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Micro Economic Theory I [1]

Paper Code: 
AAF 216
Credits: 
03
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

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.

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. 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 Publications,Jaipur Jain, Khanna and Tiwari            , Modern business Economics, V.K.Enterprises, New Delhi

References: 

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

Academic Year: 
2019-2020 [2]

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Source URL: https://accountingtaxation.iisuniv.ac.in/courses/subjects/micro-economic-theory-i

Links:
[1] https://accountingtaxation.iisuniv.ac.in/courses/subjects/micro-economic-theory-i
[2] https://accountingtaxation.iisuniv.ac.in/academic-year/2019-2020