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.
Course Outcome(COs):
Course |
Learning Outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
|
Paper Code |
Paper Title |
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ATG 114 |
Micro Economic Theory I |
15. Students will explore the role of micro economics in business decisions and interpret the Inter Dependence of Micro and Macro Economics. 16. Students will examine the utility approach and also comprehend the concept of consumer surplus. 17.Students will evaluate the concept of indifference curve and budget line for making consumer choices in different situations. 18.Students will analyse the law of demand and develop the understanding of various types of elasticity of demand. 19.Students will analyse law of supply and law of production for the decision making of the producers |
Approach in teaching: Interactive Lectures, Discussion, Tutorials, Practical cases Demonstration, Power point presentation. Learning activities for the students: Self learning assignments, Effective questions, Seminar presentation, Live practical problems analysis |
Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects, Case Study Analysis |
• Central problems of economy,
• Concept & definition of micro economics ¯o economics,
• Scope of microeconomics,
• 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.
• Meaning, Assumptions,
• Properties of Indifference curves,
• Budget Line,
• Consumer Equilibrium, Price,
• income and substitution effect.
• Meaning, Determinants,
• Assumptions of the Law of demand,
• Exceptions of Law.
Elasticity of demand-
• Meaning, Degree of Price Elasticity.
• Income and Cross Elasticity,
• Methods of Measurement of Price Elasticity of Demand.
• Percentage, Total outlay, Point, Arc method.
Demand forecasting
• concept, methods
• 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
• Keat Paul G &K.Y.Young, Managerial Economics, Prentice-Hall, New Jersey
• Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi