Business Economics I

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Course Code                             :        BHRM  12123

Course Title                              :        Business Economics I

Status                                         :        Compulsory

Credit Rating                            :        3

Semester                                    :        Second

 

Aim : To; (i) provide relevant knowledge of economic theories and concepts and economic relationships in human behaviour; (ii) develop analytical and economic decision making skills in order to find solutions to economic problems confronted at individual, business and society levels.

 

Learning Outcomes                  : On competition of this course unit, students should be able to;

  • identify and describe the basic concepts and analytical tools of business economics
  • describe and explain the rationale for economic decisions made by individuals, firms, and the society
  • apply the economic theories in managerial decision making.

 

Course Content : Economic systems and fundamental concepts in economics. Business economics and functions. The Law of demand and supply; market equilibrium, elasticity concepts and its applications. Individual consumer behaviour and utility maximization; the Law of diminishing marginal utility, equilibrium for two products, derivation of individual demand curve. Indifference curve analysis; consumer equilibrium, effects of changes in money income. Business firms and production decisions; production with one variable input, production with two variable input. Cost of production; short run and long run costs, profit maximization. Introduction to market structures; price output and equilibrium under perfect competition, monopoly, monopolistic competition and oligopoly.

Method of Teaching

and Learning : Lectures, Tutorials, Discussions.

 

Assessment                             : Examination,   Assignments, Presentation.

 

Recommended Readings      :

 

Ahuja H.C.(2000) Business Economics Micro, (Reprint.), 2nd Edition, S. Chand and Co. Ltd. New Dillhi.

 

Leroy, M.R. (2009). Economics Today The Micro View,13th Edition, Addition Wesley, Boston.

 

Misra S.K and Puri V.K. (1999), Business Economics, Himalaya Publishing House, New Delhi.

Last modified on Monday, 15 June 2015 04:55

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