Mba ZC416

BIRLA INSTITUTE OF TECHNOLOGY & SCIENCE, PILANI
WORK INTEGRATED LEARNING PROGRAMMES

Digital
Part A: Content Design
Course Title Managerial Economics
Course No(s) MBA ZC416
Credit Units 4
Credit Model
Content Authors Krishnamurthy Bindumadhavan
Course Objectives
No
CO1 Gain insights into the scientific & analytical methods, techniques and tools of economics
CO2 Gain basic understanding of the underlying concepts and building blocks related to managerial
economics
CO3 Understand the application of these concepts in business and economic policy using suitable
examples, case studies, simulation, etc.
Text Book(s)
T1 Truett & Truett, "Managerial Economics", John Wiley & Sons, 8th edition, Singapore, 2004
Reference Book(s) & other resources

R1 Samuelson & Nordhus, "Economics", Tata McGraw-Hill Edition, 16th edition, New Delhi, 1998
R2 Petersen, Lewis and Jain, “Managerial Economics”, Pearson Education, New Delhi, 2006.
R3 Hirschey, “Economics for Managers”, Thompson, New Delhi, 2006
R4 Suma Damodaran, "Managerial Economics", Oxford University Press, 2006
Content Structure
1. Module 1: Introduction
1.1. Session 1:
1.1.1. Introduction to Economics, Economic Terminology
1.1.2. What is managerial economics
1.1.3. Basic economic concepts
1.1.4. Ten principles for managers
2. Module 2: Theory of the firm and demand analysis - I

2.1. Session 2:
2.1.1. Theory of the firm: neoclassical and others
2.1.2. How markets operate
2.1.3. TR, AR and MR
2.1.4. Basics of demand, Determinants of demand
3. Module 3: Demand Analysis – II and Elasticities

3.1. Session 3:
3.1.1. Price Elasticity of Demand
3.1.2. Income Elasticity of Demand
3.1.3. Cross Elasticity of Demand
3.1.4. Economic Forecasting
4. Module 4: Economic Forecasting

4.1. Session 4:
4.1.1. Why forecasting
4.1.2. Various forecasting methods
4.1.3. Trend projection and constant growth models
4.1.4. Moving averages and exponential smoothing
5. Module 5: Production Analysis

5.1. Session 5:
5.1.1. The Production Function in the Long Run
5.1.2. Marginal Product of an Input
5.1.3. Isoquants and MRTS
5.1.4. Least Cost Combination of Inputs and Economic Region of Production, Expansion
Path
6. Module 6: Cost of Production

6.1. Session 6:
6.1.1. Types of Costs
6.1.2. Costs in the Long Run
6.1.3. Costs in the Short Run
7. Module 7: Profit and Revenue Maximization

7.1. Session 7:
7.1.1. Profit Maximization
7.1.2. Break Even Analysis
7.1.3. Incremental Profit Analysis
8. Module 8: Perfect Competition and Monopoly

8.1. Session 8:
8.1.1. Perfect Competition: Market Demand and Firm Demand
8.1.2. Monopoly and its setting
8.1.3. The Long run and monopoly
9. Module 9: Monopolistic Competition and Oligopoly

9.1. Session 9:
9.1.1. What is monopolistic competition?
9.1.2. How prices are determined?
9.1.3. How outputs are determined?
9.2. Session 10: Oligopoly Model
9.2.1. Duopoly: Cournot’s Model
9.2.2. Bertrand, Edgeworth and Chamberlain
9.2.3. Oligopoly Market Structure
10. Module 10: Games, Information and Strategy

10.1. Session 11:
10.1.1. Games
10.1.2. Asymmetric Information; Adverse Selection; Moral Hazard; Signalling
10.1.3. Mark Up Pricing
11. Module 11: Pricing and Profit Analysis
11.1. Session 12:
11.1.1. Joint Product Problem
11.1.2. Transfer Product Problem
11.1.3. Price Discrimination
11.1.4. Two part Pricing
11.1.5. Bundling
12. Module 12: Factor Market Analysis

12.1. Session 13:
12.1.1. Factor Markets
12.1.2. Profit maximizing level of input
12.1.3. Determination of optimum level of employment
13. Module 13: Perspectives on India

13.1. Session 14:
13.1.1. Macroeconomic perspective
13.1.2. Employment in India
Learning Outcomes:
No Learning Outcomes
LO 1 Examine the nature and scope of managerial economics; Able to understand the
economic goals of the firms and optimal decision making; Understand the reason
for existence of firms and the environment in which they operate
LO 2 Analyze the demand and supply conditions and assess the position of a company;
Apply the concepts of price, cross and income elasticity of demand; Able to
analyze how elasticity affects revenue
LO 3 Examine various economic forecasting techniques used by managers; Be able to
use demand estimation models to estimate demand equations and apply different
forecasting techniques.
LO 4 Able to analyze production, cost and profit maximization; Able to analyze and
interpret various forms of production function; Establish the linkage between
production function and cost function; Able to calculate Break Even Point (BEP)
LO 5 Understanding Markets and the behavior of the firm; Compare and contrast four
basic market types: perfect competition; monopoly; monopolistic competition;
oligopoly; Analyze the variations in price-output decisions in these market types
Experiential Learning Components:
1. This course will feature experiential learning components in the form of projects and assignments
(Economics modeling, statistical analysis, case studies, simulations etc.) that are designed to enable
the participants to learn by doing. This will also form part of the Evaluation Components for the
course.
2. Please note that experiential learning components are integrated into the following modules:
Module Topic Experiential Learning Component
2 Indifference Curves Economics Modeling (MS Excel)
3 Elasticity of Demand Economics Analysis (MS Excel)
4 Bicycle sales analysis Statistical Analysis (MS Excel/
Statistical software)
5 Optimizing Factor Inputs Economics Modeling (MS Excel)
6 Cost analysis Economics Modeling (MS Excel)
7 Profit analysis Economics Modeling (MS Excel)
8, 9 Perfect Competition, Oligopoly Case studies
10 Prisoner’s dilemma Simulation game/Economics Modeling
(MS Excel)
Part B: Learning Plan
Academic Term FIRST SEMESTER 2017-18

Course Title Managerial Economics
Course No MBA ZC416
Lead Instructor Monika Gupta
Contact Hour 1
Type Content Ref. Topic Title Study/HW Resource Reference
Pre CH 1.1.1 Review Course Handout/ List your Chapter 1 of text book (T1)
expectations from this course Replay appropriate prerecorded
content/video
ME_RL_1.1 & ME_RL_1.2
During 1.1.1, 1.1.2, Introduction to Economics; Chapter 1 of text book (T1)

CH 1.1.3, 1.1.4 Economic Terminology; What is Replay appropriate prerecorded
managerial economics; Basic content/video
economic concepts; Ten principles ME_RL_1.1 & ME_RL_1.2
for managers
Post CH 1.1.1, 1.1.2, Review reference chapters from Chapter 1 of text book (T1)
1.1.3, 1.1.4 textbook; replay videos as needed Replay appropriate prerecorded
to clarify understanding content/video
ME_RL_1.1 & ME_RL_1.2
Contact Hour 2
Pre CH 1.1.1 to 1.1.4 Review previous week's topics. Refer M2 PPT slides; ME_RL_2.1 &
ME_RL_2.2
During 2.1.1, 2.1.2 Theory of the firm: neoclassical Refer M2 PPT slides; ME_RL_2.1 &
CH and others; How market operate ME_RL_2.2
Post CH 2.1.1, 2.1.2 Review reference chapters from Refer M2 PPT slides; ME_RL_2.1 &
textbook; replay videos as needed ME_RL_2.2
to clarify understanding
Contact Hour 3
Pre CH 1.1.1 to 1.1.4 Review previous week's topics. Chapter 2 of text book (T1)
Replay appropriate prerecorded
content/video
ME_RL_3.01 to ME_RL_3.07
During 2.1.3, 2.1.4 Total Revenue, Average Revenue Chapter 2 of text book (T1)
CH & Marginal Revenue; Basics of Replay appropriate prerecorded
demand Determinants of Demand content/video
Post CH 2.1.3, 2.1.4 Review reference chapters from Chapter 2 of text book (T1)
textbook; replay videos as needed Replay appropriate prerecorded
Contact Hour 4
content/video
During 3.1.1, 3.1.2 Price Elasticity of Demand, Chapter 2 of text book (T1)
CH Income Elasticity of Demand, Replay appropriate prerecorded
Cross elasticity of Demand content/video
Contact Hour 5
Pre CH 3.1.1 to 3.1.4 Review previous week's topics. Chapter 3,4 of text book (T1)
content/video
ME_RL_4.1
During 4.1.1, 4.1.2 Demand estimation; Why Chapter 3,4 of text book (T1)
CH forecasting, Various forecasting Replay appropriate prerecorded
methods content/video
ME_RL_4.1
Post CH 4.1.1, 4.1.2 Review reference chapters from Chapter 3,4 of text book (T1)
ME_RL_4.1
Contact Hour 6
Pre CH 3.1.1 to 3.1.4 Review previous week's topics. Chapter 3,4 of text book (T1)
content/video
ME_RL_4.1
During 4.1.3, 4.1.4 Trend projection, and constant Chapter 3,4 of text book (T1)
CH growth models, Moving averages Replay appropriate prerecorded
and exponential smoothing content/video
ME_RL_4.1
Post CH 4.1.3, 4.1.4 Review reference chapters from Chapter 3,4 of text book (T1)
ME_RL_4.1
Contact Hour 7
content/video
During 5.1.1, 5.1.2 The Production Function in the Chapter 5 of text book (T1)
CH Long Run, Marginal Product of an Replay appropriate prerecorded
Input content/video
Contact Hour 8
content/video
ME_RL_5.3
During 5.1.3 to 5.1.5 Isoquants & Marginal Rate of Chapter 5 of text book (T1)
CH Technical Substitutions, Least Cost Replay appropriate prerecorded
Combination of Inputs & content/video
Economic Region of Production; ME_RL_5.3
Expansion Path
Post CH 5.1.3 to 5.1.5 Review reference chapters from Chapter 5 of text book (T1)
ME_RL_5.3
Contact Hour 9
content/video
ME_RL_6.1
During 6.1.1 Types of Costs Chapter 6 of text book (T1)

CH Replay appropriate prerecorded
content/video
ME_RL_6.1
Post CH 6.1.1 Review reference chapters from Chapter 6 of text book (T1)
ME_RL_6.1
Contact Hour 10
content/video
ME_RL_6.1
During 6.1.2, 6.1.3 Costs in the Long Run and Short Chapter 6 of text book (T1)
CH Run Replay appropriate prerecorded
content/video
ME_RL_6.1
ME_RL_6.1
Contact Hour 11
Pre CH 1.1.1 to 6.1.3 MID REVIEW Go through Slides and Videos so far
During 1.1.1 to 6.1.3 MID REVIEW Go through Slides and Videos so far
CH
Post CH 1.1.1 to 6.1.3 MID REVIEW Go through Slides and Videos so far
Contact Hour 12
content/video
ME_RL_7.1
During 7.1.2, 7.1.3 Break even Analysis and Chapter 7 of text book (T1)
CH Incremental Profit Analysis Replay appropriate prerecorded
content/video
ME_RL_7.1
ME_RL_7.1
Contact Hour 13
content/video
ME_RL_8.1
During 8.1.1, 8.1.2, Perfect Competition; Market Chapter 8 of text book (T1)
CH 8.1.3, 8.1.4 Demand and Firm Demand; Replay appropriate prerecorded
Monopoly and its setting, The content/video
Long Run and monopoly ME_RL_8.1
8.1.3, 8.1.4 textbook; replay videos as needed Replay appropriate prerecorded
ME_RL_8.1
Contact Hour 14
content/video
ME_RL_9.1
During 9.1.1, 9.1.2, What is monopolistic competition ; Chapter 9 of text book (T1)
CH 9.1.3 How prices and outputs are Replay appropriate prerecorded
determined content/video
ME_RL_9.1
9.1.3 textbook; replay videos as needed Replay appropriate prerecorded
ME_RL_9.1
Contact Hour 15
content/video
ME_RL_10.1
During 9.2.1, 9.2.2 Duopoly: Cournot's Model, Chapter 9 of text book (T1)
CH Bertrand, Edgeworth & Replay appropriate prerecorded
Chamberlain content/video
ME_RL_10.1
ME_RL_10.1
Contact Hour 16
content/video
ME_RL_10.2
During 9.2.3 Oligopoly market structure Chapter 9 of text book (T1)

content/video
ME_RL_10.2
ME_RL_10.2
Contact Hour 17
content/video
ME_RL_11.1
During 10.1.1, 10.1.2 Games, Asymmetric Information; Chapter 10 of text book (T1)
CH Adverse Selection; Moral Hazard; Replay appropriate prerecorded
Signalling content/video
ME_RL_11.1
ME_RL_11.1
Contact Hour 18
content/video
ME_RL_11.2 & ME_RL_12.1
During 10.1.3 Mark Up Pricing Chapter 11 of text book (T1)

content/video
ME_RL_11.2 & ME_RL_12.1
ME_RL_11.2 & ME_RL_12.1
Contact Hour 19
Pre CH 10.1.1 to Review previous week's topics. Chapter 11 of text book (T1)
10.1.3 Replay appropriate prerecorded
content/video
ME_RL_12.1 & ME_RL_12.2
During 11.1.1, 11.1.2, Joint Product Problem, Transfer Chapter 11 of text book (T1)
CH 11.1.3, 11.1.4, Product Problem; Price Replay appropriate prerecorded
11.1.5 Discrimination, Two Part Pricing, content/video
Bundling ME_RL_12.1 & ME_RL_12.2
11.1.3, 11.1.4, textbook; replay videos as needed Replay appropriate prerecorded
11.1.5 to clarify understanding content/video
ME_RL_12.1 & ME_RL_12.2
Contact Hour 20
Pre CH 11.1.1 to Review previous week's topics. Chapter 12 of text book (T1)
11.1.5 Replay appropriate prerecorded
content/video
ME_RL_13.1 & ME_RL_13.2
During 12.1.1, 12.1.2, Factor markets, Profit maximising Chapter 12 of text book (T1)
CH 12.1.3 level of input; Determination of Replay appropriate prerecorded
optimum level of employment content/video
ME_RL_13.1 & ME_RL_13.2
12.1.3 textbook; replay videos as needed Replay appropriate prerecorded
ME_RL_13.1 & ME_RL_13.2
Contact Hour 21
Pre CH 12.1.1 to Review previous week's topics. Notes

12.1.3
During 13.1.1, 13.1.2 Employment in India, Measures of Notes

CH employment and unemployment in
India
Post CH 13.1.1, 13.1.2 Review reference chapters from Notes

textbook; replay videos as needed
to clarify understanding
Contact Hour 22
Pre CH 1.1.1 to 13.1.2 FINAL REVIEW Go through ALL Slides and Videos
During 1.1.1 to 13.1.2 FINAL REVIEW Go through ALL Slides and Videos
CH
Post CH 1.1.1 to 13.1.2 FINAL REVIEW Go through ALL Slides and Videos
Evaluation Scheme:
Legend: EC = Evaluation Component; AN = After Noon Session; FN = Fore Noon Session
No Name Type Duration Weight Day, Date, Session, Time
EC-1 Quiz-I/ Assignment-I Online - 5% August 26 to September 4, 2017
Quiz-II Online 5% September 26 to October 4, 2017
Experiential Online 15% October 20 to 30, 2017

Learning
EC-2 Mid-Semester Test Closed 2 hours 30% 23/09/2017 (FN) 10 AM – 12 Noon
Book
EC-3 Comprehensive Open 3 hours 45% 04/11/2017 (FN) 9 AM – 12 Noon
Exam Book
Syllabus for Mid-Semester Test (Closed Book): Topics in Contact Nos. 1 TO 16

Syllabus for Comprehensive Exam (Open Book): All topics
Important links and information:
Elearn portal: https://elearn.bits-pilani.ac.in
Students are expected to visit the Elearn portal on a regular basis and stay up to date with the latest announcements and
deadlines.
Contact sessions: Students should attend the online lectures as per the schedule provided on the Elearn portal.
Evaluation Guidelines:
1. EC-1 consists of either two Assignments or three Quizzes. Students will attempt them through the course pages
on the Elearn portal. Announcements will be made on the portal, in a timely manner.
2. For Closed Book tests: No books or reference material of any kind will be permitted.
3. For Open Book exams: Use of books and any printed / written reference material (filed or bound) is permitted.
However, loose sheets of paper will not be allowed. Use of calculators is permitted in all exams.
Laptops/Mobiles of any kind are not allowed. Exchange of any material is not allowed.
4. If a student is unable to appear for the Regular Test/Exam due to genuine exigencies, the student should follow
the procedure to apply for the Make-Up Test/Exam which will be made available on the Elearn portal. The
Make-Up Test/Exam will be conducted only at selected exam centres on the dates to be announced later.
It shall be the responsibility of the individual student to be regular in maintaining the self study schedule as given in the
course handout, attend the online lectures, and take all the prescribed evaluation components such as Assignment/Quiz,
Mid-Semester Test and Comprehensive Exam according to the evaluation scheme provided in the handout.

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BIRLA INSTITUTE OF TECHNOLOGY & SCIENCE, PILANI

WORK INTEGRATED LEARNING PROGRAMMES

Reference Book(s) & other resources

R3 Hirschey, “Economics for Managers”, Thompson, New Delhi, 2006

R4 Suma Damodaran, "Managerial Economics", Oxford University Press, 2006

2. Module 2: Theory of the firm and demand analysis - I

3. Module 3: Demand Analysis – II and Elasticities

4. Module 4: Economic Forecasting

5. Module 5: Production Analysis

6. Module 6: Cost of Production

7. Module 7: Profit and Revenue Maximization

8. Module 8: Perfect Competition and Monopoly

9. Module 9: Monopolistic Competition and Oligopoly

10. Module 10: Games, Information and Strategy

12. Module 12: Factor Market Analysis

13. Module 13: Perspectives on India

Experiential Learning Components:

Part B: Learning Plan

Academic Term FIRST SEMESTER 2017-18

Lead Instructor Monika Gupta

During 1.1.1, 1.1.2, Introduction to Economics; Chapter 1 of text book (T1)

During 6.1.1 Types of Costs Chapter 6 of text book (T1)

During 9.2.3 Oligopoly market structure Chapter 9 of text book (T1)

During 10.1.3 Mark Up Pricing Chapter 11 of text book (T1)

Pre CH 12.1.1 to Review previous week's topics. Notes

During 13.1.1, 13.1.2 Employment in India, Measures of Notes

Post CH 13.1.1, 13.1.2 Review reference chapters from Notes

Experiential Online 15% October 20 to 30, 2017

Syllabus for Mid-Semester Test (Closed Book): Topics in Contact Nos. 1 TO 16

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