Business Economics - Udemy

Theoretical concepts of Economics that are related to life
Requirements
12th Pass
Description
Unit -I
Elasticity of Demand; Concept and measurement of Elasticity of Demand; Determinant of elasticity of demand; Importance of
elasticity of demand.
Unit -II
Production Function ; Law of variable Proportion; Iso-quant; Economics region and optimum factor combination ; Expansion path
Return to Scale; Internal & External economics and diseconomies; ridge lines.
Theory of costs: Short run and long run curves - traditional and modern approaches.
Unit - III
Market Structure - I
Market Structure and Business Decision : Objective of a business firm.
a) Perfect Competition : Profit maximization and equilibrium of firm and industry; Short - run and long run supply curves; Price
and output determination.
b) Monopoly: Determination of price under monopoly; Equilibrium of a firm; Compression between perfect competition and
monopoly; Price discrimination.
Unit - IV
Market Structure - II
a) Monopolistic Competition ; Meaning and characteristics: Price and output determination under monopolistic competition;
Product Differentiation
b) Oligopoly : Characteristics indeterminate pricing and output; Classical models of oligopoly: Kinked demand curve
Unit - V
Factor Pricing - I : Marginal Productivity theory and demand for factor: Nature of supply of factors inputs: Determination of wage
rates under perfect competition and monopoly ; Exploitation of labour.
Factor Pricing - II : Rent concept, Recardian and modern theories of rent Quasireant Interests-concepts and theories of interest; Profit
nature, concepts and theories of profit.
Who this course is for
11th, 12th, BBA, BCom, MBA
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