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Micro Economics for Business

By Dr. Sumit Prasad   |   Uttarakhand Open University: UOU
Learners enrolled: 545
Micro Economics is a tool to understand the working and governance of an economy. Micro Economics is a branch of Economics which deals with the behavior of an individual in an economy. Whereas Micro-economics for Business enlighten the learners about the role of micro-economics in Business. This describe the demand and supply of goods and services in an economy, derivation of consumer’s equilibrium, production and consumption function, and different types of economy. Study of economics help the decision maker to answer two most important questions vis-à-vis, scarcity of resources and multiplicity of demands. This course will help the learners to understand the concepts with the help of video-lectures, self-learning material, and tools for self-assessments.
Summary
Course Status : Completed
Course Type : Not Applicable
Language for course content : English
Duration : 12 weeks
Category :
  • Management Studies
Level : Undergraduate/Postgraduate
Start Date : 01 Jan 2024
End Date : 30 Apr 2024
Enrollment Ends : 29 Feb 2024
Exam Date : 26 May 2024 IST
Exam Shift :

Shift-I

Note: This exam date is subject to change based on seat availability. You can check final exam date on your hall ticket.

Page Visits



Course layout

Week Number

Title of the Module

1.       

·         Nature and Scope of Micro Economics

·         Demand and Supply

·         Concepts of revenue: marginal and Average:

·         Elasticity of demand: price, income and cross.

2.        

·         Elasticity of Supply

·         Consumer Behaviour: Indifference curve analysis of consumer behavior;

·         Budget Line

·         Consumer’s equilibrium (Utility approach).

·         Consumer’s equilibrium (Indifference Curve approach).

3.        

·         Price elasticity and price consumption curve

·         Income consumption curve and Engel curve, price change and income and substitution effects.

·         Marginal Utility Theory

·         Revealed Preference Theory.

4.        

·         Production isoquants,

·         marginal rate of technical substitution, economic region of production,

·         optimal combination of resources, the expansion path,

5.       

·         Isoclines,

·         Returns to scale using isoquants.

·         Cost of Production: Social and private costs of production,

6.       

·         Long run and short run costs of production.

·         Economies and diseconomies of scale and the shape to the long run average cost.

·         Learning curve and economies of scope.

7.       

·         Perfect competition: Assumptions.

·         Equilibrium of the firm and the industry in the short and the long runs,

·         Industry’s long run supply curve.

8.       

·         Measuring producer surplus under perfect competition.

·         Demand - supply analysis including impact of taxes and subsidy.

·         Monopoly: Monopoly short run and long run equilibrium.

9.       

·         Shifts in demand curve and the absence of the supply curve.

·         Price and Output decision in Monopoly market

·         Horizontal and vertical integration of firms. And The social costs of monopoly power including deadweight loss

·         Degrees of price discrimination.

10.   

·         Monopolistic Competition and Oligopoly:

·         Monopolistic competition price and output decision-equilibrium.

11.   

·         Rent- Concept, Ricardian and Modern Theories

·         Interest- Concept and Theories of Interest

12.   

·         Theories of Wages

·         Profit- Nature, Concept and Theories of Profit


Books and references

Instructor bio

Dr. Sumit Prasad

Uttarakhand Open University: UOU
Dr. Sumit Prasad, Ph.D in Management, M.B.A., B. Tech (Mechanical Engineering) and Diploma in Training and Development, is working as an Assistant Professor (Selection Grade) in School of Management Studies and Commerce (SOMC), Uttarakhand Open University. He is having a teaching experience of more than a decade to teach the learners of Graduate and Post Graduate Programmes. His area of learning includes Training & Development, Compensation Management, Human Resource Management, Micro and Macro Economics, and Marketing Management. He has received Junior Research Fellowship from UGC. He has published various books and research papers in national/international journals of repute. He has also published 03 Patents.

Course certificate

There shall be two components for evaluation: Internal assessment of 30 marks and proctored examination for 70 marks (as revised for the sessions starting from Jan 2024). 


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