Assam University Bcom Syllabus 1ST SEMESTER BUSINESS ECONOMICS - 1 (Micro)

Assam University Bcom Syllabus 1ST SEMESTER BUSINESS ECONOMICS - 1 (Micro) click here to download now

B. COM 1ST SEMESTER 

BUSINESS ECONOMICS - 1 (Micro) 

BCMP 104 (PASS PAPER) 

Objective: This course is meant to acquaint the students with the Principles of 3usiness Economics as are applicable in business. 

Full Marks -50

UNIT 1 

BUSINESS ECONOMICS- CONCEPT, DEMAND 10 

1.1 Nature and scope of business economics.
1.2 Concept of demand; elasticity of demand; Price, income and cross elasticity; Determinants of elasticity of demand; measurement; Importance of elasticity of demand.
1.3 Indifference Curve: Meaning, properties, Consumer’s equilibrium, price effect = income effect+- substitution effect.
1.4 Demand Forecasting: Meaning, purpose and methods

UNIT 2 

COST AND PRODUCTION 10 

2.1 Production function; isoquants, isocosts, optimum factor combination, expansion path.
2.2 Internal and external economies and diseconomies,
2.3 Law of variable proportions.
2.4 Theory of costs: Short run & long run; Cost curves - traditional and modem approaches.

UNIT 3 

OBJECTIVES OF FIRM & PERFECT COMPETITION 10 

3.1 Distinction between plant, firm and industry.
3.2 Objectives of a business firm.
3.3 Perfect competition: Meaning, determinants of market price, short run and long run price-output determination, short run and long-run supply curve.

UNIT 4 

MONOPOLY, MONOPOLISTIC COMPETITION & OLIGOPOLy 10 

4.1 Monopoly: Price - output determination under monopoly & monopolistic Competition; Price discrimination.
4.2 Oligopoly:- Characteristics, Kinked demand curve; price- leadership collusive Oligopoly.

UNIT 5 

FACTOR PRICING 10 

5.1 Marginal productivity theory
5.2 Rent - Concept, Ricardian and modem theory of rent, quasi-rent.
5.3 Interest and theories of interest- Classical, Loanable Fund and Keynesian.
5.4 Profit — nature,, concept and theories of profit- Risk Bearing and uncertainty-bearing.

Readings: 

1. Koutsoyiarinis A : Modern Microeconomics, Macmillan, New Delhi.
2. Richard G, Lipsey : An Introduction to Positive Economics, ELBS, Oxford.
3. Stigla G: The Theory of Price, Prentice Hall of India.
4. Ahuja H.L.: Business Economics, S. Chand & Co., New Delhi.