B.Com. Human Resource Management
7th Semester Syllabus
Select Paper in this Semester
MJC-13 : Business Economics
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Unit 1: Introduction
◦Meaning
◦Scope and Importance of Business Economics
◦Economic Problems
◦Opportunity Cost principle- Incremental and Marginal Concepts
Unit 2: Demand Analysis
◦Law of Demand
◦Meaning and factors affecting demand
◦Nature of demand curve under different markets
◦The basics of market demand
◦Market supply and equilibrium price
◦Meaning
◦Significance
◦Types and measurement of elasticity of demand (Price, income and cross)
◦Relationship between price elasticity of demand and revenue concepts
Unit 3: Supply and Production decisions
◦Production function: short run analysis with Law of Variable Proportions- Production function
◦Long run production function and Laws of Returns to Scale
◦Cost concepts and classification: Accounting cost and economic cost
◦Implicit and explicit cost
◦Social and private cost
◦Historical cost and replacement cost
◦Sunk cost and incremental cost
◦Fixed and variable cost
◦Total
◦Average and marginal cost
Unit 4: Pricing and output decisions under various Market structure
◦Perfect competition and Monopoly models as two extreme cases
◦Profit maximisation and the competitive firm's supply curve
◦Short run and long run equilibrium of a firm and of industry
◦Features of monopolistic competition: Product differentiation and role of sales promotion
◦Short run and long run equilibrium
◦Monopolistic verses perfect competition
Unit 5: Capital budgeting: evaluating capital projects
◦Meaning and importance steps in capital budgeting- Techniques of Investment appraisal:- payback period method
◦Net present value method, and internal rate of return method
Reference Books:
- Mehta, P.L.: Managerial Economics - Analysis, Problem and Cases (S. Chand & Sons, N. Delhi, 2000)
- Hirchey .M., Managerial Economics, Thomson South western (2003)
- Salvatore, D.: Managerial Economics in a global economy (Thomson South Western Singapore, 2001)
- Frank Robert.H, Bernanke. Ben S., Principles of Economics (Tata McGraw Hill (ed.3)
- Gregory Mankiw., Principles of Economics, Thomson South western (2002 reprint)
- Samuelson &Nordhas.: Economics (Tata McGraw Hills, New Delhi, 2002)
- Pal Sumitra, Managerial Economics cases and concepts (Macmillan, New Delhi,2004)
- Dr V.C. Sinha and Pushpa Sinha-S.B.P.D. Agra
- Dr Rakhi Gupta- Siksha Sagar Publisher and distributor Agra