students, after completing these notes, will gain the required confidence that they require to achieve success in managerial economics subject.