Essay About Micro Economicscourse Frame Workprogrambbacourse Code And Marginal Utility

Micro Economics Course Guide
15BBA201:  MICRO ECONOMICSCOURSE FRAME WORKPROGRAMBBACOURSE CODE & TITLE15BBA201 MICRO ECONOMICSSEMESTERII SEMESTERCredits for the Course4 CreditsTotal Teaching Hours / Week 4 Hours2LEARNING OBJECTIVESa)To critically examine the concept of utility dealing with consumer behavior.b)To investigate the supply side of the market through production, revenue and cost behavior of the firms.c)To analyze and distinguish between various market structures.3LEARNING OUTCOMESAfter this course, the student will be able to:a)Understand rational behavior of consumer through law of diminishing marginal utility and principle of equi-marginal utility.b)Apply concepts such as utility analysis, indifference curves, and isoquants to business situations.c)Assess features and profit-maximizing equilibrium conditions for perfect and imperfect market structures like monopoly, monopolistic competition.4.SYLLABUS OF THE COURSE Course CODEName of the Course15BBA201   MICRO ECONOMICS (4 Credits)Total Teaching Hours:60 HoursModule No.Curriculum Coverage & Topic / Sub TopicsTeaching Hours1Introduction to Micro Economics: 9 HoursNature and scope of micro economics; positive & normative – inductive & deductive – statics & dynamics – micro & macro; utility analysis: cardinal- law of diminishing marginal utility – law of equi-marginal utility; ordinal: indifference curve.2Demand and Supply: 13 HoursDemand: meaning – individual demand & market demand schedule – law of demand; determinants – shift in demand – extension & contraction – exceptions (Geffen’s paradox); elasticity of demand: meaning – types – factors – measurement; demand forecasting: methods – criteria; supply: law of supply – shifts – determinants – elasticity of supply.3Costs, Revenue and Production: 12 HoursCost: total cost (total fixed costs & total variable costs) – average cost – marginal cost (short run & long run); revenue: total revenue – average revenue – marginal revenue (short period & long period); production: law of variable proportions (increasing, decreasing & constant) – scale of production – economies & diseconomies of scale; isoquants & production maximization. 4Market structure: 13 HoursMarket structure: perfect competition – features – determination of equilibrium price & output – time element;imperfect competition: monopoly – features – determination of equilibrium price & output (short period & long period); duopoly: features; oligopoly: features – price rigidity – kinked demand curve; monopolistic competition: features – product differentiation – determination of price and output (short period and long period).5Factor Pricing: 13 hoursFactor pricing: land – theories (Ricardian theory, transfer earnings theory) – quasi rent; wages:marginal productivity theory of wages; interest: classical theory – loanable fund theory – liquidity preference theory – IS&LM curve; profit:uncertainty & risk bearing theory – innovations theory.5.STUDY MATERIALSText BooksEconomics, P A Samuelson &Nordhouse, McGraw Hill.Micro economics, M L Seth, Lakshmi Narain Agarwal publisher, Agra.Modern Microeconomics – Theory & Applications, Ahuja, Sultan Chand Publications, New DelhiManagerial Economics, H. L. Ahuja, S Chand publication, New Delhi.