Coming soon
Macro Economic Theory I
The objective of this course is to acquaint the students with concepts and techniques used in Micro-economic theory and to enable them to apply this knowledge in business decision-making.
Micro Economics: Meaning and Definition, Types of Micro Economic
Analysis. Role of Micro and Macro Economic Analysis in Formulation of
Business Policy. Difference and Inter Dependence of Micro and Macro
Economics.
Utility Approach: Meaning and Definition of Utility. Characteristics of
Utility. Measurement of Utility. Total Utility and Marginal Utility. Law of
Diminishing Marginal Utility, Law of Equi-Marginal utility, Limitations of
Utility approach
Law of Consumer surplus (Marshall’s version)
Indifference curve Approach: Meaning, Assumptions, Properties of
Indifference curves. Budget Line. Consumer Equilibrium- Price, income and
substitution effect. . Giffen’s Paradox.
Law of Demand: Meaning, Determinants, Assumptions of the Law, Elasticity
of demand-Meaning, Degree of Elasticity. Income and Cross Elasticity.
Measurement of Price Elasticity of Demand.
Law of Supply: Meaning and Determinants
Law of Production- Meaning of Production, Law of Variable Proportions,
Returns to scale, Production and Equal product curves (Isoquants) Least cost
combination.
Somdeo, Business Economics, RBD, Jaipur
Mathur, N.D, Business Economics, Shivam Publication, Jaipur
Baumol, W J. Economic Theory and Operations Analysis.3rd ed,New Delhi, Prentice Hall 1996
Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi Koutsoyiannis, Modern Economics, New York, Macmillan,1991
Keat Paul G &K.Y.Young, Managerial Economics, Prentice Hall, New Jersey Dipsey R.G and Cheystal, Principles of economy, Oxford university Press
