Fundamentals of Economics

Paper Code: 
BBA 104
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

The course aims at acquainting the students with the elementary concepts of economics, which is vital for effective managerial decision-making. An attempt has been made to familiarize the students with both, the microeconomics as well as macroeconomics.

6.00
Unit I: 
Business Economics:

Business Economics: Meaning and Scope of Business Economics, Important factors influencing the managerial decisions of the firm

10.00
Unit II: 
Utility analysis:

Utility analysis: Law of diminishing marginal utility, Equi-marginal utility.

12.00
Unit III: 
Indifference curve analysis,

Indifference curve analysis, Consumer surplus, Law of demand, Elasticity of demand (Price, income and cross elasticity), Demand forecasting

8.00
Unit IV: 
Production function:

Production function: Concept, Short and Long run productive function, Laws of variable proportion, Isoquants, Returns to Scale, Internal and External Economies and Diseconomies.

8.00
Unit V: 
Cost Curves,

Cost Curves, brief explanation of Long and Short run cost curves.

Essential Readings: 

Case Studies
Essential Reading:
1. Seth, M. L., Principles of Economics, Laxmi Narain Agarwal, Agra
2. Mithani, D.M., Fundamentals of Economics, Himalaya Publishing House, Mumbai
3. Ahuja, H.L. , Business Economics, S. Chand & Company, New Delhi

References: 

. Salvatore, Dominick, Micro Economics, Oxford University Press, New York
. Jhingal, M.L., Principles of Economics, Vikas Publishing House, New Delhi
. Mukherjee, Debes, Business Economics Micro and Macro, New Central Book Agency, Calcutta

Academic Year: 
2015-2016
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