Syllabus for 2020-2021
 
UNIT – 1
Micro vs. Macro Economics Fundamental Concepts used in Business Decision Making: Opportunity Cost, Marginal Principle, Incremental Principle Contribution Analysis, Equi Marginal Principle. Theory of Demand, Law of Demand, Movement Alongvs. Shift in Demand Curve. Concept of Elasticity of Demand, Types of Elasticity of Demand (Price income and Cross), Factors Affecting Elasticity of Demand. Measurement of Elasticity of Demand Demand Forecasting: Need, Objectives and Methods. Supply: Determinants, Law of Supply and Elasticity of Supply. Theory of Production: Meaning and Concept of Production, Factors of Production and Production Function with One Variable Inputs, Production Function and Technological Progress. Law of Variable Proportions,Returns to a Scale. 
UNIT – II 
Concepts of Cost and Revenue Types of Cost, Cost Function, Short run and Long run Cost Curves, Economies and Diseconomies of Scale. Concept of Total, Average and Marginal Revenue, Relationship between AR and MR and through Elasticity of Demand. Market Conditions: Perfect Competition: Features, Equilibrium of Firm, Equilibrium of Industry, Role of Time Element in Price Determination. Monopoly: Features, Equilibrium of Firm/Industry, Price Discrimination and its Types, Peak load Pricing, Regulation of Monopoly. Monopolistic Combination: Features, Price-Output Policy of the Firm,Selling Cost:Meaning, Effects, Equilibrium of Firm with respect to Selling Cost.