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Course Objectives
This course is designed to fulfill the following objectives. These are to:
a.understand practical application of economics reasoning for solving decision and forecasting problems in business, industry and government.
b.have an understanding of how our national economy functions.
c.acquire correct knowledge of government fiscal, monetary and trade policies with their effects on business environment.
Supply & Demand Theory- Weight- 30%
004.01 Introduction
Basic concept of Economics, Definition of Managerial Economics, Managerial Economics model, Interrelationship with other Disciplines; Role of Managerial Economics in Business.
004.02 Theory of Demand & Supply
Demand Schedule, Demand Curve, Demand Function, Shift in Demand, Income Effect and Substitution Effect, Elasticity of Demand-Types and Measurement; Managerial implication of Elasticity of Demand in Practice. Supply, Supply schedule, supply curve, Factors influencing supply of goods and services. Elasticity of supply.
Theory of Cost and Production- Weight- 30%
004.03 Theory of Cost
Meaning and Measurement of cost, Cost Function, Long run and Short run Cost Function, Total, Average and Marginal Cost, Managerial Implication of Marginal Cost.
004.04 Theory of Production
Definition of production, Production Functions, Production Elasticity, Law of Diminishing Return, Stage of Production, Production Function with one and more Variable Inputs, Determination of Optimum use of Input Variables, Managerial Implication of Production Function, Scale of Production, Measurement of Returns to Scale.
004.05 Price and Output Determination
Price and Output Determination under Monopoly, Oligopoly, Monopolistic Competition and Perfect Competition-Short run, Long run.
004.06 Money and Banking
The Nature and Functions of Money, Theory of Money, Inflation, Deflation, Causes and Control of Inflation. Financial Intermediaries, Money Creation, Demand for Money, Monetary Policy.
Aggregate Economics-Weight - 30%
004.07 Macro Economic Analysis
Introduction to Macro Economics, Aggregate Supply and Demand, Measuring Economic Activities, Economic growth, Definition of National Income, Concepts of National Income, gross National Product (GNP), Net National Product (NNP), Gross Domestic Product (GDP), National Income Computation, Problems faced In National Income Computation with reference to Bangladesh. Theory of Employment, consumption and investment.
004.08 Public Finance
Monetary policy and Fiscal policy; National Budget and Public Debt. Deficit financing, taxation and sources of govt. revenue including VAT.
Development Economics-Weight - 10%
004.09 Development Economics
Development Economics and third world nations. Common characteristics of developing nation. Growth, Poverty and Income distribution, PRSI and MDG (Millennium Development goals) Trade theory and the balance of payment, Law of comparative advantage. Concept of terns of trade, Types of tariff Protection and Infant Industry argument. WTO, SAFTA, EU.
Text Books
1.Managerial Economics –McGuigan/Moyer
2.Principles of Economics –J. Vernon Henderson and William Poole.
3.Macro Economics – Dornbusch & Fischer.
4.Modern Economic Theory – K.K. Dwett.
Reference Books
1.Managerial Economics – Marks Hirschey & James L. Pappas
2.Managerial Economics-Theory, Application and Cases –Edwin Mansfield.
3.Economics –Paul A. Samulson and W. Nordhams.
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