This document provides a course outline for a Microeconomics course offered as part of a PGDM program. The course aims to introduce microeconomic analysis and theories to help students understand how these influence business decisions. It will cover demand and supply analysis, production costs, market structures, and tools to analyze microeconomic problems and implications for business strategy. Students will be assessed through homework, quizzes, a midterm exam, and a final exam. The course intends for students to understand microeconomic concepts, demonstrate their application in business, analyze problems, and explain strategy using microeconomics.
This document provides a course outline for a Microeconomics course offered as part of a PGDM program. The course aims to introduce microeconomic analysis and theories to help students understand how these influence business decisions. It will cover demand and supply analysis, production costs, market structures, and tools to analyze microeconomic problems and implications for business strategy. Students will be assessed through homework, quizzes, a midterm exam, and a final exam. The course intends for students to understand microeconomic concepts, demonstrate their application in business, analyze problems, and explain strategy using microeconomics.
This document provides a course outline for a Microeconomics course offered as part of a PGDM program. The course aims to introduce microeconomic analysis and theories to help students understand how these influence business decisions. It will cover demand and supply analysis, production costs, market structures, and tools to analyze microeconomic problems and implications for business strategy. Students will be assessed through homework, quizzes, a midterm exam, and a final exam. The course intends for students to understand microeconomic concepts, demonstrate their application in business, analyze problems, and explain strategy using microeconomics.
This document provides a course outline for a Microeconomics course offered as part of a PGDM program. The course aims to introduce microeconomic analysis and theories to help students understand how these influence business decisions. It will cover demand and supply analysis, production costs, market structures, and tools to analyze microeconomic problems and implications for business strategy. Students will be assessed through homework, quizzes, a midterm exam, and a final exam. The course intends for students to understand microeconomic concepts, demonstrate their application in business, analyze problems, and explain strategy using microeconomics.
Term: I Credits:2 Course Code:1102-R3CF Batch: 2021-23 COURSE OUTLINE
COURSE DESCRIPTION This course is intended to introduce Micro Economic Analysis to Management students. It also aims at understanding how micro economic theories will influence the business decisions. Students will be exposed to demand and supply analysis, forecasting techniques, market equilibrium production, costs and different market structures and pricing strategies to forecast business prospects.
COURSE OUTCOMES (COs)
On successful completion of the course the students can be able to:
CO1: Understand the micro economic theories and various business decisions CO2: Demonstrate the basic concepts of microeconomics in business environment CO3: Analyze the Microeconomic problems and its implications on business decisions CO4: Explain appropriate business strategy using the tools of Microeconomics
COURSE CONTENT /SYLLABUS
Unit – I: Nature and Scope of Economics Subject matter of Economics – Microeconomics, Macroeconomics and Managerial Economics, Different Economic Decisions, Basic Concepts of Economics, Fundamental Concepts- Scarcity, Efficiency, Opportunity Cost, Economic Profit and Accounting Profit, Objectives and Constraints of business firms. Unit – II: Demand & Supply Analysis Law of Demand – Demand Function - Types of Demand – Change in Demand vs. Change in Quantity Demanded - Types of Elasticity of Demand, Measurement of Elasticity of Demand, Price Elasticity, Income Elasticity and Cross Elasticity, Applications of Elasticity of Demand, Law of Supply – Supply Function - Elasticity of Supply – Implication of Elasticity of Supply – Equilibrium Price Unit III: Production & Cost Functions Factors of Production, Production function, Production Function with One Variable Input and Two Variable Inputs - Law of Returns to Scale and Iso Quants, Economies of scale and scope, Different types of cost, Cost Curves, learning curve and Break even analysis Unit – IV: Market Structures Definition of Market, Different types of Market structures their features and price determination— Perfect competition, Monopoly, Monopolistic Competition and Oligopoly Unit-V: Consumer Behaviour and Market Analysis in Practice. • Simulation Games • Experimental Learning • Market Analysis • Calculations of elasticity • Guest Lectures
Suggested Readings: 1. Geethika, Piyali Ghosh& Purba Roy Choudhury- Managerial Economics, 2014, 2nd Edition, Tata Mc Graw Hill Education Private Limited, New Delhi.
2. Samuelson PA& Nordhaus WD, 2003, Economics, Tata Mc Graw-Hill Publishing Co. Ltd., New Delhi 8th Ed
3. Dwivedi. D.N, Managerial Economics, Vikas Publishing House Pvt Ltd,Noida,7th
Edition,2014
Grading & Deliverables:
Assessment will be through homework, in class quizzes, a mid-term exam, and a final exam. The total grade for the course will be distributed across the various components as follows: Components Weight HomeWorks 20% Class Quizzes 10% Mid Term 20% End Term 50%
