The objective of this course is to acquaint the students with concepts and techniques used in Micro-economic theory and to enable them to apply this knowledge in business decision-making.
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.
Meaning and Definition of Utility. Characteristics of Utility. Measurement of Utility. Total Utility and Marginal Utility. Law of Diminishing Marginal Utility, Law of Equi-Marginal utility, Limitations of Utility approach Law of Consumer surplus (Marshall’s version).
Meaning, Assumptions, Properties of Indifference curves. Budget Line. Consumer Equilibrium- Price, income and substitution effect. . Giffen’s Paradox.
Meaning, Determinants, Assumptions of the Law, Elasticity of demand-Meaning, Degree of Elasticity. Income and Cross Elasticity. Measurement of Price Elasticity of Demand. Law of Supply: Meaning and Determinants
Meaning of Production, Law of Variable Proportions, Returns to scale, Production and Equal product curves (Isoquants) Least cost combination
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
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
Links:
[1] https://business.iisuniv.ac.in/courses/subjects/micro-economics-theory-%E2%80%93-i-9
[2] https://business.iisuniv.ac.in/academic-year/2014-2015