 Hello all, welcome to the course. Economic agent and society, they always face the problem of unlimited want and limited resources. The major issue what they face that how do they allocate the scarce resources into the unlimited want. Economics is all about this, how do we take a decision or make a decision based on this scarce resources into the unlimited wants. There are two branches of economics, one is micro and second one is macro. The focus of this course is microeconomics. Microeconomics is the study of individual unit and their business. In this case we typically take the talk about the individual firms, individual producer, individual consumer or the price or the ways or the income. Microeconomics is the economics applied for business decision. The spatial branch of economics, bridging the gap between the economic theory and the managerial practice. The root of managerial economic spring from microeconomics theory and this is microeconomics theory is the study of how direct scarce resources in a way that most efficiently achieve the efficient managerial goal. Managerial economics has the close linkage with the other subjects, say economics with psychology, mathematics, accounting, management theory and statistics. Managerial economics integrate the concepts on the subjects and try to use them along with the other tools to apply to the business decision making. In this course there are four models, the first three models will try to understand the basic concept and the tools associated with demand theory, consumer behavior, theory of production, theory of cost and in last model that is in model four in market structure we will try to integrate and see that how this concept and tools are being used for profit maximization by the manager. Also we will do some pricing model like your king demand theory or price discrimination or price leadership and some product pricing models. Finally we will see how the game theory is being used for the business decision making. This course attempts to make you understand the basic concepts of economics, the economic theory, economic principles and how these are being used for the managerial decision making.