Coming soon
Micro Economics Theory – I
Paper Code:
HRG 114
Credits:
3
Contact Hours:
45.00
Max. Marks:
100.00
Objective:
The objective of this course is to acquaint the students with concepts and techniques used in Micro-economic theory and to enable them to apply this knowledge in business decision-making.
7.00
Unit I:
Micro Economics
Meaning and Definition, Types of Micro Economic Analysis. Role of Micro and Macro Economic Analysis in Formulation of Business Policy. Difference and Inter Dependence of Micro and Macro Economics.
10.00
Unit II:
Utility Approach
Meaning and Definition of Utility. Characteristics of Utility. Measurement of Utility. Total Utility and Marginal Utility. Law of Diminishing Marginal Utility, Law of Equi-Marginal utility, Limitations of Utility approach
Law of Consumer surplus (Marshall’s version)
10.00
Unit III:
Indifference curve Approach
Meaning, Assumptions, Properties of Indifference curves. Budget Line. Consumer Equilibrium- Price, income and substitution effect. . Giffen’s Paradox.
8.00
Unit IV:
Law of Demand & Law of Supply
Law of Demand: Meaning, Determinants, Assumptions of the Law, Elasticity of demand-Meaning, Degree of Elasticity. Income and Cross Elasticity. Measurement of Price Elasticity of Demand.
Law of Supply: Meaning and Determinants
10.00
Unit V:
Law of Production
Meaning of Production, Law of Variable Proportions, Returns to scale, Production and Equal product curves (Isoquants) Least cost combination.
Essential Readings:
• Somdeo, Business Economics, RBD, Jaipur
• Mathur, N.D, Business Economics, Shivam Publication, Jaipur
• Baumol, W J. Economic Theory and Operations Analysis.3rd ed,New Delhi, Prentice Hall 1996
References:
• Dwivedi D.N, Managerial Economics, Vikas Publications, Delhi
• Koutsoyiannis, Modern Economics, New York, Macmillan,1991
• Keat Paul G &K.Y.Young, Managerial Economics, Prentice Hall, New Jersey
• Dipsey R.G and Cheystal, Principles of economy, Oxford university Press
Academic Year:
