MICRO ECONOMIC THEORY I

Paper Code: 
COM 104
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Outcomes

Learning and teaching strategies

Assessment Strategies

 
 

On completion of this course, the students will be able to:

 

  1. Students will explore the role of micro economics in business decisions and interpret the Inter Dependence of Micro and Macro Economics.
  2.  Students will examine the utility approach and also comprehend the concept of consumer surplus.
  3.  Students will evaluate the concept of indifference curve and budget line for making consumer choices in different situations.
  4.   Students will analyse the law of demand and develop the understanding of various types of elasticity of demand.
  5.   Students will analyse law of supply and law of production for  the decision making of the producers

Lecture and Class Discussions (Tool - PowerPoint presentation). Talk on years with surplus BOP in India.

Class Discussion and presentation on popular international investments in India.

Class Discussion on History of Foreign aid to India and WTO report (Tool - PowerPoint presentation)

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects

 

 

7.00
Unit I: 
Introduction to economics:

Central problems of economy, Concept & definition of micro economics & macro economics, scope of microeconomics, 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.

8.00
Unit II: 
Utility Approach:

9
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

8.00
Unit III: 
Indifference curve Approach:

Meaning, Assumptions, Properties of Indifference curves, Budget Line, Consumer Equilibrium, Price, income and substitution effect

11.00
Unit IV: 
Law of Demand:

Meaning, Determinants, Assumptions of the Law of demand, Exceptions of Law. Elasticity of demand-Meaning, Degree of Price Elasticity. Income and Cross Elasticity, Methods of Measurement of Price Elasticity of Demand.-Percentage, Total outlay, Point, Arc method.
Demand forecasting- concept, methods

9.00
Unit V: 
Law of Supply and Law of Production

Law of Supply: Meaning and Determinants
Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Production and Equal product curves (Isoquants), Least cost combination

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-READINGS:
• Managerial economics: William F. Samuelsson, Stephen G. marks http://www.mim.ac.mw/books/Samuelson%20Managerial%20Economics%207e.pdf
• UG path Shala: https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=0YyNXHI8GPO8SUQIuYNt...
• NPTEL Video: https://youtu.be/vLPpF0hunwc
• EPWRF India Time Series, www.epwrfits.in

JOURNALS:
• Economic and Political Weekly, www.epw.in
• Indian Journal of Finance
• The Economic Challenger

Academic Year: 
2022-2023
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