DSC 5.2 Business Economics

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DSC 5.2 Business Economics

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Meera Goenka

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Vol. 1). Delhi, India: Cengage Learning India Pvt.

● Singhania, V. K., & Singhania, M. (2021). Students' Guide to Income Tax | University
Edition. Delhi, India: Taxmann Publications Private Limited.

Additional Readings:
● Current Tax Reporter. Jodhpur, India: Current Tax Reporter.
● Income Tax Reports. Chennai, India: Company Law Institute of India Pvt. Ltd.

Note: Suggested readings will be updated by the Department of Commerce and

uploaded on the Department's website.

Discipline Specific Core Course- 5.2 (DSC-5.2): Business Economics

Course Credi Credit distribution of the Eligibi Pre-

title ts course lity requisite
& criteri of the
Code Lectu Tutori Practical/ a course
(if any)
re al Practice

DSC-5.2: Pass in
4 3 1 0 NIL
Business Class XII
Economics with
Mathemati
cs/Account
ancy
Learning Objectives
The course aims to acquaint the learners with Micro economics and its applications.
Learning outcomes
After the completion of the course, the learners will be able to:
1. Examine the nature and scope of business economics.
2. Analyse how consumers try to maximize their satisfaction by spending on different goods.
3. Evaluate the relationship between inputs used in production and the resulting outputs and
costs.
4. Analyse and interpret various facets of and pricing under different market situations.
5. Discuss the contemporary issues and applications in micro economics.

SYLLABUS OF DSC-5.2

Unit 1: Introduction to Business Economics (5 hours)

38
Nature and scope of Business Economics, Demand and Supply: Meaning, law, Individual Vs
Market, Movement Vs Shift, Market equilibrium. Elasticity of Demand: Price, income and
cross elasticity. Measurement of elasticity of demand: outlay and percentage method. Elasticity
of supply: concept and measurement (Percentage method).

Unit 2: Consumer Behaviour (11 hours)

Cardinal Vs Ordinal Utility, Indifference curves: features, budget line, consumers equilibrium,
ICC and Engels curve, PCC and derivation of demand curve, Income and substitution effects
of price change (normal, inferior and giffen goods), Applications: effect of interest rates on
household savings, lump sum subsidy Vs excise subsidy.

Unit 3: Production and Cost (11 hours)

Production function: TP, AP and MP, Law of Variable proportions. Isoquants: properties,
optimal combination of resources, expansion path and returns to scale.

Cost: Different cost concepts, Derivation of short run and long run cost curves (LAC and
LMC), Economies and Diseconomies of scale.

Unit 4: Market Structures (11 hours)

Perfect competition: features, equilibrium under short run and long run, derivation of supply
curve under short run and long run.

Monopoly: features, equilibrium under short run and long run, absence of supply curve, Price
discrimination: degrees, conditions and dumping.
Monopolistic competition: features, product differentiation and excess capacity and
equilibrium.
Oligopoly: Collusive and non- collusive: Cournot’s model, Kinked demand curve, Cartels
(OPEC and CIPEC)

Unit 5: Contemporary Issues and applications (7 hours)

Rent control, Minimum wages, Individual supply curve of labour, Peak load Pricing, Prisoners’
dilemma and Game Theory.

Exercises:
The learners are required to:
1. Apply the concept of elasticity of demand and supply in real life.
2. Analyse the impact of changing prices on consumption of necessities by a household.
3. Visit any manufacturing unit and study its production process and costing.
4. Analyse the OPEC as a case of a successful cartel.
5. Comment on the contemporary issues and applications in micro economics.

DSC 5.2 Business Economics

Uploaded by

DSC 5.2 Business Economics

Uploaded by

Vol. 1). Delhi, India: Cengage Learning India Pvt.

Note: Suggested readings will be updated by the Department of Commerce and

Discipline Specific Core Course- 5.2 (DSC-5.2): Business Economics

Course Credi Credit distribution of the Eligibi Pre-

Unit 1: Introduction to Business Economics (5 hours)

Unit 2: Consumer Behaviour (11 hours)

Unit 3: Production and Cost (11 hours)

Unit 4: Market Structures (11 hours)

Unit 5: Contemporary Issues and applications (7 hours)

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