Coming soon
Business Economics
Course Objectives:
1. To familiarize the students with the basic concept of microeconomics.
2. To make student understand the demand and supply analysis in business applications 3. To familiarise students with the production and cost structure under different stages of production.
4. To understand the pricing and output decisions under various market structure.
Course Outcomes (COs):
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Learning outcomes (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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CO15: To familiarize the students with the basic concept of microeconomics. CO16: To make student understand the demand and supply analysis in business applications CO17: To familiarise students with the production and cost structure under different stages of production. CO18: To understand the pricing and output decisions under various market structure. CO19: To help students understand and apply the various decision tools to understand the market structure. CO20: Develop an understanding of role and function of managers. CO21: Provide a detailed view of various roles played by cost and revenue in business. |
Approach in teaching:
Interactive Hours using whiteboards, Questioning & Discussion, Reading assignments, Frequent or unannounced quizzes.
Learning activities for the students: Self learning assignments, Effective questions, presentation, Solving problems of unsolved questions
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Class test, Semester end examinations, Quiz, Assignments, Class interaction |
Demand, Supply and Market equilibrium: individual demand, market demand, individual supply, market supply, market equilibrium; Determinants of Demand; Elasticity of demand and supply: Price elasticity of demand, income elasticity of demand, cross price elasticity of demand, elasticity of supply.
Theory of consumer behavior: cardinal utility theory, ordinal utility theory (indifference curves, budget line, price effect, substitution effect, income effect for normal, inferior and giffen goods), revealed preference theory.
Producer and optimal production choice: optimizing behavior in short run( geometry of product curves, law of diminishing margin productivity, three stages of production), optimizing behavior in long run (isoquants, isocost line, optimal combination of resources)
Costs and scale: Cost Concepts, Cost Curves: Short run & Long run; economies of scale, economies of scope.
Theory of firm and market organization : perfect competition (basic features, short run equilibrium of firm/industry, long run equilibrium of firm/industry) ; monopoly (basic features, short run equilibrium, long run equilibrium, comparison with perfect competition, welfare cost of monopoly), price discrimination; monopolistic competition (basic features, demand and cost, short run equilibrium, long run equilibrium) ; oligopoly (Cournot’s model, kinked demand curve model, dominant price leadership model)
Factor market: demand for a factor by a firm under marginal productivity theory (perfect competition in the product market, monopoly in the product market), market demand for a factor, supply of labour, market supply of labour, factor market equilibrium.
Salvatore, Dominick, Micro Economics, Oxford University Press, New York
2. Seth, M. L., Principles of Economics, Laxmi Narain Agarwal, Agra
3. Mithani,D.M., Fundamentals of Economics, Himalya Publishing House,Mumbai
4. Ahuja, H.L. , Business Economics, S.Chand & Company,New Delhi
5. Mathur N.D. Managerial Economic. Shivam Book House, Jaipur
6. C. M. Choudhary : Business Economics
7. Jhingal, M.L., Principles of Economics, Vikas Publishing House, New Delhi
8. Mukherjee,Debes, Business Economics Micro and Macro, New Central Book Agency, Calcutta
