BCM 104: BUSINESS ECONOMICS-I (Syllabus for 2020-21)
Objective: To study the basic concepts of microeconomics relevant for Business decision making and helping the students to understand the application of economic principles in business management 
UNIT – I
Consumer Behaviour Utility Approach: Meaning, Types, Relationship between Marginal Utility and Total Utility, Law of Diminishing Marginal Utility, Law of Equi-Marginal Utility, Consumer Equilibrium, Derivation of Demand Curve. Indifference Curve Approach: Properties, Consumer Equilibrium, Price Effect, Income Effect, Substitution Effect, Price Effect a combination of Income Effect and Substitution Effect. Law of Demand Elasticity of Demand: Definitions, Types, Measurement, Factors and Importance. 
UNIT-II 
Production and Revenue Production Function : Laws of Returns, Law of Variable Proportion and Returns to Scale. Cost and Cost Curves : Concept of Nominal Real Economic Implicit, Explicit and Opportunity Cost, Cost Curve under Short-run and Long-run, Relationship between Average Cost and Marginal Cost. Revenue Curves : Concept of Total Average and Marginal Revenue under different Market Conditions, Relationship between Average Revenue, Marginal Revenue and Elasticity of Demand. Perfect Competition: Features, Equilibrium of Firm, Equilibrium of Industry, Role of Time element in Price Determination. Monopoly: Feature, Equilibrium of Firm/Industry, Price Discrimination and Its Types. Monopolistic Combination: Features, Price-Output Policy of the Firm. Selling Cost, Meaning, Effects, Equilibrium of Firm with respect to Selling Cost.