Production and Cost Analysis: The production function, Short-run and Long-run production function, law of diminishing returns and returns to scale. ![]() Concept of supply, supply curve, Conditions of supply, Elasticity of supply, Economies of scale and scope. Theory of Consumer Behaviour: The indifference curve approach: Meaning, definition, assumptions and properties of the indifference curve, consumers equilibrium, budget line.Ĭoncept of Demand and Supply: Different concepts of demand, demand curve, Determinants of demand, Law of demand, Demand forecasting methods, Market equilibrium, Concepts of elasticity. Theory of Utility: Theory of utility, cardinal and ordinal utility theory, law of diminishing marginal utility, law of Equimarginal utility, indifference curves, consumer equilibrium, consumer surplus. ![]() Externality and trade-off, Constrained and unconstrained optimization, Economics of Information. Introduction to Business Economics: Basic concepts, Economic rationale of optimization, Nature and scope of business economics, Macro and Microeconomics, Basic problems of an economy, Marginalism, Equimarginalism, Opportunity cost principle, Discounting principle, Risk and uncertainty.
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