Course Objectives
This course has been designed to acquaint the students with
• Acquaint the students with concepts and techniques used in Micro-Economic Theory
• Enable them to apply this knowledge in business decision-making using both micro and macroeconomic principles. Emphasis is given to changes in the nature of business firms in the context of globalization
Course Outcomes:
Learning Outcomes (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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The student will be able to-
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Approach in teaching: Interactive Lectures, Group Discussion, Tutorials, Case Study
Learning activities for the students: Self-learning assignments, presentations |
Class test, Semester end examinations, Quiz, Assignments, Presentation |
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Managerial Economics: Meaning, Nature and Scope of managerial economics.
Constraints and Opportunity costs, Production Possibility Curve,
Consumer Behaviour: Utility and indifference curve approaches-meaning, law of diminishing, marginal rate of substitution, properties of indifference curve, price line, consumer’s equilibrium-conditions of consumer equilibrium, income substitution and price effect.
Demand analysis: Demand and law of demand, Normal Goods, Substitute Goods, Veblen Effect, Bandwagon effect, Network Externality, Snob Effect,determinants of demand on demand function, change in demand, elasticity of demand-degrees, Measurement of price elasticity of demand-total expenditure method, proportionate method, point elasticity method. Demand forecasting- Meaning and techniques of demand forecasting, Law of supply (Conceptual)
Cost and Output Analysis: Cost Concepts and Cost Output Relationship
Concepts of Revenue, Theory of Firm
Production Function: Short Run and Long Run
Markets: Meaning, characteristics, types of markets-perfect and imperfect markets, Price and output determination in perfect competition, monopoly and monopolistic market.
Macro Economic factors affecting Business- Business cycles, Inflation, National Income, Political stability, Financial markets-Stock Market, Currency Market and Commodity Markets
• Satya P Das, Micro Economics for Business, Sage Publications Pvt. Ltd.
• Perloff & Brander, Managerial Economics and Strategy, Pearson Education
• Mathur, Yadav, Vyas, Business Economics, RBSA, Jaipur
• Jain,Khanna & Tiwari, “ Business Economics”,V K India enterprises,New Delhi.
• Adhikary, M. Business Economics., New Delhi, Excel Books, 2000.
• Keat, Paul G & Philips K. Y. Young, Managerial Economics, Prentice Hall, New Jersey, 1996