Course Curriculam
Course Code: ECON143 Credit Units L T P/S SW AS/DS FW No. of PSDA Total Credit Unit
Course Level UG 3 0 0 0 0 0 0 3
Course Title Fundamentals of Economics for Managers
Course
Description :
Course Objectives :
SN
Objectives
.
Course Objectives: The objective of this course is to familiarize students with various micro and macroeconomic theories and concepts in order to
1
enhance their economic analytical decision making in business.
Pre-Requisites : General
SN. Course Code Course Name
Course Contents / Syllabus :
SN. Module Descriptors / Topics Weightage
Nature, scope and significance of economics in business. Concept of demand, determinants of demand,
Module I:
Law of demand, individual demand versus market demand, shift in demand curve versus movement
INTRODUCTION,
1 along demand curve, elasticity of demand, methods of measuring price elasticity of demand, income and 20.00
THEORY OF DEMAND
cross elasticity of demand, factors affecting price elasticity of demand, and importance of price elasticity
& SUPPLY
of demand. Supply, law of supply, determinants of supply, elasticity of supply, market equilibrium.
Module II THE
CARDINAL AND Marginal utility theory: Law of diminishing marginal utility, law of eui-marginal utility, Indifference curve
2 ORDINAL UTILITY theory: properties of indifference curves, marginal rate of substitution, budget line, and consumer’s 20.00
THEORIES OF equilibrium.
CONSUMPTION
Concept of production function, Production with one variable input, Law of variable proportions,
Module III: THEORY
production with two variable inputs, concept of isoquants, Marginal Rate of Technical Substitution,
3 OF PRODUCTION, 20.00
Producer’s equilibrium through isoquants, cost concepts and cost-output relationship in short and long
COST & REVENUE
run, economies and diseconomies of scale, different concepts of revenue
• Perfect competition: meaning, features, importance, and price determination under perfect competition;
Module IV MARKET • Monopoly: meaning, sources of monopoly, and price discrimination by a monopolist; • Monopolistic
4 20.00
STRUCTURE competition: meaning, features, and price determination under monopolistic competition; • Oligopoly:
meaning, features, kinds of oligopoly
Module V • Significance of macroeconomics in business, national income: Basic concepts, Money, functions of
5 INTRODUCTION TO money, Measures of money supply adopted by RBI, Inflation: measures (CPI, WPI), types, Monetary and 20.00
MACROECONOMICS Fiscal Policy: objectives and instruments
Course Learning Outcomes :
SN. Course Learning Outcomes
1 • Have requisite understanding of the basic concepts of economics that are used by the managers in decision making.
2 • Students will comprehensively understand, interpret, compare & contrast, the basic behavioural economics that is essential in decision making.
3 • Analyze the various market structures and Interpret the phenomenon of inflation and the problems and the policies thereof
Pedagogy for Course Delivery :
SN. Pedagogy Methods
Pedagogy for Course Delivery: Traditional classroom teaching shall be used for developing the concepts. Extensive use of case studies shall be
1 made to develop practical approach and inclination. Innovative discussions shall be carried out in class so that students learn to think liberally using
current knowledge base.
Theory /VAC / Architecture Assessment (L,T & Self Work): 100.00 Max : 100
Attendance+CE+EE : 5+25+70
SN. Type Component Name Marks
1 Attendance 5.00
2 End Term Examination (OMR) 70.00
3 Internal MID TERM TEST 10.00
4 Internal HOME ASSIGNMENT 10.00
5 Internal CLASS PERFORMANCE 5.00
Lab/ Practical/ Studio/Arch. Studio/ Field Work Assessment : 0.00 Max : 100
N/A
List of Professional skill development activities :
No.of PSDA : 0
SN. PSDA Point
Text & References :
SN. Type Title/Name Description ISBN/ URL
• Dwivedi DN, Managerial Economics,
1 Book
Vikas Publishing House
• Ahuja HL, Advanced Economic Theory,
2 Book
S.Chand & Sons
• Ahuja HL, Business Economics, S.Chand
3 Book
& Sons
• Chopra PN, Managerial Economics,
4 Book
Kalyani Publishers
• Adhikari M., Managerial Economics, Excel
5 Book
Books.
• Peterson H. & W. Chris Lewis, Managerial
6 Book Economic Analysis and Cases, Pearson
Education.
• MehtaP.L. :Managerial Economics, S.
7 Book
Chand Publications
