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Home > MICRO ECONOMICS

MICRO ECONOMICS [1]

Paper Code: 
CFSG 103
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

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

 

CO11: Students will explore the role of microeconomics in business decisions and interpret the role of Micro and Macro Economics in decision-making. Students will analyze the law of demand and supply and develop an understanding of various types of elasticity of demand and supply

CO12: Students will examine the utility approach. Students will evaluate the concept of the indifference curve and budget line for making consumer choices in different situations.

CO13: Students will evaluate the concept of production and cost analysis in different time periods and also examine the practical approach of cost analysis through various practical problems.

CO14: Students will analyze the different market conditions taking the time element into consideration. Also able to interpret the market situation with real-world business trends.

CO15: Students will analyze different factors of production and its pricing policy. Students can also examine the modern approaches to factor pricing.

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

 

 

12.00

Micro Economics: 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.

12.00

Utility Approach: 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.

12.00

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.

12.00

Revenue Analysis-Concept and types
Market: Classification and Features
Price and Output determination under Pure & Perfect Competition andMonopoly, Discriminating Monopoly, Monopolistic competition, and Oligopoly- Kinked demand curve

12.00

Factor Pricing: Marginal productivity theory of distribution: Assumptions, factor pricing under perfect competition & criticism,
Modern theory of distribution: demand & supply of factors of production, determination of factor price, Modern theory of wages, Rent, Interest and Profit.

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: 

• 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

Academic Year: 
2023-2024 [2]

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Source URL: https://accountingtaxation.iisuniv.ac.in/courses/subjects/micro-economics

Links:
[1] https://accountingtaxation.iisuniv.ac.in/courses/subjects/micro-economics
[2] https://accountingtaxation.iisuniv.ac.in/academic-year/2023-2024