.............................................................. 1 AIMS ....................................................................................................................................................... 2 SKILLS AND ABILITIES TO BE ASSESSED ....................................................................................... 2 PRE-REQUISITES OF THE SYLLABUS .............................................................................................. 3 STRUCTURE OF THE SYLLABUS ..................................................................................................... 3 UNIT 1: MICROECONOMICS MODULE 1: METHODOLOGY: DEMAND AND SUPPLY ......................................................... 4 MODULE 2: MARKET STRUCTURE, MARKET FAILURE AND INTERVENTION……...12 MODULE 3: DISTRIBUTION THEORY ........................................................................................ 17...
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...Course Description Nature and scope of economic science, its relationship with other social sciences; quantification of economic variables, theories of consumer behavior and of the firm: linear economic models; market structures; social accounting and basic elements of economic planning. Learning Outcomes: At the end of the course and having completed the essential reading and exercises, the students will be able to – Analyse and interpret the relationship between factors influencing demand and supply Explain and analyse the nature of production and its relationship to costs. Analyse business practices with respect to pricing and competition. Understanding the various strategic options in banking sector in the context of consumer behaviour and markets analysis. Understand and describe the concepts and measurement of gross domestic product, unemployment, and inflation. Understand and describe the difference between business cycles and economic growth and the factors that contribute to each. Page 1 of 6 Understand and describe the concept of Macroeconomic Equilibrium. Understand and describe how Aggregate Demand and Aggregate Supply determine equilibrium price and output in the short-run and long-run. Understand and describe the multiplier concept, how it is computed, and its qualifications and limitations. Analyze and describe the concepts, tools, and implementation of fiscal policy, its limitations and relative advantages and disadvantages, and how it affects aggregate...
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... The College Board The College Board is a mission-driven not-for-profit organization that connects students to college success and opportunity. Founded in 1900, the College Board was created to expand access to higher education. Today, the membership association is made up of more than 5,900 of the world’s leading educational institutions and is dedicated to promoting excellence and equity in education. Each year, the College Board helps more than seven million students prepare for a successful transition to college through programs and services in college readiness and college success — including the SAT® and the Advanced Placement Program®. The organization also serves the education community through research and advocacy on behalf of students, educators, and schools. For further information, visit www.collegeboard.org. AP Equity and Access Policy The College Board strongly encourages educators to make equitable access a guiding principle for their AP programs by giving all willing and academically prepared students the opportunity to participate in AP. We encourage the elimination of barriers that restrict access to AP for students from ethnic, racial, and socioeconomic groups that have been traditionally underserved. Schools should make every effort to ensure their AP classes reflect the diversity of their student population. The College Board also believes that all students should have access to academically challenging course work before they enroll in AP classes, which...
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...BACHELOR OF COMMERCE (B.COM.,) PAPER – 2.1 MANAGERIAL ECONOMICS UNIT – I CHAPTER - I SECTION - I Definition of Managerial Economics Managerial economics refers to those aspects of economics and its tools of analysis most relevant to the firm’s decision-making process. According to MeNair and Meriam, managerial economies consists of the use of economic models of thought to analyze business situations. Some writers consider managerial economics as the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management. The underlying idea of all these definitions is that managerial economics means economics applied in decision-making. So we may consider managerial economics as a special branch of economics bridging the gap between abstract theory and managerial practice. It may be pointed out here that effective decision-making at the firms’ level calls for a careful analysis of a choice between alternative courses of action. Economic theory offers a variety of concepts and analytical tools which can be of considerable assistance to the manager in his decision-making process. In fact actual problem-solving may require many skills and tools which are not available in the traditional economist’s. For example, knowledge of accounting and of statistical concepts and methods, which are not taught in economics, can help the analyses to apply more effectively the economic...
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...published by the US federal government represents wholesale price changes? A) Producer Price Index B) Dow-Jones Industrial Average C) GDP deflator D) Consumer Price Index 2) _______ 3) Although the U. S. airline industry has only a relatively small number of sellers, the market is nevertheless highly competitive. The reason is that: 3) _______ A) most airline routes are served by relatively many sellers. B) due to fierce competition, no firm has significant control over the quantity supplied. C) the number of buyers is very large. D) due to fierce competition, no firm has significant control over prices. 4) Use the following two statements to answer this question: I. Economic theories are developed to explain observed phenomena by deducing from a set of basic rules and assumptions. II. Economic theories use value judgments to determine which people ought to pay more taxes. 4) _______ A) I is true, and II is false. C) I is false, and II is true. B) Both I and II are false. D) Both I and II are true. 5) What does it mean when the CPI is higher this year than last? 5) _______ A) There has been inflation since last year. B) Real prices have increased. D) Real prices have decreased. C) The rate of inflation has increased. 6) Suppose the supply of textbooks is upward sloping and shifts leftward due to higher ink and paper costs. Which of the following events would leave the equilibrium price of textbooks at the same...
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...Lovely Professional University,Punjab Format For Instruction Plan [for Courses with Lectures and Tutorials ] Course No. ECO111 Course Title: MICRO ECONOMICS L: 4 T: 1 P: 0 Cr: 5 Course Planner :- 13612 :: Chander Shekhar Dogra TextBook 1. Geetika, Ghosh Piyali, Purba Roy Choudhury, Managerial Economics, Tata McGraw Hill, New Delhi, 2008 Other Specific Books 2. 3. 4. Other Readings Ahuja, H.L,”Modern Microeconomics Theory and Applications,” Sultan Chand, 2008 Misra and Puri, Economic Environment of Business, 4th Edition, 2007. Samuelson, P.A. and W.D. Nordhaus (1998), Economics, Tata McGraw Hill, New Delhi 2008 Dominick Salvatore, Managerial Economics, Oxford University Press, Sixth Edition Sr. No. Jouranls atricles as compulsary readings (specific articles, Complete reference) 5 6 7 8 Competition and the cartel crusade, Alan Moran. Review - Institute of Public Affairs. Melbourne:Jan 2008. Vol. 59, Iss. 4, p. 57-59 Supply and Demand Irena Asmundson. Finance & Development. Washington:Jun 2010. Vol. 47, Iss. 2, p. 48-49 Impact of Anti dumping measures on Indian Industry by Swati Jain, Sudhir K. Jain, Decision, Vol 35, No 1, January-June, 2008, p 3. The New Global Opportunity by Michael Elliot, Fortune, July 5, 2010, Vol 162, No 1, Relevant Websites Sr. No. Web adress (only if relevant to the courses) Salient Features 9 10 11 www.ecommerce-guide.com www.bloomberg.co.uk www.mit.edu Excellent source of reference...
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...Without running to your book, let’s look at the word eco-nomics itself. The prefix ‘eco’ from the Latin word ‘oeco’ refers to household and ‘omics’ is a general term for a broad discipline of science which analyses certain variables. So the word economics can be defined as: ‘...A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants’ (Investopedia) ‘...The social science that deals with the production, distribution, and consumption of goods and services and the theory and management of economies or economic systems.’ (American Heritage Dictionary) ‘... The study of how society uses its scarce resources.’(The Economist) ‘...the branch of knowledge concerned with the production, consumption and transfer of wealth.’ (Oxford Dictionary) How is economics going to help me? Scenario 1: As a high school or college student, you about doing a number of different career options but why do you end up with one or two major interests?... Yes, you make a choice whether or not you want to be a Doctor, Lawyer, Entrepreneur, Accountant, Economist, among other professions. And economics has to do with making effective choices and how they impact you as an individual. This leads us to the first branch of economics. A group of concepts and explanations have been developed to explain the choices that individuals and firms make and how they react to certain conditions that may occur. This...
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...Economics 314 Coursebook, 2010 Jeffrey Parker 14 MODELS OF UNEMPLOYMENT Chapter 14 Contents A. Topics and Tools ............................................................................ 2 B. Defining Unemployment .................................................................. 3 The statistical definition ................................................................................................3 Problems with the statistical measures ............................................................................4 Natural and cyclical unemployment ...............................................................................6 C. Introduction to Theories of Unemployment........................................... 7 D. Minimum Wages and Unemployment ................................................. 10 A simple minimum-wage model .................................................................................. 10 Minimum-wage effects on skilled and unskilled labor ..................................................... 11 E. Unemployment Insurance and the Length of Job Search .......................... 13 A simple model of job search ........................................................................................ 13 Unemployment benefits and search duration ................................................................. 15 Optimal search duration ...........................................................................................
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...business and management problems b. Highlights on analyzing business problems c. Applies economic theories and concepts to solve business and management problems d. Acts totally independent of other subjects 2.Managerial Economics as a specialized branch of Economics a. Provide ready-made solutions to business problems b. Provide logic and methodology to find solutions to business problems c. provide alternative answers to specific business problems. d. Provide theoretical background to analyze business problems 3.Managerial Economics is a. A theory oriented branch of economics b. A new branch of economics c. A part of macro economics d. A part of tradtional economics 4.Managerial economics is a. A positive science b. Mainly a positive and a normative science c. Mainly a normative and a positive science d. A normative science 5.Managerial econonomics deals with the problem of a. Global economy b. An industry c. An economy d. An individual firm Unit2 - 1 Mark Quiz Questions 1.A tabular representation of diiferent quantities of a commodity demanded at different prices are known as a. Demand series b. Demand schedule c. Demand pattern d. Statistical demand table 2.An increase in demand a. Will cause demand curve to shift to the left b. Means consumers will buy more at a low price c. Will cause quantity demanded to fall d. Could be caused by an increase in the incomes of cunsumers 3.Demand for a product refers to a. Various amounts desired by consumers b. Total quantity of a product...
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...managers, and government officials make to attain their goals, given their scarce resources. We must make choices because of scarcity, which means that although our wants are unlimited, the resources available to fulfill those wants are limited. Economists assume that people are rational in the sense that consumers and firms use all available information as they take actions intended to achieve their goals. Rational individuals weigh the benefits and costs of each action and choose an action only if the benefits outweigh the costs. Although people act from a variety of motives, ample evidence indicates that they respond to economic incentives. Economists use the word marginal to mean extra or additional. The optimal decision is to continue any activity up to the point where the marginal benefit equals the marginal cost. 1.2 The Economic Problem That Every Society Must Solve (pages 8–11) Discuss how an economy answers these questions: What goods and services will be produced? How will the goods and services be produced? Who will receive the goods and services produced? Society faces trade-offs: Producing more of one good or service means producing less of another good or service. The opportunity cost of any activity—such as producing a good or service—is the highest-valued alternative that must be given up to engage in that activity. The choices of consumers, firms, and governments determine what goods and services will be produced. Firms choose how to produce the ...
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...MIcroeconomics: Markets, Methods & Models Douglas Curtis and Ian Irvine | Version 2014/2015 $ ADAPTED OPEN TEXT FORMATIVE ONLINE ASSESSMENT COURSE SUPPLEMENTS COURSE LOGISTICS & SUPPORT a d v a n c i n g l e a r n i n g www.lyryx.com Copyright This work is licensed under a Creative Commons AttributionNonCommercial-NoDerivs 3.0 Unported License. http://creativecommons.org/licenses/by-nc-nd/3.0/deed.en_GB Douglas Curtis and Ian Irvine Edition 1.11 This edition is differentiated from the first edition solely by minor editorial adjustments. Content has not been altered. Microeconomics: Markets, Methods and Models About the Authors Doug Curtis is a specialist in macroeconomics. He is the author of twenty research papers on fiscal policy, monetary policy, and economic growth and structural change. He has also prepared research reports for Canadian industry and government agencies and authored numerous working papers. He completed his PhD at McGill University, and has held visiting appointments at the University of Cambridge and the University of York in the United Kingdom. His current research interests are monetary and fiscal policy rules, and the relationship between economic growth and structural change. He is Professor Emeritus of Economics at Trent University in Peterborough, Ontario, and Sessional Adjunct Professor at Queen’s University in Kingston, Ontario Ian Irvine is a specialist in microeconomics, public economics, economic inequality...
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...ISBN-13: 9780132552912 0132744856 OR Case, Karl E., Fair, Ray C., & Oster, Sharon M; Principles of Macroeconomics 10th Edition, Pearson/Prentice-Hall, 2012 ISBN-10: 0131391402; ISBN-13: 978-0131391406 AND MyEconLab (Required) (Note that all the required materials can be purchased from Hampton University Virtual Bookstore). CATALOG DESCRIPTION: A first course on modern market economies. Emphasizes the determination of national income, fluctuations, and growth; the monetary system; the problems of inflation and unemployment; and international trade. PREREQUISITE: MAT 109 or High School Equivalent. Course Objectives: At the completion of this course in Macroeconomics, the student will be able to: a) Be better prepared for success in life and schoolwork by developing a solid foundation of accurate and rational application of...
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...------------------------------------------------- Monopoly From Wikipedia, the free encyclopedia This article is about the economic term. For the board game, see Monopoly (game). For other uses, seeMonopoly (disambiguation). "I Like a Little Competition"—J. P. Morgan by Art Young. Cartoon relating to the answer J. P. Morgan gave when asked whether he disliked competition at the Pujo Committee.[1] A monopoly (from Greek monos μόνος (alone or single) + polein πωλεῖν (to sell)) exists when a specific person or enterprise is the only supplier of a particular commodity (this contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few entities dominating an industry).[2]Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods.[3] The verb "monopolise" refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge high prices.[4] Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market).[4] A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service; a monopoly may...
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...matters (mean and variance) and the relation with other factors (covariance) matters. , x = return distribution (magnitude), p = price, E = expectation (which captures and combines the probability that different outcomes can/will happen) and m = SDF and captures the relation with other factors and the reward required to bear the risk inherent in x (it indicates how much (marginal) utility the outcome has, which captures the role of when we like the payoff more, the conditions matter; it captures the premium needed for this specific risk). The SDF can be derived from the utility function, this gives: . The problem with this is determining marginal utility. In many cases, the SDF is a linear function of a factor (CAPM): That factor f captures when returns in situation A may be more pleasant than the same returns in situation B. Portfolio theory (Risk & return: theory – empirics) Uses assumption A1 and A2, and more: Investors: A3. Agents maximize utility, and do so for 1 period. (Rationality: agents are capable to find the very best solution for their problem, and are willing to do so). A4. Utility is a function of expected return and variance (and nothing else). Market conditions: A5. No distortion from costs, transaction fees, inflation or taxes. If trading has costs, the optimum shifts (another allocation becomes optimal as fees eat...
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...“This document is attributed to Donald N. Stengel” Attributed to Donald N. Stengal Saylor URL: http://www.saylor.org/books/ Saylor.org 1 Chapter 1 Introduction to Managerial Economics What Is Managerial Economics? One standard definition for economics is the study of the production, distribution, and consumption of goods and services. A second definition is the study of choice related to the allocation of scarce resources. The first definition indicates that economics includes any business, nonprofit organization, or administrative unit. The second definition establishes that economics is at the core of what managers of these organizations do. This book presents economic concepts and principles from the perspective of “managerial economics,” which is a subfield of economics that places special emphasis on the choice aspect in the second definition. The purpose of managerial economics is to provide economic terminology and reasoning for the improvement of managerial decisions. Most readers will be familiar with two different conceptual approaches to the study of economics: microeconomics and macroeconomics. Microeconomics studies phenomena related to goods and services from the perspective of individual decisionmaking entities—that is, households and businesses. Macroeconomics approaches the same phenomena at an aggregate level, for...
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