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.
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.
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)
Meaning, Assumptions, Properties of
Indifference curves. Budget Line. Consumer Equilibrium- Price,
income and substitution effect. . Giffen’s Paradox.
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
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