Business Economics

Paper Code:

24EBSG116

Credits:

Contact Hours:

45.00

Max. Marks:

100.00

Objective:

This course will enable students to grasp key concepts in microeconomics, including demand, supply, utility theory, production, cost analysis, revenue, market structures, price determination, and factor pricing, enhancing their understanding for business decision-making.

Course

Course Outcomes

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course Title

24EBSG116

Business Economics

(Theory)

CO31: Explore the role of Micro 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

CO32: Examine the utility approach. Students will evaluate the concept of the indifference curve and budget line for making consumer choices in different situations

CO33: 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

CO34: Analyse the different market conditions taking the time element into consideration. Also able to interpret the market situation with real-world business trends.

CO35: Analyse different factors of production and its pricing policy. Students can also examine the modern approaches to factor pricing.

CO36: Contribute effectively in course-specific interaction

Approach in teaching: Interactive Lectures, Discussion, Practical cases Demonstration, Power point presentation.

Learning activities for the students: Self-learning assignments, Effective questions, Seminar presentation, Live practical problems analysis

Presentation, Report writing

9.00

Unit I:

Micro 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 and Cost Analysis:

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 and Markets:

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 and Factor Pricing:

Monopolistic Competition and Oligopoly (Kinked Demand Curve) Factor Pricing:

Meaning, Need for a separate study of factor pricing, the Basic concept 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-Contents: