Lovely Professional University, Punjab

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1 Lovely Professional University, Punjab Course Code Course Title Course Planner Lectures Tutorials Practicals Credits ECO515 MANAGERIAL ECONOMICS 18092::Makhmoor Bashir Course Category Courses with numerical and conceptual focus TextBooks Sr No Title Author Edition Year Publisher Name T-1 PRINCIPLES OF ECONOMICS DEVIGA VENGEDASALAM, KARUNAGARAN MADHAVAN Reference Books 3rd 2013 OXFORD UNIVERSITY PRESS Sr No Title Author Edition Year Publisher Name R-1 MANAGERIAL ECONOMICS GEETIKA, GHOSH PIYALI, PURBA ROY CHOUDHURY R-2 MANAGERIAL ECONOMICS DOMINICK SALVATORE, RAVIKESH SRIVASTAVA 2nd 2010 TATA MCGRAW HILL 7th 2012 OXFORD HIGHER EDUCATION R-3 ADVANCED ECONOMIC THEORY H.L. AHUJA 17th 2011 S. CHAND R-4 MACROECONOMICS THEORY AND POLICY R-5 MANAGERIAL ECONOMICS CHRISTOPHER R THOMAS,S CHARLES MAURICE,SUMIT SARKAR Other Reading D.N. DWIVEDI 8th 2013 TATA MCGRAW - HILL EDUCATION 9th 2011 TATA MCGRAW - HILL EDUCATION Sr No Journals articles as Compulsary reading (specific articles, complete reference) OR-1 Market structures, Managerial Economics 6th edition by W.W. Norton &Co,chapter 2 (Available in course file), OR-2 Five rules for pricing excellence by Patrick Lefler.(Available in course file),, OR-3 Demand, supply and market equilibrium, chapter 3 by Prenhall Publications.(Available in course file),, OR-4 Social Cost-Benefit analysis in a nutshell by Rufus Pollock Emmanuel College, University of cambridge.(available in course file),, OR-5 Strength of preference and cardinal utility by Veronika Kobberling, Economic Theory 2006.(Available in course file),, OR-6 On ordinal utility, cardinal utility and random utility, Theory and Decision, 2007.(Available in course file),, OR-7 How Modern Economics Is Built On 'The World's Dumbest Idea (Available on course file),

2 OR-8 When Will 'The World's Dumbest Idea' Die? forbes May OR-9 World coffee production may rise marginally to million bags this year PTI Mar 2, 2014 (Available on course file), OR-10 CBS News said to be considering launch of a digital news platform October 29, 2013 (Available on course file), OR-11 Is Samsung loosing at economies of scale Feb 2013 (Available on course file), OR-12 What is perfect about perfect competition jan 2011( Available on course file), OR-13 High fiscal deficit exposing India to shocks: Moody's jun 2014 (Available on course file ), LTP week distribution: (LTP Weeks) Weeks before MTE 8 Weeks After MTE 7 Spill Over 4 Detailed Plan For Lectures Week Number Lecture Number Broad Topic(Sub Topic) Chapters/Sections of Text/reference books Other Readings, Relevant Websites, Audio Visual Aids, software and Virtual Labs Lecture Description Learning Outcomes Pedagogical Tool Demonstration/ Case Study / Images / animation / ppt etc. Planned Live Examples Week 1 Lecture 1 Managerial Economics(Concept) T-1:1 R-1:1 R-2:1 R-5:1 managerial economics get basic introduction into managerial economics Discussion using examples Nature and Scope of Managerial Economics (Concept) T-1:1 Brief Introduction about managerial economics understand the need to study managerial economics. Lecture 2 Nature and Scope of Managerial Economics (Nature) Nature of managerial economics, its scope and managerial appilication get to know how managerial economics helps in business decision making Slideshow, Nature and Scope of Managerial Economics (Scope) Nature of managerial economics, its scope and managerial appilication get to know how managerial economics helps in business decision making Slideshow,

3 Week 1 Lecture 2 Nature and Scope of Managerial Economics (Application of managerial economics) Nature of managerial economics, its scope and managerial appilication get to know how managerial economics helps in business decision making Slideshow, Managerial Economics(Scope) T-1:1 R-1:1 R-2:1 R-3:1 R-5:1 OR-7 Differences between microeconomics and macroeconomics, positive vs normative analysis and applications of managerial economics understand the nature and applications of managerial economics Slideshow, Discussion on caselet: The right R for doctors. Page no.5 in managerial economics by salvatore, sumit and charles Lecture 3 Demand and Supply (Definition of demand) T-1:2 R-1:2 R-2:2 R-3:2 R-5:2 OR-3 Concept of demand and the Law of demand Law of demand and its graphical representation caselets Discussion on caselet: Did globalization kill US manufacturing. Page no. 64 managerial economics ninth edition by Dominick salvatore, sumit and charles Week 2 Lecture 4 Demand and Supply(Change in quantity demanded vs. changes in demand) T-1:2 R-1:2 R-2:2 R-3:2 R-5:2 Determinants of demand, change in quantity demanded vs change in demand Understanding the difference between movement along the demand curve and shifts in the demand curve. White board, Gillette introduces Space Technology Global Razors from Managerial Economics by Dominick Salvatore, 7th Edition p.120 Lecture 5 Demand and Supply (Determinants of supply) T-1:2 R-1:2 R-2:2 R-3:2 R-4:2 R-5:2 Concept of supply, law of supply, determinants, change in quantity supplied vs change in supply Understanding the determinants of supply and movements in supply curve Demand and Supply(Change in quantity supplied vs.change in supply) T-1:2 R-1:2 R-2:2 R-3:2 R-5:2 Change in quantity supplied vs change in supply Understanding the difference between change in quantity vs quantity supplied

4 Week 2 Lecture 5 Demand and Supply (Definition of supply) T-1:2 R-1:2 R-2:2 R-3:2 R-4:2 R-5:2 Concept of supply, law of supply, determinants, change in quantity supplied vs change in supply Law of supply and its graphical representation Lecture 6 Demand and Supply(Price elasticity) T-1:2 R-1:5 R-2:3 get an elasticity, price elasticity overview how elasticity is used in pricing of products and services Discussion, slideshow Week 3 Lecture 7 Demand and Supply(Income elasticity) T-1:2 R-1:5 R-2:2 R-5:3 income elasticity understand the difference between inferior and normal goods Discussions, slideshow Demand and Supply(Cross elasticity) T-1:7 R-1:5 R-2:3 R-5:3 cross elasticity understand the difference between complementary and substitute goods Discussions, slideshow Lecture 8 Market Equilibrium(Change in equilibrium price & output) T-1:3 R-1:2 R-2:2 R-3:2 R-5:2 Market equilibrium Understanding determination of market equilibrium and the various shifts in it caused by demand and supply forces whiteboard Lecture 9 Market Equilibrium(Ceiling & floor prices) Cieling and floor prices Student will understand the concept of ceiling and floor prices in the real economy Behaviour(Definition) R-3:5 R-5:4 OR-5 Definition of consumer behavior and Utility approaches get insights into consumer behavior and utility Discussion, slideshow Behaviour(Utility approach) R-5:5 Definition of consumer behavior and Utility approaches get insights into consumer behavior and utility Discussion, slideshow

5 Week 4 Lecture 10 Behaviour(Cardinal approach) R-3:5 R-4:5 Cardinal utility and its various assumptions understand cardinal approach of utility examples Lecture 11 Behaviour(Law of diminishing marginal utility) R-3:4 R-5:5 marginal utility and law of diminishing marginal utility Application of diminishing marginal utility in economic decision making examples Lecture 12 Behaviour(Relationship between TU & MU) R-3:4 R-5:5 Relationship between TU and MU understand the how with the rise in TU MU falls consistently white board, examples Week 5 Lecture 13 Behaviour(Law of equimarginal utility) R-3:4 R-5:5 Equi- Marginal utiltiy Understanding equimarginal utility and derivation of demand curve from equimarginal utiltiy white board, examples Lecture 14 Behaviour(Indifferences curves) R-3:4 R-5:5 ordinal utility analysis and indifference curves, properties of indifference curves Understanding concept and applications of indifference curves in decision making Slideshow, Discussions Discussion of caselet-to Fly Fast or Far: Tradeoffs in the Market from agerial Economics: Concepts and Applications by Christopher Thomas, 9th Edition p.161 Lecture 15 Quiz,Test,Presentation and Write Up2 Week 6 Lecture 16 Behaviour(Budget line) R-3:4 R-5:5 budget line, shifts in budget line understand the relevance of budget line and its shifts in plotting consumer equilibrium examples Behaviour(Income effect) L16 Income and substitution effects. L17 can be used as a contingency lecture understanding of income, substitution and price effects Stepwise whiteboard

6 Week 6 Lecture 16 Behaviour(Price effect & substitution effect) Income and substitution effects understanding of income, substitution and price effects Stepwise whiteboard Lecture 17 Behaviour(Price effect & substitution effect) Income and substitution effects understanding of income, substitution and price effects Stepwise whiteboard Theory of Production (Definition of production) T-1:5 R-1:7 R-2:7 R-3:6 R-5:8 production, Factors of production understand the various factors involved in production PPT, whiteboard Behaviour(Income effect) L16 Income and substitution effects. L17 can be used as a contingency lecture understanding of income, substitution and price effects Stepwise whiteboard Lecture 18 Theory of Production (Production functions) T-1:5 R-1:7 R-2:7 R-3:7 R-5:8 OR-9 Production function and basic concepts Calculation and understanding of Total Product, Average Product and Marginal Product PPT, whiteboard, caselets Week 7 Lecture 19 Theory of Production(Law of diminishing marginal returns) T-1:5 R-1:7 R-2:7 R-3:7 R-5:8 Law of variable proportions and its application Understanding the application of law of variable proportions in agriculture whiteboard Lecture 20 Theory of Production (Isoquant analysis and isoquant Curves) T-1:5 R-1:7 R-2:7 R-3:7 Isoquants and their properties be able to understand the various properties of isoquants Lecture 21 Cost of Production(Cost concepts) T-1:6 R-1:7 R-2:7 R-3:7 R-5:9 costs and its types understand the various types of costs related in business Week 8 Lecture 22 Cost of Production(Costs in short run) T-1:6 R-1:7 R-2:7 R-3:7 R-5:9 various short run costs Students should be able to categories and identify costs. discussion

7 Week 8 Lecture 23 Theory of Production (Marginal rate of technical substitution) Lecture 24 Cost of Production(Cost curves in long run) Cost of Production (Economies & diseconomies of scale) Theory of Production(Long run production function) Week 9 Lecture 25 Theory of Production(Long run production function) Lecture 27 Cost of Production(The cost of minimizing technique) Week 9 Lecture 25 Market Structures(Perfect competition and monopoly) T-1:6 R-1:8 R-2:8 R-3:8 R-5:9 T-1:6 R-1:8 R-2:8 R-3:8 R-5:9 T-1:7 R-1:9 R-2:9 R-3:9 R-5:11 OR-11 MRTS Concept of returns to scale. Shape of long run average cost and short run average cost curves economies and diseconomies of scale producer equilibrium and expansion path producer equilibrium and expansion path various costs which business has in short run MID-TERM perfect competition and monopoly understand why MRTS declines along the isoquant Discussions Student will understand Returns to examples Scale by using isoquant map. Derivation of Long Run Average Cost curve and revenue curves understand the internal and external economies of scale and also the reasons why LAC curve is U shaped. Further briefly concept of economies of scope should be introduced Student will understand how the long run average cost curve is derived and shaped. Student will understand how the long run average cost curve is derived and shaped. Students should be able to categories and identify costs. examples discussion Students should be able to understand the eamples difference between perfect competition and monopoly Discussion on economies of scale and scope in Banking Page no.331 in managerial economics by christopher, charles and sumit sarkar Lecture 26 Market Structures(Price and output determination) T-1:7 R-1:9 R-2:9 R-3:9 R-5:11 OR-1 Pricing and output determination under perfect competition and monopoly Student will understand profit maximization,loss minimization, shut down decision whiteboard,

8 Week 9 Lecture 27 Market Structures(Price discrimination) T-1:7 R-1:10 R-2:10 R-3:10 R-4:9 R-5:12 L27 Degrees of price discrimination L28 Dumping and its prevalence in the real world L27 Understanding degrees of price discrimination. L28 Understanding dumping in the real world. Covering contingencies and further clarifying concepts related to market structures. PPT Week 10 Lecture 28 Market Structures(Price discrimination) T-1:7 R-1:10 R-2:10 R-3:10 R-4:9 R-5:12 L27 Degrees of price discrimination L28 Dumping and its prevalence in the real world L27 Understanding degrees of price discrimination. L28 Understanding dumping in the real world. Covering contingencies and further clarifying concepts related to market structures. PPT Lecture 29 Monopolistic Competition & Oligopoly(Introduction) T-1:8 R-1:11 R-2:11 R-3:11 R-5:12 monopolistic competition Understanding relevance of monopolistic competition in the real world. PPT, whiteboard Lecture 30 Monopolistic Competition & Oligopoly(Monopolistic competition) T-1:8 R-1:10 R-2:10 R-3:10 R-5:12 the demand curve of monopolistic competition Students should be able to know the basic characteristics of monopolistic competition Week 11 Lecture 31 Monopolistic Competition & Oligopoly(Price & output determination) T-1:8 R-1:11 R-2:11 R-3:11 R-5:12 Determination of long run equilibrium under monopolistic competition Understanding the difference between long run equilibrium under monopolistic competition and perfect competition PPT, whiteboard Lecture 32 Monopolistic Competition & Oligopoly( oligopoly) T-1:8 R-1:12 R-2:12 R-3:12 R-5:13 Features of oligopoly Crucial distinction PPT, whiteboard between monopolistic competition and oligopoly Lecture 33 Measuring National Income (Meaning and Concepts) T-1:11 R-1:16 R-4:1 GDP, GNP, NNP, Per capita Income Student will understand national income concepts like GDP, GNP, NNP etc PPT, whiteboard

9 Week 12 Lecture 34 Measuring National Income (Circular flow of national income) Lecture 35 Lecture 36 Measuring National Income (Methods of measuring national Income) Week 13 Lecture 37 Measuring National Income (Three Sector model) Lecture 38 Lecture 39 Market Structures (Comparison between monopoly and perfect competition) Measuring National Income (Four sector model) Measuring National Income (Difficulties in measuring national income) Week 14 Lecture 40 Measuring National Income (Difficulties in measuring national income) Lecture 41 Macroeconomic Environment(Inflation) T-1:12 R-1:16 R-4:3 T-1:11 R-1:16 R-4:4 T-1:12 R-1:16 R-4:3 T-1:12 R-1:16 R-4:3 T-1:12 R-1:16 R-4:4 T-1:12 R-1:16 R-4:4 T-1:14 R-1:17 R-4:23 circular flow of money Output method, income method and expenditure method Quiz,Test,Presentation and Write Up3 circular flow of money Differences between perfect competition and monopoly four sector model L39 Difficulties in calculating national income. L40 Usefulness of national income data. L39 Difficulties in calculating national income. L40 Usefulness of national income data. inflation be able to understand how money is circulated in an economy Understanding measuring national income through GDP and aggregation of total income in an economy be able to understand how money is circulated in an economy Students should be able to differentiate graphically between the two market structures. be able to understand how money is circulated in four sector model of a economy L39 students will be able to understand why calculating national income is cumbersome process. L40 Understanding the need of calculating national income. L39 students will be able to understand why calculating national income is cumbersome process. L40 Understanding the need of calculating national income. be able to understand why inflation is not good for economy PPT, white board Slideshow, problem solving PPT, white board board PPT, white board PPT, Discussions PPT, Discussions PPT,

10 Week 14 Lecture 42 Macroeconomic Environment (Unemployment) T-1:14 R-1:17 R-4:23 Unemployment, its reasons and the remedies get insights into unemployment in india and its ill effects on indian economy Discussions, slideshow Week 15 Lecture 43 Macroeconomic Environment(Interplay of monetary policy and fiscal policy) T-1:14 R-1:17 R-4:29 OR-13 L43 monetary policy and its instruments. L44 Fiscal policy and its components. L45 Role of central bank L43 Slideshow, understand the various components of monetary policy. L44 understand how govt increases or decreases the supply of money in an economy. L45 students will understand how central bank regulates the flow of money in an economy Lecture 44 Macroeconomic Environment(Interplay of monetary policy and fiscal policy) T-1:14 R-1:17 R-4:29 OR-13 L43 monetary policy and its instruments. L44 Fiscal policy and its components. L45 Role of central bank L43 Slideshow, understand the various components of monetary policy. L44 understand how govt increases or decreases the supply of money in an economy. L45 students will understand how central bank regulates the flow of money in an economy Monopolistic Competition & Oligopoly(Sweezy model) sweezy model be able to understand the reason of price stickiness under oligopoly board Lecture 45 Monopolistic Competition & Oligopoly(Sweezy model) sweezy model be able to understand the reason of price stickiness under oligopoly board

11 Week 15 Lecture 45 Macroeconomic Environment(Interplay of monetary policy and fiscal policy) Week 16 Lecture 46 Monopolistic Competition & Oligopoly( cartels) Week 20 Lecture 59 Macroeconomic Environment(Role of central bank) Lecture 60 Macroeconomic Environment(Role of central bank) T-1:14 R-1:17 R-4:29 OR-13 L43 monetary policy and its instruments. L44 Fiscal policy and its components. L45 Role of central bank Cartels and collusions the role of central bank the role of central bank SPILL OVER Week 21 Lecture 61 Spill Over Lecture 62 Lecture 63 Spill Over Spill Over Week 22 Lecture 64 Spill Over L43 Slideshow, understand the various components of monetary policy. L44 understand how govt increases or decreases the supply of money in an economy. L45 students will understand how central bank regulates the flow of money in an economy be able to understand the reason behind the formation of cartels be able to understand how central bank of a country regulates the amount of money in an economy be able to understand how central bank of a country regulates the amount of money in an economy Discussions, PPT PPT, Discussions PPT, Discussions Scheme for CA: Component Frequency Out Of Each Marks Total Marks Quiz,Test,Presentation and Write Up Total : Details of Academic Task(s)

12 AT No. Objective Topic of the Academic Task Nature of Academic Task (group/individuals/field work Presentation and Write Up1 Test1 Quiz1 To encourage students to think analytically and correlate economic concepts with real life issues Each group of students will be allotted a unique case study on managerial economics. Each group is mandatorily required to submit a short written report on the case. This will be followed by a group presentation on the case involving mandatory participation by all students. To encourage A mix of analytical and conceptual questions from Unit 1 and students to Unit 2 understand economic concepts and apply them in attempting analytical questions.this will help to prepare students for the mid term examination To refresh the learning experience of students through the semester by testing the preciseness of their understanding and knowledge 25 multiple choice questions will be asked from unit 1 to unit 5.The split of syllabus will be 30% before the mid term and 70% after the mid term. Group Written report (submitted individually by each student before the presentation)-10 marks. Group presentation comprising 25 marks divided into: presentation and overview-10 marks Individual 6 questions of 5-10 marks each thus comprising a total of 45 marks. Individual 25 questions of 2 mark or 5 marks each comprising a total of 45 marks. Evaluation Mode Allottment / submission Week 5 / 12 5 / 5 12 / 12 Plan for Tutorial: (Please do not use these time slots for syllabus coverage) Tutorial No. Lecture Topic Type of pedagogical tool(s) planned (case analysis,problem solving test,role play,business game etc) Tutorial1 Demand analysis Case Analysis Tutorial2 Numericals on elasticity of demand Problem Solving Tutorial3 Indifference curves Case Analysis Tutorial4 Numericals on short run production and short run cost Problem Solving Tutorial5 Numericals on short run production and long run cost Problem Solving Tutorial6 Presentations on case studies allotted to students for AT 2. Case Analysis

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14 Tutorial7 Presentations on case studies allotted to students for AT 2. Case Analysis Tutorial8 Presentations on case studies allotted to students for AT 2. Case Analysis After Mid-Term Tutorial9 Presentations on case studies allotted to students for AT 2. Case Analysis Tutorial10 Presentations on case studies allotted to students for AT 2. Case Analysis Tutorial11 Presentations on case studies allotted to students for AT 2. Case Analysis Tutorial12 Presentations on case studies allotted to students for AT 2. Case Analysis Tutorial13 Perfect competition Case Analysis Tutorial14 Numerical problems on national income accounting Problem Solving Tutorial15 Revision and doubt clearing Resolving doubts on numerical problems and graphical illustration of concep

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