Subject Details
Dept     : MECHATRONICS
Sem      : 7
Regul    : R2019
Faculty : P.Kalaiselvi
phone  : NIL
E-mail  : kalaiselvipalanivel@gmail.com
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Lecture Notes

UNIT 1:
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Definition of economics - nature and scope of economic science
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Nature and scope of managerial economic & Basic terms and concepts
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Factors of production & Economies of large and small scale
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Consumption -wants - its characteristics and classification
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Law of diminishing marginal utility
UNIT 2:
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Elasticity of demand- Types of elasticity - factors determining elasticity
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Demand - demand schedule
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Demand curve - law of demand
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Measurement – its significance - supply – supply schedule
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Supply curve - law of supply - elasticity of supply
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Market price and normal price
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perfect competition - Monopoly – monopolistic competition

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