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 Business Economics

UNIT:- 1 Introduction to Business Economics:

Meaning, nature, Scope, characteristics of Business Economics;

Relationship between Business Economics and Traditional Economics;

Basic Problems of an economic system, working of price mechanism.

UNIT:- 2 Elasticity of Demand:

Concepts;

Measurements;

Determining factors and importance;

Supply theory .

UNIT: - 3 Production function:

Law of Variable proportion; lsoquants;

Economic region and optimum factor combination; Expansion path;

Returns to scale;

Internal and external economics and diseconomies.

UNIT: - 4 Market Structure:

Objectives of Business firms;

Perfect competition: profit minimization and equilibrium of firm and industry

Short – run and long – run supply Curves

Price and output determination.

UNIT: - 5 Monopoly:

Determination of price under monopoly;

Perfect competition and monopoly; price discrimination.

Oligopoly: characteristics; In determining pricing and output ; price leadership collasive oligopoloy; kinked  demand  curve.   

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