In Discussing the nature and scope of Economics. we consider the nature of economic laws and limitations of Economics. We also discuss its subject matter and consider whether it is a science. positive science or a normative science and whether it can solve practical problems.
Managerial economics takes into account the
following subject mailer:
(i) Law of demand and elasticities of demand.
(ii) Demand forecasting
Uii) Production theory : Returns to scale, technology, cost, revenue etc.
(iv) Objectives of firms
(v) Determination of prices (concept of cartel’s, groups, leadership)
(vi) Methods of pricing: Open administered national and international pricing theories and practice.
(vii) Tools to judge economic efficiency Break even points, linear programming, game theory.
(viii) Micro planning, project, capital, budgeting cost benefits analysis, public investment criteria regarding turnkey projects etc.
In the coming years of dynamic economic scenario there is further need to study and evolve many other economic philosophies which in reality helps the mankind in achieving economic and social welfare.
(i) Engineering Economics
(ii) Health Economics
(iii) Defence Economics
A detailed study is required in this regard.
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