Managerial Economics: Meaning, Nature, Scope. & Significance, Uses of Managerial Economics, Objectives and alternative hypothesis of the firm – Theories of firm-Baumol’s Model and Agency theory- Law of Demand, Exceptions to the Law of Demand, Elasticity of Demand- Price, Income, Cross and Advertising Elasticities, Uses of Elasticity of Demand for Decision Making, - Demand Forecasting: Meaning and Significance. Problems on Elasticity of Demand.