Business Economics – Part I – Revised FYBMS Syllabus 2016


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Business cconomics – Part I –Revised FYBMS Syllabus 2016

Modules at a Glance

 

Sr. No. Modules No. of Lectures
1 Introduction 10
2 Demand Analysis 10
3 Supply and Production Decisions and Cost of Production 15
4 Market structure: Perfect competition and Monopoly and Pricing and Output Decisions under Imperfect Competition 15
5 Pricing Practices 10
Total 60

Business Economics – Part I –  Syllabus Overview

Sr. No. Modules / Units
1 Introduction
Scope and Importance of Business Economics – basic tools- Opportunity Cost principle- Incremental and Marginal Concepts. Basic economic relations – functional relations: equations- Total, Average and Marginal relations- use of Marginal analysis in decision making,

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The basics of  market demand, market supply and equilibrium price-  shifts in the demand and supply curves and equilibrium

2 Demand Analysis
Demand Function – nature of demand curve under different markets

Meaning, significance, types  and measurement of elasticity of demand (Price, income cross and promotional)- relationship between elasticity of demand and revenue concepts

Demand estimation and forecasting: Meaning and significance – methods of demand estimation : survey and statistical methods

(numerical illustrations on trend analysis and simple linear regression)

3 Supply and Production Decisions and Cost of Production
Production function: short run analysis with Law of Variable Proportions- Production function with two variable inputs- isoquants, ridge lines and least cost combination of inputs- Long run production function and Laws of Returns to Scale – expansion path – Economies and diseconomies  of Scale.

Cost concepts: Accounting cost and economic cost, implicit and explicit cost, fixed and variable cost – total, average and marginal cost – Cost Output Relationship in the Short Run and Long Run (hypothetical numerical problems to be discussed),

LAC and Learning curve – Break even analysis (with business applications)

4 Market structure: Perfect competition and Monopoly and Pricing and Output Decisions under Imperfect Competition
Short run and long run equilibrium of a competitive firm and of industry – monopoly – short run and long- run equilibrium of a firm under Monopoly

Monopolistic competition:Equilibrium of a firm under monopolistic competition,   debate over role of advertising

(topics to be taught using case studies from real life examples)

Oligopolistic markets: key attributes of oligopoly – Collusive and non collusive oligopoly market – Price rigidity – Cartels and price leadership models  

(with practical examples)

5 Pricing Practices
Cost oriented pricing methods: cost – plus (full cost) pricing, marginal cost pricing, Mark up pricing, discriminating pricing, multiple – product pricing – transfer pricing

(case studies on how pricing methods are used in business world)

 

Reference Books for Business Economics – Paper I
  • Mehta, P.L.: Managerial Economics – Analysis, Problem and Cases (S. Chand & Sons, N. Delhi, 2000)
  • Hirchey .M., Managerial Economics,  Thomson South western (2003)  
  • Salvatore, D.: Managerial Economics in a global economy (Thomson South Western Singapore, 2001)
  • Frank Robert.H, Bernanke. Ben S., Principles of Economics (Tata McGraw Hill (ed.3)
  • Gregory Mankiw., Principles of Economics, Thomson South western (2002 reprint)
  • Samuelson &Nordhas.: Economics (Tata McGraw Hills, New Delhi, 2002)
  • Pal Sumitra, Managerial Economics cases and concepts (Macmillan, New Delhi,2004)

 

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We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]

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