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Course Co-ordinated by IIT Bombay
Dr. Trupti Mishra
IIT Bombay


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Module 1:

The Fundamentals of Managerial Economics


  • Goals and Constraints
  • The Nature and Importance of Profits
  • Understanding Incentives
  • Economic rationality, Scarcity and opportunity cost
  • Marginal and Incremental Analysis
  • Basic Calculus: The Calculus of Optimization.

Module 2:

Theory of Demand


  • Demand and Supply
  • Market Equilibrium
  • Price Ceilings and Price Floors
  • Comparative Statics: Changes in Demand and Supply.
  • Price Elasticity of Demand
  • Price Elasticity, Total Revenue, and Marginal Revenue
  • Factors Affecting Price Elasticity
  • Cross Price Elasticity.
  • Income Elasticity of Demand
  • Other Elasticities ,Elasticities for Nonlinear Demand Functions.
  • Elasticity of Supply
  • Demand Forecasting
  • Choice and Utility Theory
  • Law of Diminishing marginal utility
  • Consumer Equilibrium
  • Indifference curve Analysis
  • Consumer Surplus
  • Price effect, Substitution Effect and Income Effect

Module 3:

Theory of Production and Cost


  • The Production Function             
  • Profit-Maximizing Input Usage.
  • Isoquants and Isocosts
  • Cost Minimization and Optimal Input Substitution.
  • The Cost Function
  • Breakeven analysis, Contribution analysis
  • Long-run Costs and Economies of Scale
  • Multiple Cost Functions and Economies of Scope.
  • Learning curve

Module 4:

Theory of Market and pricing


  • The Nature of Industry
  • Perfect Competition
  • Monopoly
  • Monopolistic Competition
  • Oligopoly
  • Game theory
  • Product pricing

  • Managerial Economics: Concept and Applications by Thomas and Maurice, 8th edition, McGraw- Hill.

  • Managerial economics - Christopher R Thomas, S Charles Maurice and Sumit Sarkar
  • Managerial economics - Geetika, Piyali Ghosh and Purba Roy Choudhury
  • Managerial economics- Paul G Keat, Philip K Y Young and Sreejata Banerjee
  • Micro Economics : ICFAI University Press
  • Managerial Economics; D N Dwivedi, 7th Edition

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