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Managerial Economics by Varshney and Maheshwari: Textbook Review



Managerial Economics Varshney and Maheshwari PDF 80: A Comprehensive Guide




Are you looking for a textbook that covers the essential concepts and methodologies of managerial economics in a clear and concise manner? Do you want to learn how to apply economic theory to managerial decision making in various business situations? If yes, then you might be interested in Managerial Economics: Text, Problems and Cases by R. L. Varshney and K. L. Maheshwari.




managerial economics varshney and maheshwari pdf 80


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This book, now in its ninth edition, is specifically designed for the students of management, commerce and economics to provide them with a thorough understanding of economic concepts and methodologies and the economic environment influencing managerial decisions. In this article, we will give you an overview of what this book is about, why it is useful for you, and how you can get a PDF copy of it.


What is managerial economics?




Managerial economics is a branch of economics that deals with the application of economic principles and tools to solve business problems and optimize managerial decisions. It helps managers to analyze various factors affecting the demand, supply, production, cost, price, profit, and market structure of their products or services. It also helps them to evaluate the impact of macroeconomic variables and policies on their business performance and strategies.


Managerial economics draws upon concepts and theories from microeconomics, macroeconomics, mathematics, statistics, and other disciplines to provide a logical and rigorous framework for decision making under uncertainty. It also uses empirical methods and case studies to illustrate the practical relevance and applicability of economic analysis in real-world scenarios.


What is the book about?




The book Managerial Economics: Text, Problems and Cases by R. L. Varshney and K. L. Maheshwari is one of the most popular and widely used textbooks on managerial economics in India. It was first published in 1980 and has been revised and updated several times since then. The latest edition was published in 2006 by Sultan Chand & Sons.


The book covers all the basic principles and topics of managerial economics in a systematic and comprehensive manner. It consists of eleven chapters that are organized into four parts:



  • Part I: Introduction - This part introduces the scope, nature, methodology, and tools of managerial economics.



  • Part II: Basic Economic Theory - This part explains the key concepts and theories of demand analysis, cost analysis, production analysis, and price theory.



  • Part III: Applications - This part demonstrates how managerial economics can be applied to various problems and situations such as linear programming, pricing methods and market power, demand forecasting techniques, and macroeconomic environment and policies.



  • Part IV: Appendices - This part provides additional information on glossary, references, index, etc.



The book has a total of 684 pages and an ISBN number of 9788180543838. It is available in both hardcover and paperback formats.


Why is it useful for students and managers?




The book Managerial Economics: Text, Problems and Cases by R. L. Varshney and K. L. Maheshwari is useful for students and managers for several reasons:



  • It provides a clear and concise exposition of the basic concepts and theories of managerial economics with mathematical complexity kept to minimum.



  • It follows a concept-example format, wherein a concept discussed is immediately followed by a practical situation so that the reader can understand its application.



  • It includes numerous solved problems and case studies to illustrate the various aspects of managerial economics and enhance the students' understanding of the theoretical concepts.



  • It covers the latest developments and trends in the field of managerial economics and reflects the current economic scenario in India and abroad.



  • It is suitable for various courses in managerial economics, such as MBA, M.Com, B.Com, BBA, etc.



Key Concepts and Theories of Managerial Economics




In this section, we will briefly summarize some of the key concepts and theories of managerial economics that are covered in the book. These include:


Demand analysis




Demand analysis is the study of the factors that determine the quantity of a product or service that consumers are willing and able to buy at various prices. It involves the concepts of demand function, demand curve, law of demand, elasticity of demand, income effect, substitution effect, consumer surplus, etc.


Demand analysis helps managers to estimate the potential market size, revenue, and profitability of their products or services. It also helps them to design effective marketing strategies, such as pricing, advertising, product differentiation, etc.


Cost analysis




Cost analysis is the study of the factors that determine the amount of money that a firm has to spend to produce a given quantity of output. It involves the concepts of cost function, cost curve, fixed cost, variable cost, marginal cost, average cost, opportunity cost, sunk cost, etc.


Cost analysis helps managers to minimize the cost of production and maximize the profit margin. It also helps them to decide on the optimal level of output, scale of operation, choice of technology, etc.


Production analysis




Production analysis is the study of the factors that determine the quantity and quality of output that a firm can produce with a given amount of inputs. It involves the concepts of production function, production curve, law of diminishing returns, returns to scale, isoquant, isocost, marginal product, average product, etc.


Production analysis helps managers to optimize the use of resources and achieve efficiency and productivity. It also helps them to evaluate the impact of technological change, innovation, learning curve, etc. on their production process.


Price theory




Price theory is the study of how prices are determined in different types of markets under different conditions of demand and supply. It involves the concepts of equilibrium price, market structure, perfect competition, monopoly, oligopoly, monopolistic competition, game theory, price discrimination, price leadership, etc.


Price theory helps managers to understand the behavior and strategies of their competitors and customers in various market situations. It also helps them to formulate optimal pricing policies and tactics to maximize their market share and profit.


Applications of Managerial Economics in Decision Making




In this section, we will briefly summarize some of the applications of managerial economics in decision making that are covered in the book. These include:


Linear programming




Linear programming is a mathematical technique that helps managers to find the best possible solution to a problem that involves multiple objectives and constraints. It involves the concepts of objective function, constraints, feasible region, optimal solution, graphical method, simplex method, duality, sensitivity analysis, etc.


Linear programming helps managers to solve various problems such as resource allocation, product mix, transportation, assignment, inventory control, etc.


Pricing methods and market power




Pricing methods are the techniques that managers use to set the prices of their products or services based on various factors such as cost, demand, competition, objectives, etc. Some of the common pricing methods are cost-plus pricing, markup pricing, target return pricing, break-even pricing, marginal cost pricing, etc.


Market power is the ability of a firm to influence the price or quantity of its product or service in a market. It depends on various factors such as market structure, barriers to entry, product differentiation, brand loyalty, advertising, etc. Pricing methods and market power (continued)




Some of the common ways to measure market power are market share, concentration ratio, Herfindahl-Hirschman index, Lerner index, etc.


Pricing methods and market power help managers to determine the optimal price for their products or services that maximizes their profit and market position. They also help them to analyze the effects of price changes on their demand, revenue, cost, and profit.


Demand forecasting techniques




Demand forecasting is the process of estimating the future demand for a product or service based on various factors such as past data, current trends, market conditions, consumer behavior, etc. It involves the concepts of forecasting methods, forecasting errors, forecasting accuracy, etc.


Some of the common forecasting methods are qualitative methods, such as expert opinion, Delphi method, market research, etc. and quantitative methods, such as time series analysis, trend projection, moving average, exponential smoothing, etc.


Demand forecasting helps managers to plan their production, inventory, marketing, and financial activities. It also helps them to anticipate and respond to changes in demand and market situations.


Macroeconomic environment and policies




Macroeconomic environment refers to the aggregate economic conditions and indicators that affect the performance and behavior of all firms and consumers in a country or region. It involves the concepts of national income, gross domestic product (GDP), inflation, unemployment, balance of payments, exchange rate, etc.


Macroeconomic policies refer to the actions and measures taken by the government and central bank to influence the macroeconomic environment and achieve certain objectives such as economic growth, price stability, full employment, etc. They include fiscal policy, monetary policy, trade policy, etc.


Macroeconomic environment and policies help managers to understand the opportunities and threats in the external environment and adjust their strategies accordingly. They also help them to evaluate the impact of macroeconomic variables and policies on their business performance and strategies.


Features and Benefits of the Book




In this section, we will briefly summarize some of the features and benefits of the book Managerial Economics: Text, Problems and Cases by R. L. Varshney and K. L. Maheshwari. These include:


Revised and expanded coverage of topics




The book has been revised and expanded several times since its first edition in 1980 to incorporate the latest developments and trends in the field of managerial economics. It covers all the essential topics and subtopics in a comprehensive and updated manner. It also reflects the current economic scenario in India and abroad.


Concept-example format and case studies




The book follows a concept-example format, wherein a concept discussed is immediately followed by a practical situation so that the reader can understand its application. It also includes numerous solved problems and case studies to illustrate the various aspects of managerial economics and enhance the students' understanding of the theoretical concepts.


Mathematical complexity kept to minimum




The book provides a clear and concise exposition of the basic concepts and theories of managerial economics with mathematical complexity kept to minimum. It covers only the essentials of applied mathematics needed for comprehending the underlying ideas of models and theories of economics. It also explains the mathematical symbols and expressions in simple terms.


Glossary, references and index




The book provides additional information on glossary, references and index at the end of the book. The glossary contains definitions of key terms used in the book. The references provide sources for further reading on various topics. The index helps the reader to locate specific topics or terms in the book.


Conclusion




In this article, we have given you an overview of what Managerial Economics: Text, Problems and Cases by R. L. Varshney and K. L. Maheshwari is about, why it is useful for you, and how you can get a PDF copy of it. We have also summarized some of the key concepts and theories of managerial economics that are covered in the book, as well as some of the applications of managerial economics in decision making. We have also highlighted some of the features and benefits of the book.


We hope that this article has helped you to learn more about managerial economics varshney and maheshwari pdf 80 and sparked your interest in reading the book. If you want to get a PDF copy of the book, you can search for it online or visit the official website of the publisher, Sultan Chand & Sons. Alternatively, you can also buy a hardcover or paperback copy of the book from any online or offline bookstore.


Thank you for reading this article and happy learning!


FAQs




Here are some of the frequently asked questions about managerial economics varshney and maheshwari pdf 80:



  • Who are the authors of the book?



The authors of the book are R. L. Varshney and K. L. Maheshwari, who are both professors of economics at the University of Delhi, India.


  • What is the edition and year of publication of the book?



The edition of the book is the ninth edition and the year of publication is 2006.


  • What is the ISBN number and price of the book?



The ISBN number of the book is 9788180543838 and the price of the book is Rs. 495.


  • How many pages and chapters does the book have?



The book has 684 pages and 11 chapters.


  • What are some of the other books on managerial economics?



Some of the other books on managerial economics are:


  • Managerial Economics by Yogesh Maheshwari



  • Managerial Economics by D. Salvatore



  • Managerial Economics by Pearson and Lewis



  • Managerial Economics by H. Craig Petersen and W. Cris Lewis



  • Managerial Economics by D. N. Dwivedi



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