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Economics is the science of choice. It studies how people choose to use scarce or limited productive resources (labor, equipment, technical knowledge etc.) to produce various commodities (both capital & consumption goods) and to distribute these goods for consumption. Basically, there are two main branches of economics viz., micro and macro economics. Macro-economics studies the functioning of the economy as a whole and micro-economics analyses the behavior of individual components like industries, firms & households (individual consumers). Economic theories both micro and macro establish important principles for business practice. A manager is concerned with the application of economic principles and methodologies to the decision-making process.

3. Required Text Books and Reading Material

Some of the selected text books which are recommended for the reference of students are as follows. Apart from this, reading materials are also being provided to the students from time to time.

Note ( * ) : The first two books are the base books. Handouts will also be given.

4. Tentative Session Plan

Session Number	Topics/Activities	Reading/case list etc.
· Demand & Supply Analysis
01	Introductory: Background of Demand – Measurement of utility cardinal and ordinal measurement	E.J. Douglas, H.C.Peterson & W. Lewis and related handouts
02	Consumers Equilibrium & derivation of individual demand curve	E.J. Douglas, H.C.Peterson & W. Lewis and related handouts
03	Demand Function & Demand Curve	E.J. Douglas, H.C.Peterson & W. Lewis and related handouts
04	Elasticity of demand: Price, Cross & Income Elasticity and their uses	E.J. Douglas, H.C.Peterson & W. Lewis and related handouts
05	Revenue Implication of Demand Curve & Revenue Maximization	E.J. Douglas, H.C.Peterson & W. Lewis and related handouts
06	Demand Estimation & Demand Forecasting	E.J. Douglas, H.C.Peterson & W. Lewis and related handouts
· Production Analysis
07	Theories of Production & Production Function	H.C.Peterson & W.Lewis, Suma Damodaran and related handouts
08	Producers Equilibrium	H.C.Peterson & W.Lewis, Suma Damodaran and related handouts
· Analysis of Cost, Cost Function & Cost Minimisation
09	Short-run & Long-run Cost Curve	H.C.Peterson & W.Lewis, Suma Damodaran and related handouts
10	Cost Minimization	H.C.Peterson & W.Lewis and related handouts
11	Breakeven Analysis	E.J. Douglas, H.C.Peterson & W. Lewis and related handouts
· Pricing Strategies & Pricing under different Market Structure
12	Perfect Competition: Price & Output Determination	H.C.Peterson & W.Lewis, Suma Damodaran and related handouts
13	Monopoly: Price & Output Determination	H.C.Peterson & W.Lewis, Suma Damodaran and related handouts
14	Oligopoly: Price & Output Determination	H.C.Peterson & W.Lewis, Suma Damodaran and related handouts
15	Monopolistic Competition: : Price & Output Determination	H.C.Peterson & W.Lewis, Suma Damodaran and related handouts

5. Exercises will be in the classes.

6. Evaluation: Quizzes & Exercises - 30%
Midterm - 30%
End term - 40%


7. Academic Integrity : Any kind of academic dishonesty viz. exchange of remarks, notes, gestures or glances at another student’s paper in the examination hall will lead to disciplinary action against the person involved in such dishonest activities. The volume of disciplinary action depends on the gravity of the offence.

Created By: Debasis Mohanty on 06/22/2013 at 09:07 AM
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