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Introduction 1 Definition of managerial economics 1 Nature of managerial economics 3 Scope of managerial economics 5 Significance of managerial economics 6 Economic problem 7 Meaning of economic problem 8 Economic problem at family level 9 Economic problem at universal level - universal problem9 Seven questions faced by all economics 10
Chapter -3 Profit
Meaning of profit 63 Accounting vs. economic profit 63 Theories of profit 65 Risk taking theory Uncertainty bearing theory of profit Innovation theory of profit 66 Dynamic theory of profit 67 Profit in static society 68 Measurement of profit 68 Economic and accounting profit 68 Depreciation 70 Inventory valuation 71 Profit policy 73 Reasonable profit target 74 Forms of profit standard 75 Capital attracting standard Plough back standard 75 Normal earnings standard 76
Elasticity of demand 96 Price elasticity of demand 96 Types of price/degree of elasticity 98 Perfect elastic demand 99 Perfectly inelastic demand 100 Relatively elastic demand 100 Relatively inelastic demand 101 Unitary elastic demand 102 Measurement of elasticity 103 Percentage method 103 Point elasticity method Total Outlay expenditure or revenue method Point geometric method Factors influencing price elasticity of demand 107 Income elasticity of demand 111 Measurement of income elasticity Types of income elasticity of demand 113 Uses of the concept of income elasticity of demand 113 Cross elasticity of demand 114 Uses of Cross elasticity of demand 116 Demand forecasting 117 Meaning Necessity Factors influencing Levels of forecast Techniques or method Methods of Demand forecasting for established goods Interview Opinion polling Collective opinion Sample survey Panel of experts Composite management opinion Projection approach 123 Correlation and regression analysis 123 Time series analysis Methods of Demand forecasting for new products 125 Evolutionary method Substitution method Growth pattern Opinion polling 125 Sample survey
Indirect opinion polling Criteria for a good demand forecast 126 Introduction to index numbers 127 Classification of index number 128 Price indices Quantity indices Special purpose indices Principles and practical steps in price index number 130 Problems of construction of index number 130 Purpose of index number Selection of base period 131 Selection of items Price quotation Problem of weighting Limitation of index number 134
Economic cost 167 Opportunity cost Explicit and implicit cost 169 Production cost 170 Fixed and variable cost Avoidable and unavoidable cost Incremental and sunk cost 171 Common and traceable cost 171 Historical and replacement cost Short run and long run cost 172 Marginal cost 174 Determinants of costs 175 Break even point 178
Pricing methods or pricing practices 230 Full cost or cost plus pricing 231 Pricing of multiple products 233 Policy of adding products 233 Policy of droping products 236 Cost of multiple products 237 Going rate pricing Marginal cost pricing Intuitive pricing Experimental pricing 241 Initiative pricing 241 Guidelines for fixation 241 Single product pricing Product line pricing Factors to be considered in pricing 241 Problems of product line pricing 245 Pricing in public sector undertaking 247 Guidelines on pricing policy 249 Pricing in co operative societies 250
Consumption function Business fluctions 294 Business or trade cycle 297 Phases of business cycles 298 Inflation 302 Causes 303 Factors form supply side 304 Consequences of inflation 305 Macro policies 309 Full employment Economic stabilization 310 Fiscal policy Monetary policy 311