2K6EC 502: ECONOMICS AND BUSINESS MANAGEMENT
Module I (12 hours)
Definition of economics-nature and scope f economic science-nature and scope of managerial economics-central problems of an economy-scarcity and choice-opportunity cost-objectives of business firms-forms of business-proprietorshippartnership-joint stock company-co-operative organization-state enterprise
Module II (14hours)
Consumption – wants –characteristics of wants- law of diminishing marginal utility- demand – law of demand- elasticity of demand- types of elasticity-factors determining elasticity measurement- its significance in business-demand forecastingmethods of demand forecasting- supply – law of supply- elasticity of supply
Module III (14hours)
Production – factors of production – features of production – features of factors of production- division of labour – production function- Cobb-Douglas production function-production possibility curve-squats-marginal rate of technical substitution- properties of isoquants -law of variable proportions- returns to scale-isocost line-least cost combination of factors-expansion path-technical and economical efficiency-linear programming –graphical method-economics of large scale production.
Module IV (12hours)
Market structures and price determination – perfect competition-monopoly -monopolistic competition-oligopoly-kinked demand curve-money and banking-nature and functions of money-money market and capital market-commercial banks – functions-central banking functions-methods of credit control.
Text books and References
1 Varshney R.L & Maheshwari K.L , Managerial economics, S Chand & Co. Ltd..
2 Dwiivedi D.N, Managerial Economics, Vikas Publishing House Pvt Ltd
3. Dewett K.K, Modern Economic theory, S Chand & company Ltd.
4. Barthwal A.R ,Industrial Economics, New Age International Publishers
5. Benga T.R & Sharma S.C, Industrial Organization and Engineering Economics , Khanna Publishers
6. Ahuja H.L Modern Micro Economics –Theory and Applications , S Chand & Co. Ltd
7. Koutsoyiannis A , Modern Microeconomics, Macmillan Press Ltd.
8. Joel Dean, managerial Economics Prentice-Hall of India Pvt Ltd.
9. Dewett .K.K& Verma J.D,Elementary Economic Theory , S Chand & Co. Ltd.
10. Jhingan M.L., Macro Economic theory , Vrinda Publications Pvt.Ltd.