The course aims at acquainting the students with the elementary concepts of economics, which is vital for effective managerial decision-making. An attempt has been made to familiarize the students with both, the microeconomics as well as macroeconomics.
Business Economics: Meaning and Scope of Business Economics, Important factors influencing the managerial decisions of the firm
Utility analysis: Law of diminishing marginal utility, Equi-marginal utility.
Indifference curve analysis, Consumer surplus, Law of demand, Elasticity of demand (Price, income and cross elasticity), Demand forecasting
Production function: Concept, Short and Long run productive function, Laws of variable proportion, Isoquants, Returns to Scale, Internal and External Economies and Diseconomies.
Cost Curves, brief explanation of Long and Short run cost curves.
Case Studies
Essential Reading:
1. Seth, M. L., Principles of Economics, Laxmi Narain Agarwal, Agra
2. Mithani, D.M., Fundamentals of Economics, Himalaya Publishing House, Mumbai
3. Ahuja, H.L. , Business Economics, S. Chand & Company, New Delhi
. Salvatore, Dominick, Micro Economics, Oxford University Press, New York
. Jhingal, M.L., Principles of Economics, Vikas Publishing House, New Delhi
. Mukherjee, Debes, Business Economics Micro and Macro, New Central Book Agency, Calcutta
Links:
[1] https://www.management.iisuniv.ac.in/courses/subjects/fundamentals-economics-0
[2] https://www.management.iisuniv.ac.in/academic-year/2015-2016