Annexure ‘CD – 01’

Course Title: Concepts of Economics for Managers Credit Units: 4 L T P/S SW PSD TOTAL CREDIT
/F A UNITS
Course Level: UG Course Code: ECON115 W
3- - - 2 2 4

Course Objectives: The purpose of this course is to apply micro economic concepts and techniques in evaluating business decision taken by firms.
The emphasis is on explaining how the tools of standard price theory can be employed to formulate a decision problem, evaluate alternative courses
of action and finally choose among alternatives. This course also deals with principles of macroeconomics. The coverage includes determination of
and linkages between major macro economic variables, the level of output and prices, inflation, unemployment, GDP growth, interest rates and
exchange rates.

Pre-requisites: Basic Knowledge of Economics

Course Contents/Syllabus:
Weightage (%)
Module I : Introduction of Economics & Demand & Supply Analysis and Theory of Consumer Behaviour 20
Introduction of Economics: Meaning, definition, nature and scope of economics. Law of demand and Supply.
Elasticity of Demand & supply. Determinants of demand and supply. Marginal utility theory, Indifference curve
theory, Consumer’s surplus.
Self -Work: An Assignment on “ Consumer Surplus”
Module II : Theory of Production & Market Structure 20
Production: Basic, Concept, Production function with one variable ,two variable, & all variable. Cost concept &
Revenue concept, Price & output determination under perfect competition, Pricing under monopoly,
Monopolistic Competition Oligopoly: Features and Kinds of oligopoly,..

MoModule III : National Income & Consumption and Investment Functions 20

National Income Concepts and aggregates. Methods of calculating national income, and difficulties. Fiscal
Policy: Objectives& instruments. Aggregate consumption and investment functions: Average and Marginal
Propensity to consume, Factors affecting consumption functions, Static and dynamic Multiplier. Investment:
Types, Investment demand schedule and factors affecting investment decisions.
Module IV : Introduction to Money and Interest 20
 Money: Types, Functions, Keynesian Economics: basic concept, Keynes Liquidity preference theory, Liquidity
trap, The anatomy of unemployment and inflation, The Phillips curve, Business cycles, Monetary Policy:
Objectives & Instruments.
Self -Work : An Assignment on “ Comparison of Inflation rate of India with developed Countries”
Module V : Recent Trends & Policies 20
Recent changes in Monetary and Fiscal Policy in India.
Nature and pattern of National Income in India.
Public policy initiatives in poverty alleviation and employment generation.

Course Learning Outcomes:

On successful completion of the course, students will be able to

1. Understand how households (demand) and businesses (supply) interact in various market structures to determine price and quantity of a
good produced.
2. Define the major characteristics of different market structures and the implications for the behavior of the firm.

3. Analyze the determinants of the relative strengths of fiscal and monetary policy for affecting gross domestic product.

4. Identify economic analysis to evaluate controversial issues and policies

Pedagogy for Course Delivery:

Remote classroom teaching shall be used for developing the concepts. Extensive use of case studies shall be made to
develop practical approach and inclination. Innovative discussions shall be carried out in class so that students learn to think
liberally using current knowledge base. The course will be taught through classroom teaching, PowerPoint Presentations, Video
and audio tapes, assignments, case studies and quizzes.

List of Professional Skill Development Activity:

 Group discussion on Recent Market structures.
 Presentation on current changes in Economic Policies

Assessment/ Examination Scheme:

Theory L/T (%) Lab/Practical/Studio (%) End Term Examination

 40 N.A 60

Theory Assessment (L&T):

Continuous Assessment/Internal Assessment End Term
Examination
Components (Drop down) Project Class Test Present Attendance
ation

Weightage (%) 10% 10% 15% 5% 60%

Linkage of PSDA with Linked NA Linked NA NA

Internal Assessment to PSDA to PSDA
Component, if any 1 2

Mapping Continuous Evaluationcomponents/PSDA with CLOs

Bloom’s Level > Remembering Understandi Applying Analysin Evaluati Creating

ng g ng
Course Learning CLO2 CLO1 CLO4 CLO3
Outcomes

Assessment
type/PSDA
Mid Term  
PSDA 1  
PSDA 2  

Text & References:

Ahuja, H.L. Advanced Economic Theory (Micro Economics), S. Chand &Co, New Delhi
Browning Edgar K. & Jacquel Line M. Browning: Micro Economics and application, Kalyani publishers, New Delhi.
 Dewett. K.K. Micro Economics, S. Chand &Co, New Delhi
Price, M. C, Welfare Economics, Macmillian, London.
Ahuja H.L. Macro Economics, S. Chand &Co, New Delhi
Seth M.L. Macro Economics, Agarwal Publications, Agra.
R. Dornbusch & S. Fisher, Macroeconomics, Tata Mc. Graw Hill.
Mankiw, Principles of Macro Economics, Thomson Publication.
Sundharam, K.P.M, Money, Banking and International Trade, S. Chand &Co, New Delhi.
Baumol, W.J. Economic Theory and Operations Analysis, Prentice Hall of India, New Delhi.

Froyen, R.T., Macro Economics, (7th ed.), Pearson Education Inc., New Delhi.

Suraj B. Gupta , Monetary Economics-Institutions, Theory and Policy. S.Chand and Company Ltd. Delhi.

References:
Dewett, K. K, Modern Economic Theory: S. Chand &Co, New Delhi
Shapiro Edward, Macro Economic Analysis, Tata Mc. Graw Hill.
Gould John P. and Edward P. Lazear Micro Economic Theory, All India Traveller Book-seller, New Delhi.
Koutsoviannis Modern Micro Economics, Macmillan Press Limited, New Delhi

Additional Reading:
Bach, G., Economics, Prentice Hall of India, New Delhi.
Gould, J.P. and Edward P.L, Microeconomic Theory, Richard, Irwin. Homewood.
Jha, R. (2012), Contemporary Macroeconomic Theory and Policy, Wiley Eastern Ltd., New Delhi
Dominick Salvatore, Micro Economics Theory and Application, Oxford University Press.
Lipsey & Chrystal, Economics, Indian Edition, Oxford University Press.