Preface... iii Introduction... xxi Chapter 1: Managerial Economics: Meaning, Nature, Scope, and Importance... 1

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1 Table of Contents Preface... iii Introduction... xxi Chapter 1: Managerial Economics: Meaning, Nature, Scope, and Importance Introduction Meaning of Economics Nature of Economics Branches of Economics Concept of Managerial Economics Scope of Managerial Economics Importance of Managerial Economics Distinction between Economics and Managerial Economics Managerial Economics in Other Disciplines Role of a Managerial Economist Major Economic problems Decision Making Process Summary Key Terms Exercise... 9 Multiple Choice Questions... 9 Short Answer Type Questions Long Answer Type Questions Chapter 2: Business Objectives of Organizations Introduction Business Objectives Profit- A Prime Business Objective Types of Profit Theories of Profit Functions of Profit Issues in Measuring Profit Maximization of Profit Controversy over Profit Maximization Alternative Objectives of Business Organizations... 30

2 vi Table of Contents Baumal s Hypothesis of Sales Revenue Maximization Marris s Hypothesis of Maximization of Organization s Growth Rate Williamson s Hypothesis of Maximization of Managerial Utility Function Rothchild s Hypothesis of Long-run Survival and Market Share Goals Entry Prevention and Risk Avoidance Cyert-March Hypothesis of Satisficing Behavior Generating Reasonable Profit- A Practical Methodology Profit Planning and Control Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 3: Demand and Supply Analysis Introduction Concept of Demand Types of Demand Determinants of Demand Law of Demand Demand Schedule Demand Curve Demand Function Assumptions in Law of Demand Exception to Law of Demand Changes in Demand and Quantity Demanded Expansion and Contraction of Demand Increase and Decrease in Demand Concept of Supply Determinants of Supply Law of Supply Supply Schedule Supply Curve Supply Function Assumptions in Law of Supply Exception to Law of Supply Expansion and Contraction of Supply Increase and Decrease in Supply Market Equilibrium-Demand and Supply Equilibrium Determination of Market Price Shifts in Market Equilibrium Summary Key Terms Exercise... 66

3 Table of Contents vii Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Practical Questions Chapter 4: Utility Analysis of Consumer Demand Introduction Utility: A Basis of Consumer Demand Total Utility Marginal Utility Law of Diminishing Marginal Utility Limitations of Law of Diminishing Marginal Utility Exceptions to the Law of Diminishing Marginal Utility Measurement of Utility Cardinal Utility Concept Ordinal Utility Concept Concept of Consumer Behavior Analysis Consumer Behavior Analysis: Cardinal Utility Approach Consumer s Equilibrium through Utility Derivation of Individual Demand Consumer Behavior Analysis: Ordinal Utility Approach Meaning of Indifference Curve Marginal Rate of Substitution Properties of Indifference Curve Criticism of Indifference Curve Concept of Budget Line Slope of Budget Line Shifts in Budget Line Consumer s Equilibrium through Indifference Curve and Budget Line Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 5: Elasticity of Demand and Supply Introduction Elasticity of Demand Price Elasticity of Demand Types of Price Elasticity of Demand Perfectly Elastic Demand Perfectly Inelastic Demand Relatively Elastic Demand Relatively Inelastic Demand Unitary Elastic Demand

4 viii Table of Contents 5.5 Measurement of Price Elasticity Total Outlay Method Percentage or Proportional Method Point or Geometry Elasticity Method Arc Elasticity Method Factors Influencing Price Elasticity of Demand Practical Applications of Price Elasticity of Demand Income Elasticity of Demand Types of Income Elasticity of Demand Significance of Income Elasticity of Demand Distinguishing Income Elasticity and Income Sensitivity Cross Elasticity of Demand Measurement of Cross Elasticity of Demand Types of Cross Elasticity of Demand Significance of Cross Elasticity of Demand Advertisement Elasticity of Sales Interpretation of Advertisement Elasticity of Sales Factors Influencing Advertisement Elasticity of Sales Elasticity of Supply Types of Elasticity of Supply Methods of Measuring Elasticity of Supply Factors Determining Elasticity of Supply Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Practical Questions Chapter 6: Demand Forecasting Introduction Concept of Demand Forecasting Significance of Demand Forecasting Objectives of Demand Forecasting Factors Influencing Demand Forecasting Steps of Demand Forecasting Types of Data Collected for Demand Forecasting Methods of Primary Data Collection Methods of Secondary Data Collection Techniques of Demand Forecasting Survey Method Statistical Methods Limitations of Demand Forecasting Criteria for Efficient Demand Forecasting

5 Table of Contents ix 6.7 Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 7: Production Analysis Introduction Concept of Production Factors of Production Land Labor Capital Enterprise Production Possibility Curve Production Function Short-Run Production Function Law of Diminishing Returns Significance of Law of Diminishing Returns Optimal Employment of Labor Long-Run Production Function Isoquant Curve Marginal Rate of Technical Substitution Forms of Isoquants Elasticity of Factor Substitution Iso-cost Lines Producer s Equilibrium Determination of Producer s Equilibrium Expansion Path Returns to Scale Increasing Returns to Scale Constant Returns to Scale Diminishing Returns to Scale Different Types of Production Functions Cobb-Douglas Production Function Leontief Production Function CES Production Function Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions

6 x Table of Contents Chapter 8: Cost and Revenue Analysis Introduction Concept of Cost Kinds of Costs Accounting Cost Analytical Cost Different Types of Costs in the Short Run Different Types of Costs in the Long Run Long Run Total Cost Long Run Average Cost Long Run Marginal Cost Economies and Diseconomies of Scale Concept of Revenue Average Revenue Marginal Revenue Relationship between Total Revenue and Marginal Revenue Relationship between Average Revenue and Marginal Revenue Break-Even Analysis Margin of Safety Uses and Limitations of Break-Even Analysis Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 9: Market and Market Structures Introduction Concept of Market Classification of Market Types of Market Structures Purely Competitive Market Perfectly Competitive Market Imperfectly Competitive Market Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 10: Pricing and Output Decisions: Perfect Competition and Monopoly Introduction Price and Output Determination under Perfect Competition Demand under Perfect Competition

7 Table of Contents xi Supply under Perfect Competition Equilibrium under Perfect Competition Time Element under Perfect Competition Time Element under Perfect Competition Price Determination in Very Short Period Price Determination in Short Period Equilibrium in Long Run Price and Output Determination under Monopoly Demand and Revenue under Monopoly Monopoly Equilibrium Monopoly Equilibrium in Case of Zero Marginal Cost Short-Run and Long-Run View under Monopoly Price Discrimination under Monopoly Types of Price Discrimination Degrees of Price Discrimination Necessary Conditions for Price Discrimination Advantages and Disadvantages of Price Discrimination Price and Output Decisions in Discriminating Monopoly Dumping Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 11: Pricing and Output Decisions: Monopolistic Competition Introduction Price and Output Determination under Monopolistic Competition Demand and Marginal Revenue Curves under Monopolistic Competition Price-Output Equilibrium under Monopolistic Competition Equilibrium in Short Run Equilibrium in Long Run Product Adjustment Group Equilibrium Adjustments in Selling Costs Effect of Selling Costs on Demand Curve Selling Costs and Equilibrium Output Distinguishing between Monopolistic Competition and Perfect Competition Criticism of Monopolistic Competition Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions

8 xii Table of Contents Long Answer Type Questions Chapter 12: Pricing and Output Decisions: Oligopoly Introduction Indeterminate Price and Output in Oligopoly Oligopoly Models Sweezy s Kinked Demand Curve Model Collusion Model-The Cartel Price Leadership under Oligopoly Types of Price Leadership Price-Output Determination under Price Leadership Drawbacks of Price Leadership Duopoly Cournot's Duopoly Model Edgeworth Model Chamberlin Model Effects of Oligopoly Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 13: Game Theory Introduction Concept of Game Theory Assumptions of Game Theory Structure of a Game Pure and Mixed Strategies Dominant and Dominated Strategies Maximin Strategy Minimax Strategy Nash Equilibrium Prisoners Dilemma Types of Games Cooperative and Non-Cooperative Games Normal Form and Extensive Form Games Simultaneous Move Games and Sequential Move Games Constant Sum, Zero Sum, and Non-Zero Sum Games Symmetric and Asymmetric Games Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions

9 Table of Contents xiii Long Answer Type Questions Chapter 14: Pricing Strategies and Practices Introduction Concept of Product Pricing Price and Non-price Competition Factors affecting Pricing Decisions Pricing Decision Framework Pricing Methods Cost-based Pricing Demand-based Pricing Competition-based Pricing Other Pricing Methods Pricing Strategies Multiple Product Pricing Differential Pricing Promotional Pricing Product Line Pricing Psychological Pricing Product Life Cycle Based Pricing Pricing with Respect to Established Products Unethical Pricing Practices Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 15: Factor Pricing Introduction Concept of Factor Pricing Theories of Factor Pricing Marginal Productivity Theory Modern Theory of Factor Pricing Equilibrium of a Firm in Factor Market Equilibrium in Factor Market: Perfect Competition Equilibrium in Factor Market: Imperfect Competition Transfer Earnings Equity in Income Distribution Wages Nominal Wages vs. Real Wages Determinants of Real Wages Classical Theories of Wages Modern Theory of Wages Determination of Wages under Imperfect Competition

10 xiv Table of Contents Labor Exploitation Role of Trade Unions in Determining Wage Rates Wage Differentials Rent Ricardian Theory of Rent Modern View of Rent Quasi-Rent Interest Components of Gross Interest Theories of Interest Profit Innovation Theory of profit Uncertainty Bearing Theory Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 16: National Income Introduction Concept of National Income Gross National Product Gross Domestic Product Net Domestic Product Net National Product Personal Income Disposable Income Transfer Payments Numerical Illustrations I Measurement of National Income Value-added Method Income Method Final Expenditure Method Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Practical Questions Chapter 17: Theory of Employment Introduction Classical Theory of Employment

11 Table of Contents xv Assumption of Full Employment Flexibility of Price and Wages Say s Law Concept of Equality of Savings and Investment Criticism of Classical Theory Keynesian Theory of Employment Principle of Effective Demand Determination of Effective Demand Determination of Equilibrium Level of Employment Determinants of Income and Employment Propensity to Consume Inducement to Invest Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 18: National Income Determination Introduction Keynesian Theory of National Income Determination Determination of National Income in Two-Sector Economy Shifts in Aggregate Demand Schedule Determination of National Income in Three-Sector Economy Change in Government Expenditure and Government Expenditure Multiplier Change in Lump Sum Tax and the Tax Multiplier Balanced Budget Multiplier Proportional Income Tax and Balanced Budget Multiplier Determination of National Income in Four-Sector Economy Export Function Import Function Foreign Trade Multiplier with Tax Function Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 19: Role of Government in an Economy Introduction Requirement of Government Intervention in an Economy Role of Government in Different Economic Systems Capitalist Economy Socialist Economy

12 xvi Table of Contents Mixed Economy Role of Government in Economic Development Role of Government in Private Businesses Regulatory Measures Promotional Roles Fiscal Policy Monetary Policy Tools of Monetary Policy Limitations of Monetary Policy Economic Legislations Monopolies and Restrictive Trade Practices (MRTP) Act Industrial Relation and Disputes Act Foreign Exchange Regulation Act (FERA) Foreign Exchange Management Act (FEMA) Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 20: Money and Inflation Introduction Concept of Barter System Concept of Money Functions of Money Different Approaches of Money Types of Money Demand for Money Supply of Money Theories of Money Quantity Velocity Approach Cash Balances Approach/Cambridge Equation Income-Expenditure Approach Concept of Inflation Kinds of Inflation Theories of Inflation Causes of Inflation Methods for Measuring Inflation Measures of Inflation Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions

13 Table of Contents xvii Long Answer Type Questions Chapter 21: Business Cycles Introduction Concept of a Business Cycle Phases of a Business Cycle Expansion Peak Recession Trough Recovery Theories of Business Cycles Pure Monetary Theory Monetary Over-Investment Theory Schumpeter s Theory of Innovation Keynes Theory Samuelson s Model of Multiplier Accelerator Interaction Hicks s Theory Controlling Business Cycles Stabilization Policies Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 22: Banking Introduction Concept of a Bank Commercial Bank Functions of Commercial Banks Types of Credit Offered by Commercial Banks Credit Creation by Commercial Banks Central Bank Functions of Central Bank Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 23: Economic Growth and Tools of Economic Analysis Introduction Meaning of Economic Growth

14 xviii Table of Contents 23.3 Theories of Economic Growth Harrod-Domar Theory Neo-Classical Theory Concept of Economic Analysis Economic Variables Slope Optimization Techniques Linear Programming Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 24: International Economics Introduction Concept of International Economics Concept of Globalization Defining Globalization Forces of Globalization Brighter Side of Globalization Darker Side of Globalization Underdeveloped Nations: Reforms to Reap Benefits of Globalization Concept of International Trade Regulatory Framework of International Trade Instruments of International Trade Policy Classical Trade Theories Theory of Mercantilism Theory of Absolute Advantage Theory of Comparative Advantage Heckscher and Ohlin Theory Modern Theory of International Trade Porter s Diamond Theory of National Advantage Evaluation of International Trade Theories International Economic Institutions World Trade Organization International Monetary Fund United Nations Conference on Trade and Development Regional Economic Integration India s International Trade Policy EXIM Policy Evolution of International Monetary System Balance of Payments Foreign Direct Investment -India and the World Instruments of Payment Export Documentation

15 Table of Contents xix Export Procedures Direction and Quantum of India s Exports Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions Chapter 25: Capital Budgeting and Investment Decisions Introduction Concept of Capital Budgeting Pre-requisites of Capital Budgeting Sources of Funds Time Value of Money Future Value of Cash Flows Present Value of Cash Flows Cost of Capital Cost of Debt Capital Cost of Preference Capital Cost of Equity Capital Cost of Retained Earnings Weighted Average Cost of Capital Marginal Cost of Capital Determining Optimum Level of Capital Investment Decisions under Certainty Net Present Value Method Internal Rate of Return Method Payback Period Method Profitability Index Average Rate of Return Method Investment Decisions under Risk Sensitivity Analysis Scenario Analysis Decision Tree Analysis Break-Even Analysis Risk-Adjusted Discount Rate Method Certainty-Equivalent Analysis Summary Key Terms Exercise Multiple Choice Questions Short Answer Type Questions Long Answer Type Questions

16 xx Table of Contents Case Studies Case Study-1: Demand and Supply Analysis of ABC Pvt. Ltd Case Study-2: Russian Economy from 1990 to Case Study-3: Demand for XYZ Products Case Study-4: Employment of Factors of Production Case Study-5: Market Structure in Country DEF Case Study-6: China Overtakes Japan as the Second Largest Economy of the World Case Study-7: Finding Economies of Scale in Organic Vegetable Production Case Study-8: Disability, Economic Globalization, and Privatization: A Case Study of India Case Study-9: Economic Growth: India verses United States Case Study-10: Ford Foundation: Aims for Foreign Funding Appendix A Appendix B Appendix C Appendix D Appendix E Additional Questions Glossary Index What s on the CD-ROM

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