Micro Economics Theory

Paper Code: 
AAF 215
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Outcomes

 

Learning and teaching strategies

  
 

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

CO63: Construct introductory knowledge of micro and macroeconomics and understand the Interdependence on each other.

CO64: Develop an ability to understand comprehend the mechanism of the concept of  utility and indifference curve approach

CO65: Analyze the concept of the law of demand and its elasticity and also know about the law of supply

CO66: Evaluate how price and output determined under different market structures are working.

CO67: Formulate an understanding and acquire knowledge about different concepts of cost and cost curves also learn the functionality of the law of productions.

Interactive Lectures, Discussion, Tutorials, Reading assignments, White board teaching, Self learning assignments, Effective questions, Giving tasks

  

 

9.00
Unit I: 

Micro Economics                                                                                                         

  • Meaning and Definition, Role of Micro and Macro Economic Analysis in Formulation of Business Policy.
  • Difference and Inter Dependence of Micro and Macro Economics.

 

9.00
Unit II: 

Utility Approach                                                                                                          

·       Meaning and Definition of Utility. Measurement of Utility. Total Utility and Marginal Utility. Law of Diminishing Marginal Utility.

Indifference curve Approach: Meaning, Properties of Indifference curves. Budget Line. Consumer Equilibrium- Price and income effect. Giffen’s Paradox

9.00
Unit III: 

Law of Demand                                                                                                         

  • Meaning, Assumptions of the Law, Elasticity of demand, Degree of price Elasticity. Measurement of Price Elasticity of Demand.
  • Law of Supply: Meaning and Determinants of supply.

 

9.00
Unit IV: 

Market                                                                                                                       

·       Meaning, Characteristics of Market

Price and Output determination under: Perfect Competition and Imperfect competition. Discriminating Monopoly

9.00
Unit V: 

Cost Analysis                                                                                                  

·       Real cost, Opportunity cost, Money cost, Explicit and Implicit cost. Short run cost curves long run curves.

Law of Production- Meaning of Production, Law of Variable Proportions and Returns to scale

Essential Readings: 
  • 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

 

References: 

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- RESOURCES:

JOURNALS:

  • Economic and Political Weekly, www.epw.in
  • Indian Journal of Finance
  • The Economic Challenger

 

Academic Year: 
2022-2023
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