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MICRO ECONOMICS
Course Outcomes (COs):
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Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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On completion of this course, the students will be able to:
CO1 Students will explore the role of microeconomics in business decisions and interpret the role of Micro and Macro Economics in decision-making. Students will analyze the law of demand and supply and develop an understanding of various types of elasticity of demand and supply CO2 Students will examine the utility approach. Students will evaluate the concept of the indifference curve and budget line for making consumer choices in different situations. CO3 Students will evaluate the concept of production and cost analysis in different time periods and also examine the practical approach of cost analysis through various practical problems. CO4 Students will analyze the different market conditions taking the time element into consideration. Also able to interpret the market situation with real-world business trends. CO5 Students will analyze different factors of production and its pricing policy. Students can also examine the modern approaches to factor pricing. |
Approach in teaching: Interactive Lectures, Discussion, Tutorials, Practical cases Demonstration, Power point presentation. Learning activities for the students: Self learning assignments, Effective questions, Seminar presentation, Live practical problems analysis |
Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects |
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.
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.
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.
Price and Output determination under Pure & Perfect Competition and Monopoly, Discriminating Monopoly, Monopolistic competition, and Oligopoly- Kinked demand curve
Factor Pricing: Marginal productivity theory of distribution: Assumptions, factor pricing under perfect competition & criticism,
Modern theory of distribution: demand & supply of factors of production, determination of factor price, Modern theory of wages, Rent, Interest and Profit.
SUGGESTED TEXT BOOKS:
• 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
SUGGESTED REFERENCE BOOKS:
• 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-RESOURCES:
• 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
REFERENCE JOURNALS:
• Economic and Political Weekly, www.epw.in
• Indian Journal of Finance
• The Economic Challenger
