Business Economics

Unit

Topics

I

Famous Economist of India like- Kautilya, Gopal Krishna Gokhale, D.R. Gadgil, Dr. Ram Manohar Lohia, Jawaharlal Nehru and Dr. B.R. Ambedkar etc.

Introduction: Nature and Scope of Business Economics, Meaning, Kinds, Law of Demand, Law of Marginal Diminishing Utility, Elasticity of Demand.

Concept and Measurement of Elasticity of Demand, Price, Income, Cross Elasticity, Determinants of Elasticity of Demand, Importance of Elasticity of

Demand.                                                                                                    [Lectures-22]

II

Theory of Cost: Short Run and Long Run Cost Curve Traditional and Modern Approaches. Production Function: Law of Variable Proportion; Properties, Ridge Line, Optimum Factor Combination and Expansion Path; Return to Scale; Internal and External Economics and Diseconomies.                                      [Lectures-31]

III

A. Perfect Competition: Meaning, Price and Output Determination.

B. Monopoly: Meaning and Determination of Price Under Monopoly;     Equilibrium of a Firm/Industry.

C. Monopolistic Competition: Meaning and Characteristics; Price and Output Determination Under Monopolistic Competition.                                                                                             [Lectures-21]

IV

Business Cycle: Various Phases and its Causes;

Theory of Distribution: Marginal Productivity Theory of Modern Theory, Wage- Meaning, Determination of Wage Rate Under Perfect Competition and Monopoly.

Rent Concept: Modern Theories of Rent: Interest Concept- And Theories of Interest, Profit Concept - and Theories of Profit.                                                                                                          [Lectures-16]