Microeconomic Theory

Paper Code: 
24AAF215
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

 

This course will enable the students 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 Outcomes (COs):

Course

Course Outcomes

 

Learning and teaching strategies

Assessment Strategies

Course Code

Course title

24AAF215

Microeconomic Theory

(Theory)

CO67: Construct introductory knowledge of micro and macroeconomics and understand the Interdependence on each other.

CO68: Develop an ability to understand comprehend the mechanism of the concept of  utility and indifference curve approach

CO69: Analyze the concept of the law of demand and its elasticity and also know about the law of supply

CO70: Evaluate how price and output determined under different market structures are working.

CO71: Formulate an understanding and acquire knowledge about different concepts of cost and cost curves also learn the functionality of the law of productions.

CO72: Contribute effectively in course – specific interaction.

Approach for teaching:

Interactive Lectures, Discussion, Tutorials, Reading assignments, White board teaching

 

Learning activities for the students:

Self-learning assignments,

Written tests, Presentations/ Assignment/Quiz.

 

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 and Indifference Curve Approach:

• 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 and Law of Supply:

• 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: 

1. Somdeo, Business Economics, RBD, Jaipur
2. Mathur, N.D, Business Economics, Shivam Publication, Jaipur
3. Business Economics Chaudhary,C.M ,RBSA,Jaipur
4. Modern Business Economics,Jain,T.R,VKI Publications
5. Fundamental of Business Economics, Mithani,D.M Himalaya publication house

References: 

1. Business Economics Ahuja, H.L,s.chand&company ltd
2. Business Economics-I (Micro)Chaturvedi D.D, brijwasi books distributers and publication
3. Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi
4. Business Economics,Gillespie,Andrew
5. Managerial Economics,Damodaran,Suma,oxford university press

E-Content:
1. Managerial economics:William F. Samulson, Stephen G. marks http://www.mim.ac.mw/books/Samuelson%20Managerial%20Economics%207e.pdf
2. UG pathshala: https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=0YyNXHI8GPO8SUQIuYNt...
3. NPTEL Video:https://youtu.be/vLPpF0hunwc
4. EPWRF India Time Series, www.epwrfits.in

Reference Journals:
1. Economic and Political Weekly, www.epw.in
2. Indian Journal of Finance
3. The Economic Challenger

Academic Year: 
2024-2025
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