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NOTES ON MANAGERIAL ECONOMICS - BPUT

NOTES ON MANAGERIAL ECONOMICS SUBJECT CODE: MGT103 Prepared by: Dr. S. R. Mohapatra, Principal Debidutta Acharya, Faculty (Finance & ECONOMICS ), College of IT & Management Education (CIME), Bhubaneswar (A Constituent College of BPUT, Odisha) MODULE-1:- BASIC economic CONCEPTS AND DECISION MAKING Nature and Scope of MANAGERIAL ECONOMICS Management is the guidance, leadership and control of the efforts of a group of people towards some common objective. It is coordination, an activity or an ongoing process, a purposive process and an art of getting thing, done by other people. ECONOMICS , on the other hand, is a social science, chiefly concerned.

Managerial Economics can be viewed as an application of that part of economics that focuses on ... The relationship between demand and marginal utility can explain the behaviour of ... point of view or from that of a family or household‘s point of view. Individual demand is a

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