BUSINESS ECONOMICS

Paper Code: 
EBSG 116
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

 

Course Outcome

Learning and teaching strategies

Assessment Strategies

CO26 Explore the role of Business economics 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

CO27 Examine the utility approach. Students will evaluate the concept of the indifference curve and budget line for making consumer choices in different situations

CO28  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

CO29  Analyse the different market conditions taking the time element into consideration. Also able to interpret the market situation with real-world business trends.

CO 30 Analyse 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

Observation, Presentation, Report writing

 

9.00
Unit I: 

Business Economics:

  • Meaning and Definition, Scope and Role of business economy in formulation of business policy

Demand and Supply:

  • Law of Demand, Determinants of demand, expansion & contraction in demand curve, , Elasticity of demand, Law of Supply.

 

9.00
Unit II: 

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   substitute  effect.

 

9.00
Unit III: 

Law of Production-

  • Meaning of Production, Law of Variable Proportions, Returns to Scale, Production and Equal product curves (Isoquants) Least cost combination.

Cost Analysis:

  • Short-run cost curves and Long run cost curves.

 

9.00
Unit IV: 

Revenue analysis:

  • Concept and types

Market:

  • Meaning, classification, features and Price and Output determination under  Perfect Competition,  Monopoly, and Discriminating Monopoly  

 

9.00
Unit V: 

Price and Output Determination:

  • Monopolistic Competition and Oligopoly (Kinked Demand Curve)

 Factor Pricing:

  • Meaning, Need for a  separate study of factor pricing, the Basic concept of factor pricing and the Modern Theory of Factor Pricing

 

 

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
  • Salvatore, Dominick, Micro Economics, Oxford University Press, New Yorrk
  • Seth, M. L., Principles of Economics, Laxmi Narain Agarwal, Agra
     

E-RESOURCES:

 

REFERENCE JOURNALS:

 

 

Academic Year: 
2023-2024
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