Business economics - SVKM's NMIMS

Business Economics

COURSE DESIGN COMMITTEE

Chief Academic Officer Dr. Sanjeev Chaturvedi NMIMS Global Access ? School for Continuing Education.

Stream Leader

Ms. Dimple Pandey

Assistant Professor, NMIMS Global Access - School of Continuing Education. Specialization: Finance.

Content Reviewer

Prof. Pooja Grover

Visiting Faculty, NMIMS Global Access - School for Continuing Education. Specialization: Economics, Finance.

TOC Reviewer Dr. Sreejith Narayanan Specialization: Economics.

Content Reviewer Mr. Kali Charan Sabat Assistant Professor, NMIMS Global Access - School for Continuing Education. Specialization: Operations

Author : Ms. Pratibha Bagga Reviewed By: Prof. Pooja Grover & Mr. Kali Charan Sabat

Copyright: 2016 Publisher

ISBN: 978-93-5119-459-0

Address: 4435/7, Ansari Road, Daryaganj, New Delhi?110002

Only for NMIMS Global Access - School for Continuing Education School Address

V. L. Mehta Road, Vile Parle (W), Mumbai ? 400 056, India.

NMIMS Global Access - School for Continuing Education

CHAPTER NO. 1 2 3 4 5 6 7 8 9 10 11

CON T EN T S

CHAPTER NAME Introduction To Business Economics

Demand Analysis Supply Analysis Consumer Demand Analysis Elasticity of Demand and Supply Demand Forecasting Production Theory Cost and Revenue Analysis Market Structure Market Failure

Case Studies

PAGE NO. 1 33 63 87 121 173 197 233 265 295 311

NMIMS Global Access - School for Continuing Education

Business Economics

c u rr i c u l u m

Introduction to Business Economics: Economics and Business Decision Making; Economics: Scope of economics; economics as a tool for decision making; Business Economics: Definition and scope; distinction between economics and Business Economics; Economic Indicators and Business Cycles

Demand and Supply Analysis: Demand, Generalized Demand Function, The law of demand, Shift and movement along demand curve, Elasticity of demand: Price, Income and Cross Price elasticity of demand, Demand Estimation: Basic concepts , Supply, Generalized supply function, Supply functions, Shifts and movement in the supply curve, Supply elasticity, Market equilibrium, Changes in the market equilibrium, Changes in demand (supply constant), Changes in supply (demand constant).

Cost & Production Analysis: Production in the short run, Total product, Average and marginal products, Law of diminishing marginal product, Production in the long run, Production isoquants, Characteristics of isoquants, Marginal rate of technical substitution, Isocost curves, Finding the optimal combination of inputs, Short run costs of production, Fixed and variable cost, Short run total costs, Average and marginal cost, Marginal cost curves, Long run costs, Derivation of cost schedule from a production function, Economies and diseconomies of scale, Economies of scope

Managerial Decisions in Competitive Markets: Features of perfect competition, Profit maximization in the short run, Profit maximization in the long run, Managerial decisions for firms with market power, Measurement of market power: The Lerner Index, Determinants of the market power: Economies of scale, Barriers created by government, Profit maximization under monopoly: output and pricing decisions, Monopolistic competition: short run and long run equilibrium, Pricing decision in an oligopoly: The Kinked Demand curve model

Market Failures and Price Regulations: Market failures and need for regulation, Regulations and market structure, Firm behavior, Price regulation

NMIMS Global Access - School for Continuing Education

1

Chapt e r

INTRODUCTION TO BUSINESS ECONOMICS

CONTENTS 1.1 1.2 1.2.1 1.2.2 1.2.3

1.3 1.3.1 1.3.2

1.4

1.5

1.6 1.6.1 1.6.2

1.7

1.8

Introduction Meaning of Economics

Scope of Economics Nature of Economics Assumptions in Economics

Self Assessment Questions Activity Defining Business Economics Scope of Business Economics Significance of Business Economics Self Assessment Questions Activity Distinction between Economics and Business Economics Self Assessment Questions Activity Microeconomics and Macroeconomics Self Assessment Questions Activity Laws of Economics Nature of Economic Laws Application of Economic Laws Self Assessment Questions Activity Economic Statics and Dynamics Self Assessment Questions Activity Economics and Business Decision Making Self Assessment Questions Activity

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