Micro Economics

Paper Code: 
24CFSG103
Credits: 
04
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to foster understanding of microeconomics for informed business decisions and proficiency in analyzing market structures to determine price and output levels strategically.

Course Outcomes: 

 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

Title

 

24CFSG 103

 

Micro Economics

(Theory)

CO 13: Analyze microeconomic factors for informed business decision-making.

CO 14: Evaluate consumer behavior using utility theory and indifference curves for identifying business opportunities.

CO 15: Apply critical thinking to analyze production processes, cost structures, and propose strategic solutions.

CO 16: Interpret market dynamics and trends to understand market conditions and communicate insights effectively.

CO 17: Assess factors influencing production and pricing decisions, and develop collaboration skills in diverse work environments.

CO 18: Contribute effectively in course-specific interaction

Approach in teaching: Interactive Lectures, Discussion, Tutorials, and PowerPoint presentations. 

 

 

Learning activities for the students: Self-learning assignments,  Seminar presentation.

CA test, Semester end examinations, Quiz, Assignments, and Presentations.

 

12.00
Unit I: 
Micro Economics
  • Meaning and Definition, Difference between Micro and Macro Economics. Role of Micro and Macro in Business policy decision making
  • Demand and Supply: Law of Demand, Determinants of Demand and Supply, expansion & contraction in Demand and Supply curve, Elasticity of Demand and Supply.
  • Practical : Debate a business policy from micro vs. macro perspectives

 

12.00
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 substitution effect.
  • Practical: Survey personal utility from goods to show diminishing marginal utility

Unit II:  Utility Approach                                                                                        12 Hours

 

  • 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 substitution effect.
  • Practical: Survey personal utility from goods to show diminishing marginal utility
12.00
Unit III: 
Production and Cost Analysis
  • Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Economies and Diseconomies of scale Equal product curves (Isoquants)
  • Cost Analysis: Short-run cost curves and Long-run cost curves.
  • Practical: Make a presentation on production and cost curves.

 

12.00
Unit IV: 
Revenue Analysis and Market Structure
  • Revenue Analysis-Concept and Types
  • Classification and Features
  • Price and Output determination under Perfect Competition and Monopoly, Discriminating Monopoly, Monopolistic competition, and Oligopoly- Kinked demand curve
  • Practical: Role-play firms to determine pricing and output

 

12.00
Unit V: 
Factor Pricing
  • Factor Pricing: Marginal productivity theory of distribution.
  •  Modern theory of distribution: Demand & Supply of factors of production, Determination of factor price, Modern Theory of Wages and Rent.
  • Practical: Analyze wage determination in an industry case study

 

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: 

Suggested Readings:

  • 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

 

E-Content:

Reference Journals:

  • Economic and Political Weekly, www.epw.in
  • Indian Journal of Finance

 

Academic Year: 
2024-2025
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