Paper I: Business Economics - Economic Administration and Financial Management - B Com Part I Syllabus - Maharaja Ganga Singh University, Bikaner(MGSU, Bikaner)

Unit - I
Introduction – An introduction to Kautilya’s Arthshastra. Definition of Business Economics. Its role in business decisions. Business forecasting – meaning, importance, and methods. Static and Dynamic Economics. Micro and Macro Economics, the Economic Problem and Functions of Economic System.
Unit - II
Consumption – Traditional theory of consumer’s equilibrium. Demand and Law of Demand, Elasticity of Demand, its measurement, and uses of the concept of Elasticity of Demand. Indifference Curve- Meaning, Charactertics, Consumer’s Equilibrium, Income Effect, Price Effect, substitution effect, Derivation of Demand Curve from Indifference Curve.
Unit – III
Production - Production Function: Law of Returns, ISO-Product curve, least cost combination of factors, returns to Scale, Cost concepts and classification, Importance of Costs in decision making, cost function, in short run and long run, law of supply and Elasticity of supply, capital formation and theories of population.
Unit – IV
Exchange – General theory of Value, changes in the demand and supply and their effects on equilibrium price. Time element in price determination. Market- definition and classification. Revenue analysis, Price and Output Determination under perfect competition, imperfect competition (monopolistic competition), Monopoly, Discriminating Monopoly and oligopoly.
Unit – V

Distribution - Marginal productivity theory of Distribution, theories of rent, wages, Interest and Profit, National income: Basic concepts, measurement, national income and economic welfare.

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