Economic Analysis I

Paper Code: 
(MED 123)
Credits: 
4
Contact Hours: 
60.00
Objective: 

The objective of this course is to acquaint the students with concepts and techniques used in economic theory and to enable them to apply this knowledge in business decision-making

7.00
Unit I: 
Micro Economics:

: Meaning and Definition, Types of Micro Economic Analysis. Role of Micro and Macro Economic Analysis in Formulation of Business Policy. Difference and Inter Dependence of Micro and Macro Economics.

10.00
Unit II: 

Cost Analysis: Real cost, Opportunity cost, Money cost, Explicit and Implicit cost. Short run cost curves and Long run cost curves

Revenue analysis: Concept and types

Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Production and Isoquants

10.00
Unit III: 

Market: Meaning, Characteristics of Market.

Price and Output determination under:  Perfect Competition, Monopoly, Discriminating Monopoly, Oligopoly (Kinked demand curve)

Duopoly and Monopsony- defination and features

8.00
Unit IV: 
Marginal productivity theory of distribution:-

Concept, price determination  in  perfect  & imperfect  market, theory  of  rent.Marginal  productivity  theory  of distribution:-

 

10.00
Unit V: 

Theory  of Wages, Interest  &  Profit.

Essential Readings: 

•    Somdeo, Business Economics, RBD, Jaipur  
•    Mathur, N.D, Business Economics, Shivam Publication, Jaipur
•    Baumol, W J. Economic Theory and Operations Analysis.3rd ed,New Delhi, Prentice Hall 1996

References: 

•    Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi
•    Koutsoyiannis, Modern Economics, New York, Macmillan,1991
•    Keat Paul G &K.Y.Young, Managerial Economics, Prentice Hall, New Jersey

Academic Year: 
2018-2019
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