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Anand Thakur, Lovely Professional University
                                                                         Unit 1: Introduction to Managerial Economics




                  Unit 1: Introduction to Managerial Economics                                  Notes




             CONTENTS
             Objectives

             Introduction
             1.1  Meaning and Definition of Managerial Economics

             1.2  Nature of Managerial Economics Importance of Economics in our Life
             1.3  Scope of Managerial Economics

             1.4  Economic Principles Relevant to Managerial Decisions
                 1.4.1 Division of Labour

                 1.4.2 Opportunity Cost
                 1.4.3 Equimarginal  Principle

                 1.4.4 Market  Equilibrium
                 1.4.5 Diminishing Returns

                 1.4.6 Game Equilibrium
                 1.4.7 Measurement Principles

                 1.4.8 Medium of Exchange
                 1.4.9 Income-Expenditure  Equilibrium

                 1.4.10 Surprise Principle
             1.5  Relationship of Managerial Economics with Decision Sciences

             1.6  Central Problems of an Economy
                 1.6.1 Recessions, Depressions and Economic Fluctuations

                 1.6.2 Unemployment
                 1.6.3 Inflation

                 1.6.4 Economic Growth or Stagnation Decision-making at Asian Paints
             1.7  Summary

             1.8  Keywords
             1.9  Self Assessment

             1.10 Review Questions
             1.11 Further Readings







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