1. Acquaint the students with the concept and theories of microeconomics
2. Develop an understanding of the market structure for price and output decisions.
Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
|
Paper Code |
Paper Title |
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ATG / BSG / FSG 123 |
Economic Analysis (Theory) |
The students will–
|
Approach in teaching: Interactive Lectures, Discussion, Tutorials, Reading assignments, Team teaching
Learning activities for the students: Field activities, Presentation, Giving tasks |
Class test, Semester end examinations, Quiz, Solving Numerical problems in tutorials, Assignments, Class Presentation |
• Micro Economics: Meaning and Definition, scope of micro economics Difference and Inter Dependence of Micro and Macro Economics.
• Role of micro and macro economics in the formulation of business policy
• Utility Approach- concept of utility, Law of Diminishing marginal utility, Law of Equi Marginal Utility
• Indifference Curve Approach: concept, properties of indifference curve, consumer equilibrium, price effect, income and substitution effect
• Demand analysis: -Law of demand, elasticity of demand,: degree of elasticity, methods of measuring elasticity
• Cost Analysis: types of cost , short run and long run cost curves
• Revenue: Concept and types
• Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Isoquants: Properties of isoquants, isoquants and return to scale
• Market: Meaning, Characteristics of Market.
• Price and Output determination under: Perfect Competition, imperfect competition, Monopoly, Discriminating Monopoly, Oligopoly (Kinked demand curve)
• Duopoly and Monposony- definition and features
• Marginal productivity theory of distribution:- Concept, price determination in perfect & imperfect market
Interest : types of interest, Keynesian theory of interest and modern theory of interest
• Profit: concept of profit, uncertainty theory of profit, modern theory of profit
• Somdeo, Business Economics, RBD, Jaipur
• Mathur, N.D, Business Economics, Shivam Publication, Jaipur
• Baumol, W J. Economic Theory and Operations Analysis.3rded,New Delhi, Prentice Hall 1996
• Jain, Khaana, Tiwari, Modern Business Economics, V K publications
• D. M Mithani, Managerial Economics, Himalaya Publishing House
• Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi.
• Koutsoyiannis, Modern Economics, New York, Macmillan,1991