Annexure ‘CD – 01’
FORMAT FOR COURSE CURRICULUM
Course Title: Fundamentals of Economics for managers L T P/S SW/F TOTAL
Credit Units: 3 W CREDIT
UNITS
3 0 - - 3
Course Level: UG Course Code:143
Course Objectives:
The objective of this course is to familiarize students with various micro and macroeconomic theories and concepts in order to
enhance their economic analytical decision making in business.
Pre-requisites:Nil
Course Contents/Syllabus:
Weightage (%)
Module I: INTRODUCTION, THEORY OF DEMAND & SUPPLY 20
Nature, scope and significance of economics in business. Concept of demand, determinants of demand,
Law of demand, individual demand versus market demand, shift in demand curve versus movement
along demand curve, elasticity of demand, methods of measuring price elasticity of demand, income
and cross elasticity of demand, factors affecting price elasticity of demand, and importance of price
elasticity of demand. Supply, law of supply, determinants of supply, elasticity of supply, market
equilibrium.
Module II THE CARDINAL AND ORDINAL UTILITY THEORIES OF CONSUMPTION 20
Marginal utility theory: Law of diminishing marginal utility, law of eui-marginal utility,
Indifference curve theory: properties of indifference curves, marginal rate of substitution, budget
line, and consumer’s equilibrium.
Module III: THEORY OF PRODUCTION, COST & REVENUE 20
Concept of production function, Production with one variable input, Law of variable proportions,
production with two variable inputs, concept of isoquants, Marginal Rate of Technical Substitution,
Producer’s equilibrium through isoquants, cost concepts and cost-output relationship in short and long
run, economies and diseconomies of scale, different concepts of revenue
Module IV MARKET STRUCTURE 20
Perfect competition: meaning, features, importance, and price determination under perfect
competition;
Monopoly: meaning, sources of monopoly, and price discrimination by a monopolist;
Monopolistic competition: meaning, features, and price determination under monopolistic
competition;
Oligopoly: meaning, features, kinds of oligopoly
Module V INTRODUCTION TO MACROECONOMICS 20
Significance of macroeconomics in business, national income: Basic concepts, Money, functions
of money, Measures of money supply adopted by RBI, Inflation: measures (CPI, WPI), types,
Monetary and Fiscal Policy: objectives and instruments
Student Learning Outcomes:
On successful completion of the course, students will be able to:
Have requisite understanding of the basic concepts of economics that are used by the managers in decision making.
Students will comprehensively understand, interpret, compare & contrast, the basic behavioural economics that is essential in
decision making .
Analyze the various market structures and Interpret the phenomenon of inflation and the problems and the policies thereof
Pedagogy for Course Delivery:
Traditional classroom teaching shall be used for developing the concepts. Extensive use of case studies shall be 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.
Assessment/ Examination Scheme:
Theory L/T (%) Lab/Practical/Studio (%) End Term Examination
100 _ 100
Theory Assessment (L&T):
Continuous Assessment/Internal Assessment End Term Examination
Components (Drop down)
Class test HA Viva Attendance
Weightage (%) 70
10% 10% 5% 5%
Text & References:
Dwivedi DN, Managerial Economics, Vikas Publishing House
Ahuja HL, Advanced Economic Theory, S.Chand & Sons
Ahuja HL, Business Economics, S.Chand & Sons
Chopra PN, Managerial Economics, Kalyani Publishers.
Adhikari M., Managerial Economics, Excel Books.
Peterson H. & W. Chris Lewis, Managerial Economic Analysis and Cases, Pearson Education.
MehtaP.L. :Managerial Economics, S. Chand Publications
