Micro Economic Analysis

Paper Code: 
24BSG123
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to acquaint students with the concepts and theories of microeconomics, and develop their understanding of market structures for making price and output decisions.

 

 

Course Outcomes: 

Course Outcomes (COs):

 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

Title

24 FSG123

 

Micro Economic Analysis

(Theory)

 

CO13   Analyze the Concept of Utility and Consumer equilibrium

CO14 Evaluate the concept of demand to identify the changes in market demand.

CO15 Examine optimum cost and production function for a business

CO16 Examine the various market conditions to take decision on optimum profit, price and output for a firm.

CO17 Integrate the concept and theories of production interest and profit.

CO18 Contribute effectively in course-specific interaction

 

Approach in teaching:

 

Interactive Lectures, Discussion, Case Studies

 

Learning activities for the students:

 

Field activities, Presentation, Debates, Role-Playing

Class test, Semester end examinations, Quiz, Solving Numerical problems in tutorials, Assignments, Class Presentation

 

18.00
Unit I: 
Microeconomic Fundamentals
  • Micro Economic Fundamentals: Meaning and Definition, scope of micro economics Difference and Inter Dependence of Micro and Macro Economics.
  • Role of micro and macroeconomics in the formulation of business policy
  • Utility Approach- concept of utility, Law of Diminishing marginal utility, Law of Equi Marginal Utility

 

18.00
Unit II: 
Consumer Behavior and Demand Analysis
  • Indifference Curve Approach: concept, properties of indifference curve, consumer equilibrium, price effect, income and substitution effect
  • Demand analysis: -Law of demand, elasticity of demand, degree of elasticity, methods of  measuring elasticity

 

18.00
Unit III: 
Cost, Revenue, and Production Laws
  • Cost Analysis: types of cost , short run and long run cost curves
  • Revenue: Concept and types
  • Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Isoquants: Properties of isoquants, isoquants and return to scale

 

18.00
Unit IV: 
Market Structures and Price-Output Determination

Market: Meaning, Characteristics of Market.

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

                   Duopoly and Monopsony- Definition and features

18.00
Unit V: 
Distribution of Income and Profit Theory
  • Marginal productivity theory of distribution: Concept, price determination in perfect & imperfect          market

Interest: Types of interest, Keynesian theory of interest and modern theory of interest

  • Profit: concept of profit, uncertainty theory of profit, modern theory of profit

 

Essential Readings: 

1.      Somdeo, Business Economics, RBD, Jaipur

2.      Mathur, N.D, Business Economics, Shivam Publication, Jaipur

3.      Baumol, W J. Economic Theory and Operations Analysis.3rded,New Delhi, Prentice Hall 1996

4.      D. M Mithani, Managerial Economics, Himayala Publishing House

5.      Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi.

Jain, Khanna, Tiwari, Modern Business Economics, V K publications

References: 
  1. Koutsoyiannis, Modern Economics, New York, Macmillan,1991
  2. Dornbusch, R. and S., Fischer. Macro Economics . Publisher Tata McGraw Hill
  3. Mankiw, N. Gregory. Macro Economics. Macmillan.
  4. Oliver, Blanchard. Macro Economics, Pearson Education, LPE.
  5.  Damodaran,Suma,Managerial Economics, ,Oxford university press
  6.  Managerial Economics : A problem Solving approach,Cengage learning

E- Resources:

  1. Managerial economics:William F. Samulson, Stephen G. marks
  2. UG pathshala: https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=0YyNXHI8GPO8SUQIuYNt...
  3. NPTEL Video:https://youtu.be/vLPpF0hunwc
  4. EPWRF India Time Series, www.epwrfits.in
  5. https://www.economicsonline.co.uk/
  6. https://www.publicationsdivision.nic.in/journals/
  7. Economic and Political Weekly, www.epw.in
  8. Studies in Microeconomics, Sage Journal Publication
  9. Microeconomics and Macroeconomics, Scientific and Academic Publishing
  10. Economics, De Gruyter Open Access
  11. International Journal of Economics and Business Research, Inderscience Publishers

 

Academic Year: 
2024-2025
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