Course No. 202 - NEW COURSE
BUSINESS ECONOMICS (BECO VI)
BUSINESS ECONOMICS (BECO VI)
(For B.Com.General And Six Speciality Courses)
Marks: 80
Hours: 40
Objective: This course is
meant to acquaint the students with the principles of Business Economics as are
applicable in business.
Course Contents:
Unit I: Introduction:
Meaning, nature, scope, characteristics of Business Economics; Relationship
between Business Economics and Traditional Economics; Basic Problems of an
economic system, Working of price mechanism. 20: 10 hrs
Unit II: Elasticity of
Demand: Concepts, measurements, practical importance of elasticity of demand
for business management; Supply theory. 20:
10 hrs
Unit III: Production
Function: Law of variable proportions; Isoquants; Economic regions and optimum
factor combination; Expansion path; Returns to scale; Internal and external
economies and diseconomies. 20: 10 hrs
Unit IV: Market Structure:
Objectives of Business Firms; Perfect
competition: Profit maximization and equilibrium of firm and industry;
Short-run and long-run supply curves; Price and output determination. 20: 10 hrs
Text and Reference Books:
1. Jhingan & Upadhya:
Business Economics, Vrinda Publications (P) Ltd, Delhi.
2. John P. Gould, Jr. and Edward
P. Lazear: Micro-economics Theory; All India Traveller, Delhi.
3. Browing Edger K. and Browing
Jacquelence M: Micro economic Theory and Applications; Kalyani, New Delhi.
4. Waston Donald S. and Getz
Molcolm; Price Theory and its Uses; Khosla Publishing House, New Delhi.
5. Hingan: Business Economics,
Vikash Publishers, New Delhi.
6. Soloman: Economics for
Business, Pearson, New Delhi.
7. Mukherjee: Business Economics,
Micro and Macro, New Central Book Agency, Hyderabad.
8. Mukherjee: Business Economics,
New Central Book Agency, Hyderabad.
UNIT-I: Introduction to Business Economics:
Meaning, nature, Scope, characteristics of Business
Economics; Relationship between Business Economics and Traditional Economics; Basic
Problems of an economic system, working of price mechanism.
UNIT-II: Elasticity of Demand:
Concepts; Measurements; Determining
factors and importance; Supply theory.
UNIT-III: Production function:
Law of Variable proportion; lsoquant; Economic
region and optimum factor combination; Expansion path; Returns to
scale; Internal and external economics and diseconomies.
UNIT-IV: Market Structure:
Objectives of Business firms; Perfect
competition: profit minimization and equilibrium of firm and industry ,
Short – run and long – run supply Curves , Price and output
determination.
UNIT-V: Monopoly:
Determination of price under monopoly; Perfect
competition and monopoly; price discrimination. Oligopoly: characteristics;
determining pricing and output; price leadership collasive oligopoloy; kinked demand curve.
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