Faculty of Management
BBA I YEAR (SEMESTER I)
2023 – 2024
Course code | BB105 |
Course type | DSC-2A |
Course Title | Business Economics |
Teaching hours per week – Theory | 5 credits |
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1. Instructor-In-charge : Ms. Anuradha Emani
2. Email ID : anuradhaemani@stmaryscollege.in
3. About the Instructor
4. Course Details
Course Summary
The study of business and consumer economic behavior within a particular economy is known as business economics. The framework developed serves as a tool for learning how to analyze and evaluate the operation of the market mechanism as well as for applying economic concepts and instruments to business operations.
Course Objective/s
This course aims to apply microeconomic concepts and tools for business problem analysis and precise decision making related to business firms. The instruments and methods of microeconomics are highlighted.
1. To familiarize students with the theory of business economics
2. To familiarize students with supply and demand
3. To ensure that students comprehend the role of supply and production
4. Teach students to analyze market conditions, understand competitive dynamics and predict economic trends
Course Outcomes
CO1 | Describe and clarify the main ideas of microeconomics. Learn how to apply economic concepts and instruments to business operations. |
CO2 | Understand and apply supply and demand analysis to relevant economic issues. |
CO3 | Explain the concept of variable proportion, the law of returns to scale, budget line, BEP, and economies of scale. |
CO4 | Use marginal analysis when making choices. Recognize the indifference curve and the law of diminishing marginal utility. |
CO5 | To enable students to pursue careers and further study in economics and a variety of other related fields, students should develop their understanding of the techniques and resources of economic analysis. |
BUSINESS ECONOMICS
Objective: This course aims to apply microeconomic concepts and tools for business problem analysis and precise decision making related to business firms. The focus is on microeconomic instruments and methods.
Unit I: Business Economics Nature and Scope:
An overview of business, the nature, characteristics, and extent of opportunities Incremental cost, or cost. Economics of time perspective, discounting, and the equi-marginal principle
Unit – II: Demand Concepts & Elasticity of Demand.
The Theory of Demand, Demand elasticity, its types, applications, exceptions to the law of demand, and its determinants are all discussed here. The notion of supply, factors influencing supply, the law of supply, and supply elasticity.
Unit – III: Production and Cost Concepts:
Production function, theory of production, input-output combinations, law of diminishing marginal returns to scale, ISO-quant and ISO-cost curves, and short-run production laws
Unit – IV: Budget line:
Cost concepts, cost classification, short run cost curves and long run cost curves, Experience curve. Economies and diseconomies to the scale, economies of scope.
Unit – V: Market Structures and Pricing.
Market concept, market structures, price determination in a perfect competition market, monopoly and abnormal profits, price discrimination in a monopolistic completion market. An analysis of oligopoly, including its characteristics, syndicating within it, kinked demand curve, price leadership, and market positioning.
Reference Books
1. Dominik Salvotore, “(2009) Principal of Micro Economics (5th Edn) oxford University Press.
2. Lipsey and Crystal (2008) Economic (11th Edn) Oxford University Press.
3. Kutosynnis (1979) Modern Micro Economics (5th Edn) Mc Millan Publishers
4. Rubin field and Mehathe (Micro Economics (7th Edn) Pearson Publishers.
- Teacher: ANURADHA EMANI
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