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To expand the students' knowledge in the field of microeconomics and to make them ready to analyze real economic situations and to understand the concept of Macro Economics and its usefulness in the current economic scenario, for a student to comprehend its application in the real-world scenario.
COS | COURSE OUTCOMES | MAPPING COS WITH POS (High-3; Medium-2; Low-1) |
CO1 | Ability to acquire the conceptual and theoretical knowledge of microeconomics and macroeconomics which is relevant for evaluating economic behavior of an individual and national income. Understand interdependency circular flow of income. Understand the past, present economic conditions of the country. | PO1(3) |
CO2 | Demonstrate the use of microeconomic and macroeconomics concepts like utility satisfying and maximizing traits of consumers, demand forecasting for price fixing and opportunity cost in strategic planning at micro level and saving, investment , GDP at macro level; Analyse the causes and effects of changes in real GDP; Forecast the future course of changes and development through their knowledge of policies and programs set by the governments and other development agencies; Develop an economic perspective of business problems being a leader in future in digital economy.
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PO2(3) PO5(2) PO9(3) |
CO3 | Evaluate and compare the various types of market structures and use them when planning price policy of firm and industry and communicate ideas with the policy maker | PO3(3) PO4(2) |
CO6 | Understand and appreciate the production dynamics – including cost, revenue and profit considerations and according frame policy to remove disequilibrium in market structure. Identify the process of how the nation’s output of goods and services is measured through the national income | PO6(3) PO7(2) |
CO7 | Learn the optimization functions for both consumer and producer equilibrium; Ability to understand about how to make sustainable economic growth of a nation. | PO8(3) PO10(3) |
Microeconomics | |
Unit 1: | Economics — scope and subject matter. Distinction between Economics and Business Economics.
Tools required – Functional relationships, schedules, graphs, concept of slope and its measurement- etc., Resources-scarcity and efficiency - Production Possibility Frontier-it’s shifting. |
Unit 2: | Basics of Demand and Supply
The concept of demand and demand function - Derivation of Individual demand curve and Market demand curve– Shifting of the demand curve – The supply function and the supply curve – Derivation of individual supply curve and market supply curve – Shifting of the supply curve- Determination of equilibrium price. |
Unit 3: | Theory of Consumer Behaviour:
Cardinal analysis – Law of diminishing marginal utility – consumer surplus Ordinal approach – Indifference curve analysis – Budget line – Consumer Equilibrium – Income consumption curve and Price consumption curve – Hicksian decomposition of price effect into substitution effect and income effect – Demand curve for Normal, inferior and Giffen goods Concept of Elasticity of demand – Measurement pf various elasticity of demand – Distinction between slope of a demand curve and the elasticity of demand – Elasticity of supply – Measurement. |
Unit 4: | Theory of Production
Production Function – The Law of variable proportions – Relationships among TP, AP, and MP. Concept of Isoquant and Isocost – Finding the optimal employment of inputs – Ridge lines: the economic region of production – Output expansion path and homogeneous production function. |
Unit 5: | Theory of Cost
Cost analysis – Different concepts – Accounting and Economic costs, Opportunity cost, Private and social costs; Short run and long run costs. |
Unit 6: | Market for Commodities
Revenue concepts under different market conditions: TR, AR, MR and relationship among AR, MR and elasticity of demand, Perfect competition – Short run and long run equilibrium – Supply curve in the short run (shutdown and breakeven point concepts). Monopoly – Short run and long run equilibrium – Concept of Price discrimination. Monopolistic competition, Oligopoly Market – Short run and long run equilibrium. |
Unit 7: | Factor Price Determination
Theory of Wage Determination - Backward Bending Supply curve of labour; Determination of Rent, Profit and Interest rate. |
Macroeconomics - Scope and basic concepts | |
Unit 8: | National Income Accounting
Concepts and measurement of GDP, GNP, NNP, NI and DPI - Circular flow of income – Real and Nominal GDP –Implicit deflator
Theory of Equilibrium Income Determination: Simple Keynesian Model; Consumption, saving and investment functions – National income determination; Investment and Government expenditure multipliers
Commodity market and Money market equilibrium; Derivation of IS and LM curves –Shifts of IS and LM curves-equilibrium in IS-LM model – Effectiveness of monetary and fiscal policies |
Unit 9: | Money and Inflation
Concept of demand for and supply of money. Quantity theory of money and Keynesian theory of demand for money. Measures of money supply – High powered money – Money multiplier. Concept of Inflation – Demand-pull and cost-push theories of inflation – Monetary and fiscal policies to control inflation – Instruments, objectives and limitations |
Books Recommended:
Introduction to Business Economics
Economics — scope and subject matter
Resources-scarcity and efficiency
Production Possibility Frontier
Introduction to Business Economics pdf
https://www.slideshare.net/rathourvikash/intro-to-business-economics
Tools required in Economics
Basics of Demand and Supply
Determinants of demand
The concept Supply and its determinants
Determination of equilibrium price
Concept of Elasticity of demand –Measurement 0f various elasticity of demand
Theory of Consumer Behaviour:
Cardinal analysis – Law of diminishing marginal utility
consumer surplus Ordinal approach
Indifference curve analysis:
Meaning and concept of Indifference curve
https://www.youtube.com/watch?v=zeHF1x3w8gc
Properties of IC
Theory of Production
Production Function – The Law of variable proportions
Long Run Production Function
Concept of Isoquant and Iso cost
Finding the optimal employment of inputs.
Ridge Line-the economic region of production
Market for Commodities
Revenue concepts under different market conditions
Perfect competition
Monopoly – Short run and long run equilibrium
Cost analysis – Different concepts
Short run and long run costs
economies and diseconomies of scale
Factor Price Determination
Theory of Wage Determination
Determination of Rent
Determination of profit and interest
https://www.slideshare.net/WaqarAhmad72/rent-theory
https://www.slideshare.net/luxminy/ricardian-theory-of-rent-46384548
Macroeconomics
Scope and basic concepts
Circular flow of income
https://www.youtube.com/watch?v=_T3y8EHnjks
National income determination
Measurement of GDP, GNP, NNP, NI and DPI
Money and Inflation
Quantity theory of money and Keynesian theory of demand for money.
Monetary and fiscal policies to control inflation – Instruments
Practice Class 1 : Price elasticity of Demand
Problems discussed and solved
Practice Class 2 : Income Elasticity and Cross elasticity of Demand
Problems discussed and solved
Practice Class 3 : Cost minimization and Profit Maximization
Problems discussed and solved
Practice Class 4: Market equilibrium taking demand and supply
Problems discussed and solved
Practice Class 5: Price and output determination under perfect competition
Problems discussed and solved
Practice Class 6 : Price and output determination under Monopoly
Problems discussed and solved
Practice Class 7 : Price and output determination under Oligopoly and Monopolistic Market
Problems discussed and solved
Practice Class 8 : Finding out the output level where different stages of Law of Variable Proportion operates.
Problems discussed and solved
Different project Topics will be given to students. Students need to prepare their project report on the given topic and submit it to the department. Students also need give presentation on the project topic.
Dr. Anjali Dash is working as an Assistant Professor (Economics) at School of Management, Centurian University of Technology and Management, Bhubaneswar since August 2022. She was a Post-doctoral fellow at International Institute for Population Sciences (IIPS), Mumbai, 2017-2019. She hold Ph.D. degree in Economics from M.P. Institute of Social Science Research, Ujjain, M.P. and Mphil degree in Economics from Sambalpur University. Her interest is on teaching are: Health economics, Economietrics, Microeconomics, Mathematical economics, and Computer application for economic analysis, Statistics. Her research interest is on health economics, poverty, rural and tribal development, urban issues, education, ageing, migration, and employment. She is interested more in interdisciplinary research. She has more than 8 years of post PhD worked experience in research and teaching from various national organization such as Central University of Odisha, Koraput, Centre for Social Studies, Surat, Institute of Economic Growth (IEG), New Delhi, Samarthan Bhopal, Tata Institute of Social Sciences (TISS), Mumbai and Sambalpur University. She has proficient in analytical skill in large data like NSSO, NFHS and SAGE.
Sanjukta Mohanty is working as HOD – B.COM (B&A) at Centurion University of Technology and Management, Bhubaneswar. Sanjukta Mohanty is continuing her Ph.D in Management under Utkal University. She has completed her MBA in Finance from Biju Pattnaik University of Technology & Management. She is also having MA in Economics from Ravenshaw University. She has […]
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