Coming soon
Micro Economics
This course will enable the students to foster understanding of microeconomics for informed business decisions and proficiency in analyzing market structures to determine price and output levels strategically.
Course Outcomes (COs):
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course Title |
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24CFSG 103 |
Micro Economics (Theory) |
CO 13: Analyze microeconomic factors for informed business decision-making. CO 14: Evaluate consumer behavior using utility theory and indifference curves for identifying business opportunities. CO 15: Apply critical thinking to analyze production processes, cost structures, and propose strategic solutions. CO 16: Interpret market dynamics and trends to understand market conditions and communicate insights effectively. CO 17: Assess factors influencing production and pricing decisions, and develop collaboration skills in diverse work environments. CO 18: Contribute effectively in course-specific interaction |
Approach in teaching: Interactive Lectures, Discussion, Tutorials, and PowerPoint presentations.
Learning activities for the students: Self-learning assignments, Seminar presentation. |
CA test, Semester end examinations, Quiz, Assignments, and Presentations. |
• Meaning and Definition, Difference between Micro and Macro Economics. Role of Micro and Macro in Business policy decision making
• Demand and Supply: Law of Demand, Determinants of Demand and Supply, expansion & contraction in Demand and Supply curve, Elasticity of Demand and Supply.
• Practical : Debate a business policy from micro vs. macro perspectives
• Meaning, Characteristics of Utility. Measurement of Utility, Law of Diminishing Marginal Utility, Law of Equi-Marginal utility
• Indifference curve Approach: Meaning, Properties of Indifference curves. Budget Line. Consumer Equilibrium- Price, income, and substitution effect.
• Practical: Survey personal utility from goods to show diminishing marginal utility
• Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Economies and Diseconomies of scale Equal product curves (Isoquants)
• Cost Analysis: Short-run cost curves and Long-run cost curves.
• Practical: Make a presentation on production and cost curves.
• Revenue Analysis-Concept and Types
• Classification and Features
• Price and Output determination under Perfect Competition and Monopoly, Discriminating Monopoly, Monopolistic competition, and Oligopoly- Kinked demand curve
• Practical: Role-play firms to determine pricing and output
• Factor Pricing: Marginal productivity theory of distribution.
• Modern theory of distribution: Demand & Supply of factors of production, Determination of factor price, Modern Theory of Wages and Rent.
• Practical: Analyze wage determination in an industry case study
• Somdeo, Business Economics, RBD, Jaipur
• Mathur, N.D, Business Economics, Shivam Publication, Jaipur
• Business Economics Chaudhary,C.M ,RBSA, Jaipur
• Modern Business Economics,Jain,T.R,VKI Publications
• Fundamental of Business Economics, Mithani,D.M Himalaya publication house
Suggested Readings:
• Business Economics Ahuja, H.L,s.chand& company ltd
• Business Economics-I (Micro)Chaturvedi D.D, brijwasi books distributers and publication
• Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi
• Business Economics,Gillespie,Andrew
• Managerial Economics,Damodaran,Suma,oxford university press
• Managerial Economics : A problem Solving approach, Wilkinson, cengage learning
E-Content:
• Managerial economics: William F. Samuelsson, Stephen G. marks http://www.mim.ac.mw/books/Samuelson%20Managerial%20Economics%207e.pdf
• UG path Shala: https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=0YyNXHI8GPO8SUQIuYNt...
Reference Journals:
• Economic and Political Weekly, www.epw.in
• Indian Journal of Finance
