Business Economics (Micro) - I

Unit No.

Unit Title

Contents

1

Introduction and Basic Concepts

1.1   Meaning, Nature, Scope and Importance of Business                                                           Economics

1.2   Concept of Micro and Macro Economics

1.3   Tools for Economic Analysis- Functional          Relationship, Schedules, Graphs and Equations

1.4   Basic Concepts: Household, Consumer, Firm, Plant and Industry

1.5   Goals  of Firms – Economic  and  Non-Economic

2

Consumer Behavior

2.1    Utility: Concept and Types

2.2  Cardinal Approach: Law of Diminishing Marginal           Utility and Law of Equi Marginal Utility

2.3     Consumer Surplus: Concept and Measurement

2.4  Ordinal Approach: Indifference curve Analysis –           Concept, Characteristics, Consumer Equilibrium

3

Demand and Supply Analysis

3.1  Concept of Demand

3.2  Determinants of Demand

3.3  Law of Demand

3.4  Elasticity of Demand

3.4.1 Price Elasticity of Demand - Meaning, Types,            Measurement, Uses and Significance

3.4.2 Income Elasticity of Demand-Meaning and Types

3.4.3 Cross Elasticity of Demand-Meaning and Types

3.5   Supply: Concept, Determinants and Law of Supply

3.6 Equilibrium of Demand and Supply for Price          Determination

4

Production Analysis

4.1 Concept of Production Function

4.2 Total, Average and Marginal Production

4.3 Law of Variable Proportions

4.4 Law of Returns to Scale

4.5 Economies and Diseconomies of Scale-Internal and         External