MICRO ECONOMIC ANALYSIS (THEORY)

Paper Code: 
ATG 123
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

Course Outcomes

Learning and teaching strategies

Assessment Strategies

  
 

On completion of this course, the students will be able to;

 

  1. Analyze the Concept of Utility and Consumer equilibrium 
  2. Examine the cost and the production function to find optimum cost and production function for a business
  3. Evaluate the concept of demand to identify the changes in market demand.
  4. Graphically demonstrate and interpret the equilibrium cost and output for various market structures
  5. Examine the various market conditions to take decision on optimum profit, price and output for a firm
  6. Integrate the concept and  theories of production interest and profit.

 

Interactive Lectures, Group Discussion, Tutorials, Reading assignments, Workshops and question preparation

 

Class test, Semester end examinations, Quiz, Solving Numerical problems in tutorials, Assignments, Class Presentation

  

 

17.00
Unit I: 
Unit I

• 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

17.00
Unit II: 
Unit II

• 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

19.00
Unit III: 
Unit III

• 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

17.00
Unit IV: 
Unit IV

• 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

20.00
Unit V: 
Unit V

• 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

Essential Readings: 
  • 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
  • D. M Mithani, Managerial Economics, Himayala Publishing House
  • Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi.
  • Jain, Khanna, Tiwari, Modern Business Economics, V K publications

 

References: 

SUGGESTED READING

  • Koutsoyiannis, Modern Economics, New York, Macmillan,1991
  • Dornbusch, R. and S., Fischer. Macro Economics . Publisher Tata McGraw Hill
  • Mankiw, N. Gregory. Macro Economics. Macmillan.
  • Oliver, Blanchard. Macro Economics, Pearson Education, LPE.
  • Damodaran,Suma,Managerial Economics, ,Oxford university press
  • Wilkinson ,Managerial Economics : A problem Solving approach,Cengage learning

e-RESOURCES

JOURNALS

  • Economic and Political Weekly, www.epw.in
  • Studies in Microeconomics, Sage Journal Publication
  • Microeconomics and Macroeconomics, Scientific and Academic Publishing
  • Economics, De Gruyter Open Access
  • International Journal of Economics and Business Research, Inderscience Publishers

 

Academic Year: 
2022-2023
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