MICRO ECONOMICS

Paper Code: 
CBFS 301
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the student to understand the principles of microeconomics, analyse demand and supply, utility, production, cost, revenue, market structures, and factor pricing in business decision-making.

Course Outcomes: 

 

 

Course

 

 

Learning outcome (at course level)

Learning  and Teaching Strategies

Assessment Strategies

Course Code

 

 

Course Title

CBFS301

Micro Economics (Theory)

 
  1. Explore microeconomics' role in business, interprets micro and macroeconomic impacts on decisions, and analyzes demand, supply, and elasticity.
  2. Examine the utility approach and evaluate the indifference curve and budget line concept for making consumer choices in different situations.
  3. Evaluate production and cost analysis across periods and applies cost analysis through practical problems.
  4.   Analyze various market conditions over time and interpret market situations using real-world business trends.
  5. Evaluate factors of production and their pricing policies and examine modern approaches to factor pricing.
  6. Contribute effectively in course-specific interaction

Approach in teaching: Blended Learning, Collaborative approach, Interactive Lectures, Discussion, Group Projects, PowerPoint presentation.

   

Learning activities for the students:

Self-learning assignments, Seminar presentations, Case Study Analysis, Brainstorming activities

 

Class tests, CA Test,

Semester end examinations, Quiz,

Evaluation of student Presentations,

 

Evaluation of Individual and group projects,

 

Assessment of Project Reports and viva voce.

 

12.00

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.

12.00

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

12.00

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

12.00

Revenue Analysis-Concept and types
Market: Classification and Features
Price and Output determination under Pure & Perfect Competition and Monopoly, Discriminating Monopoly, Monopolistic competition, and Oligopoly- Kinked demand curve

12.00

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.

Essential Readings: 

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 :
1. Business Economics Ahuja, H.L,s.chand& Company Ltd
2. Business Economics-I (Micro)Chaturvedi D.D, Brijwasi books distributors and publication
3. Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi
4. Business Economics, Gillespie, Andrew
5. Managerial Economics,Damodaran, Suma, Oxford University Press
6. Managerial Economics: A problem-Solving approach, Wilkinson, cengage learning
e-Resources:
1. Managerial economics: William F. Samuelsson, Stephen G. marks http://www.mim.ac.mw/books/Samuelson%20Managerial%20Economics%207e.pdf
2. UG path Shala: https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=0YyNXHI8GPO8SUQIuYNt...
3. NPTEL Video: https://youtu.be/vLPpF0hunwc
4. EPWRF India Time Series, www.epwrfits.in
5. Economic and Political Weekly, www.epw.in
6. Indian Journal of Finance
7. The Economic Challenger

Academic Year: 
2023-2024
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