| Course Name | Engineering Economic Analysis |
| Course Code | 15MEC331 |
| Program | B. Tech. in Mechanical Engineering |
| Year Taught | 2019 |
Economics: Nature and scope of managerial economics. Economic theory and managerial economics.
Cost Concepts: Types of costs – Cost functions. Cost controls: reduction – Tools & Areas. Pricing policies – methods. Capital budgeting – cost of capital. Appraising project profitability.
The essentials of demand and supply: The law of demand. Market demand curve. Other determinants of market demand. The law of supply. Determinants of market supply. The market mechanism.Price elasticity of demand.
Profit and revenue maximization: Optimal input combination. Total revenue maximization.
Market structure: Perfect competition and monopoly. Characteristics of monopolistic competition. Oligopoly.
Operations Research techniques in managerial economics: Inventory models. Theory of games. Decision theory, Risk and Uncertainty, Measuring risk, Consumer behavior and risk aversion, Decision making under uncertainty with complete ignorance
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