Micro Economics (Theory)

Paper Code: 
24CFSG111
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to foster understanding of microeconomics for informed business decisions and proficiency in analyzing market structures to determine price and output levels strategically.

Course Outcomes: 

Course

Learning outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

Title

 

24CFSG 111

 

Micro Economics

(Theory)

CO 1: Analyze microeconomic factors for informed business decision-making.

CO 2: Evaluate consumer behavior using utility theory and indifference curves for identifying business opportunities.

CO 3: Apply critical thinking to analyze production processes, cost structures, and propose strategic solutions.

CO 4: Interpret market dynamics and trends to understand market conditions and communicate insights effectively.

CO 5: Assess factors influencing production and pricing decisions, and develop collaboration skills in diverse work environments.

CO 6: Contribute effectively in course-specific interaction

Approach in teaching: Interactive Lectures, Discussion, Tutorials, and PowerPoint presentations. 

 

 

Learning activities for the students: Self-learning assignments,  Seminar presentation.

CA test, Semester end examinations, Quiz, Assignments, and Presentations.

 

12.00
Unit I: 
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
Unit II: 
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
Unit III: 
Production and Cost Analysis

• 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
Unit IV: 
Revenue Analysis and Market Structure

• Revenue Analysis-Concept and Types
• Classification and Features
• Price and Output determination under Perfect Competition and Monopoly, Discriminating Monopoly, Monopolistic competition, and Oligopoly- Kinked demand curve

12.00
Unit V: 
Factor Pricing

• Factor Pricing: Marginal productivity theory of distribution.
• Modern theory of distribution: Demand & Supply of factors of production, Determination of factor price, Modern Theory of Wages and Rent.

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- Content:
• 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...

Reference Journals:
• Economic and Political Weekly, www.epw.in
• Indian Journal of Finance

Academic Year: 
2024-2025
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