Business Economics (Major/Minor) Book B.Com 1st Semester

Syllabus

Course Code: EFM-51T-103

Business Economics

UNIT-I

Business Economics: Meaning, Nature and Scope, Role of Business Economist in Business.

Central Problems of the Economy. Micro Economics and Macro Economics – Concept and Scope. Role of Micro Economics Analysis in Formulation of Business Decision, Difference and Interdependence of Micro and Macro Economic Analysis.

Utility Analysis: Cardinal and Ordinal Approaches, Law of Diminishing Marginal Utility and Law of Equi-Marginal Utility, Consumer’s Surplus. 

UNIT-II

Indifference Curve: Meaning, Characteristics, Consumer’s Equilibrium, Income Effect, Price Effect and Substitution Effect.

Demand Analysis, Law of Demand, Elasticity of Demand and its Measurement and Significance.

Supply and Law of Supply, Elasticity of Supply.

Demand Forecasting.

Revenue and Cost Analysis: Revenue Analysis, Relationship between Total Revenue, Marginal Revenue and Average Revenue. Various Concepts of Cost, Short and Long Run Cost Curves.

UNIT-III

Production Function: Types of Production Functions, Laws of Returns, Law of Variable Proportions, Returns to Scale, Isoquant Curves, Expansion Path.

General Theory of Price Determination. Role of Time Element in Price Determination.

Market Analysis: Price and Output Determination under Perfect Competition, Monopoly, Discriminating Monopoly, Imperfect Competition and Oligopoly – Price Leadership and Kinked Demand Curve.

UNIT-IV

Business Cycles: Theories and Phases.

Factor Pricing: Determination of Rent, Wages, Interest and Profit.

Marginal Productivity Theory of Distribution.

National Income and its Measurement, National Income and Its Relationship with Economic Welfare.