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Managerial economics; Concepts and cases C.1

By: Contributor(s): Material type: TextTextPublication details: New Delhi; Tata MacGraw-Hill Publishing; 1977Description: 350 pSubject(s): DDC classification:
  • 330.024658 MOT
Summary: A basic understanding of the concepts and tools of economic analysis is essential for anyone who aspires to be a professional manager. Managerial economics refers to those aspects of economic theory and applications which are directly relevant to the practice of management and the decision-making processes within the enterprise. Its scope does not extend to macro-economic theory and the economics of public policy which will also be of interest to the manager. In most management education programmes, especially those at the postgraduate level, the subject of macro-economics is included in the cur riculum. We believe, however, that macro-economics deserves to be treated separately and need not be brought within the purview of managerial economics. The concepts and applications of managerial economics discussed in this book draw heavily on micro-economic theory and only marginally on macro-economic theory. It is necessary to comment briefly on the organization of the book. Chap ter i is an introduction to the subject and outlines the scope of managerial economics. The remaining chapters can be divided into two parts. The first part consists of Chapters 2-6 and is devoted to a discussion of the concepts and analytical tools of managerial economics. The second part (Chapters 7-11) consists only of cases which may be used in the classroom in conjunction with the text chapters of part I. The cases are based on real life Indian situations and are drawn from a variety of industries. Two authors of the present volume (Mote and Paul) were co-authors along with the late Prof. Warren Haynes of a book, Managerial Economics, which has been out of print for the past three years. The present book has been written to fill the void created by the non-availability of the book referred to above. The present volume is more concise and makes a somewhat increased use of mathematics and econometrics in its exposition. This should be an advantage since students of management have been exposed to quantitative methods increasingly in recent years.
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A basic understanding of the concepts and tools of economic analysis is essential for anyone who aspires to be a professional manager. Managerial economics refers to those aspects of economic theory and applications which are directly relevant to the practice of management and the decision-making processes within the enterprise. Its scope does not extend to macro-economic theory and the economics of public policy which will also be of interest to the manager. In most management education programmes, especially those at the postgraduate level, the subject of macro-economics is included in the cur riculum. We believe, however, that macro-economics deserves to be treated separately and need not be brought within the purview of managerial economics. The concepts and applications of managerial economics discussed in this book draw heavily on micro-economic theory and only marginally on macro-economic theory.

It is necessary to comment briefly on the organization of the book. Chap ter i is an introduction to the subject and outlines the scope of managerial economics. The remaining chapters can be divided into two parts. The first part consists of Chapters 2-6 and is devoted to a discussion of the concepts and analytical tools of managerial economics. The second part (Chapters 7-11) consists only of cases which may be used in the classroom in conjunction with the text chapters of part I. The cases are based on real life Indian situations and are drawn from a variety of industries.

Two authors of the present volume (Mote and Paul) were co-authors along with the late Prof. Warren Haynes of a book, Managerial Economics, which has been out of print for the past three years. The present book has been written to fill the void created by the non-availability of the book referred to above. The present volume is more concise and makes a somewhat increased use of mathematics and econometrics in its exposition. This should be an advantage since students of management have been exposed to quantitative methods increasingly in recent years.

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