Post-Graduate Diploma in Management

Managerial Economics

Course Owner: Sadananda Prusty, Ph. D

Name of Faculty Members to Teach this Course

(To be mentioned after final course allocation)

Institute of Management Technology
Ghaziabad

Course Background and Learning Objectives:

“Economics is a study of mankind in the ordinary business of life.” So wrote Alfred Marshall, the great nineteenth-century economist, in his textbook, Principles of Economics. Although we have learned much about the economy since Marshall’s time, this definition of economics is as true today as it was in 1890, when the first edition of his text was published. In recent years, there are many questions about the economy that might spark any one’s curiosity. Why are apartments so hard to find in Mumbai City? Why do airlines charge less for a round-trip ticket? Why executive class airfare is costlier than economic class? Why are jobs easy to find in some years and hard to find in others? Why a package tour costs less as compared to individual booking of air ticket and hotel? Moreover, as one go about his/her life, he/she make many economic decisions. During student carrier one has to decide how many years to stay in school. After joining in a job, one has to decide how much of his/her income to spend, how much to save, and how to invest his/her savings. When running a small business or a large corporation, and one will decide what prices to charge for his/her products. The economic tools, which will be discussed in this course, will give you a new perspective on how best to make these decisions. Following ten economic principles can be applied in many of life’s situations, whether the future finds you reading the newspaper, running a business, or sitting in the work place. These economic principles are (i) managers