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.
Meaning and Definition, scope of micro economics Difference and Inter Dependence of Micro and Macro Economics. Role of micro and macro economics in the formulation of business policy
Utility Approach- concept of utility, Law of Diminishing marginal utility, Law of Equi Marginal Utility
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
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
Meaning, Characteristics of Market.
Price and Output determination under: Perfect Competition, imperfect competition, Monopoly, Discriminating Monopoly, Oligopoly (Kinked demand curve)
Duopoly and Monposony- definition and features
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
Links:
[1] https://business.iisuniv.ac.in/courses/subjects/economic-analysis-0
[2] https://business.iisuniv.ac.in/academic-year/2019-2020