Business Economics (Micro)

Contents

1. Introduction to Business economics

1.1 Introduction

1.2 Meaning of the term business

1.3 Definitions and meaning of “Business Economics”

1.4 Nature and scope of business economics

1.5 Basic economic problems

1.6 Market forces in solving economic problems

1.7 Circular flow of income and expenditure

2. Concept of ‘Demand’ and its Types

2.1 Introduction

2.2 Meaning of the concept of demand

2.3 Types of demand

2.4 Demand function

3. Elasticity of Demand and types of Elasticity of Demand

3.1 Introduction

3.2 Meaning of the concept of elasticity of demand

3.3 Price elasticity of demand

3.4 Income elasticity of demand

3.5 Cross – elasticity of demand

3.6 Promotional or advertisement elasticity of demand

4. Supply Analysis

4.1 Introduction

4.2 Meaning of the concept of supply

4.3 Law of supply

4.4 Factors affecting supply

5. Cost Analysis

5.1 Introduction

5.2 Cost function

5.3 Types of cost

5.4 Accounting costs and economic costs

5.5 Short run cost analysis with the help of short run cost curves

5.6 long run cost analysis with the help of long run cost curves

5.7 Long – run marginal cost curve

5.8 Costs production and supply

6. Revenue Concepts

6.1 Introduction

6.2 Meaning of revenue

6.3 Total revenue

6.4 Average revenue

6.5 Marginal revenue

6.6 Relations between total revenue, average revenue and marginal revenue

6.7 Relationship between TR, AR and MR and the nature of AR and MR curves under perfect competition and imperfect competition

6.8 Average revenue, marginal revenue and elasticity of demand

6.9 Importance of revenue concepts

7. Perfect Competition and Equilibrium of Firm and Industry under Perfect Competition

7.1 Introduction

7.2 Meaning, features and definition of ‘Market’

7.3 Meaning and features of perfect competition

7.4 The concept of equilibrium

7.5 Equilibrium of firm and industry under perfect competition

7.6 Analysis of short – run equilibrium under different cost conditions

7.7 Price – output determination under perfect competition

7.8 Equilibrium of an industry and a firm under perfect competition – an overview

8. Monopoly and Price Determination under Monopoly

8.1 Introduction

8.2 Meaning and definitions of monopoly 

8.3 Short run price and output determination under monopoly

8.4 Long – run price and output equilibrium under monopoly

8.5 Monopoly and price and output equilibrium under different cost conditions

8.6 Can a monopolist always earn normal or supernormal profits?

9. Monopolistic Competition and Price and Output Determination under Monopolistic Competition

9.1 Introduction

9.2 Definition and meaning of monopolistic competition

9.3 Price – output determination under monopolistic competition

9.4 Wastes of monopolistic competition

10. Distribution

10.1 Introduction

10.2 Marginal productivity theory of distribution

10.3 Rent

10.4 Wages

10.5 Interest

10.6 Profit

Solved Question Papers – October 2010