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MB101 Business Economics I Syllabus
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WBUT MBA Syllabus

West Bengal Institute of Technology, Kolkata

West Bengal Institute of Technology

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Course Syllabus & Curriculum

Syllabus of West Bengal University of Technology Master of Business Administration (MBA) - Semester 1 - MB101 Business Economics I Effective 2008-09 Session

(4 Credit : 40 hrs)


Chapter 1: Introduction to Managerial Economics

Managerial Decision Making and Economic Theory, Goals of the firm: Measuring and Maximising Economic Profit, Economic

Cost of Using Resources, Economic Profit versus Accounting Profit, Other Goals (Value Maximisation, Revenue Maximisation

etc.), Forms of Business Organisation, Separation of Ownership and Control, Pricing decisions under Risk and Uncertainty, The

Principal-Agent Problem, Asymmetric Information, Moral Hazard and Adverse Selection. (4L)

Chapter 2: Demand Analysis

(A) Demand Functions - Law of Demand, Explaining the law of demand, Violations of the Law of Demand, Shifts in

Demand; Elasticity of Demand: Price Elasticity (at a point and over and interval), Factors affecting price elasticity,

Price elasticity and Change in Total Revenue, AR, MR and Price elasticity, Range of Values of Price Elasticity;

Income Elasticity, Inferior, Superior and Normal goods, Income Elasticity and Share in Total Expenditure; Cross-

Price Elasticity, Substitutes and Complements; (5L)

(B) Introduction to methods of demand estimation (2L)

(C) * #Indifference curves, budget line and consumer equilibrium, ICC, PCC (idea only) (2L)

Chapter 3: Production and Cost Analysis

(A) Production Function, Short Run and Long Run, Production with One Variable Input, Total Product, Average and

Marginal Products, Law of Variable proportions, Relationship between TP, AP and MP. (4L)

(B) Short Run Costs of Production, Fixed and Variable Costs, Short Run Total, Average and Marginal Cost and

Relationship between them, Short Run Cost Curves, Relationship between AVC, MC, AP and MP; Long run cost

curves, Relationship between LAC and SAC, Economies of Scale and Scope, (3L)

(C) Production with Two Variable Inputs, Isoquants – Characteristics, Marginal Rate of Technical Substitution, Laws of

Returns to Scale, Isocost Curves, * # Finding the Optimal Combination of Inputs, Production of a given output at

Minimum Cost, Production of Maximum Output with a given level of Cost, Expansion Path, Finding the Long Run Cost Schedules from the Production Function, (4L)

(D) Law of supply, elasticity of supply, market equilibrium, changes in equilibrium. (2L)

Chapter 4: Managerial Decision Making under Alternative Market Structures

(A) Characteristics of Perfect Competition, #Profit Maximisation in Competitive Markets, Output Decision in the Short

Run, Shut Down Point, Short Run Supply for the Firm and Industry; Output Decision in the Long Run, Break Even

Point, Long Run Supply for the Perfectly Competitive Industry, Profit Maximising Input Usage under Competitive

Conditions; (3L)

(B) Profit Maximisation under Monopoly, Output and Pricing Decisions in the Short and Long Run, (2L)

(C) Short and long run equilibrium under monopolistic competition (1L)

(D) Interdependence of strategic decision making – oligopoly, Collusion – cartels, price leadership. (2L)

Chapter 5: Pricing Decisions

Price Discrimination under Monopoly, Average Cost Pricing, Marginal cost pricing, Peak Load Pricing, Limit Pricing, Multi-

product Pricing, Transfer Pricing. (5L)

Chapter 6: Externalities and Market Failure

Understanding externalities and market failures, pricing under market failure (2L)

References for Business Economics – I

Damodaran, Suma – Managerial Economics – Oxford University Press

Hirschey, Mark – Economics for Managers – Thomson South-Western

Lipsey & Chrystal - Economics(Eleventh Edition) – Oxford University Press

Maddala & Miller -Micro Economics – Theory & Applications(International Edition) – Tata McGraw Hill

Maurice & Thomas –Managerial Economics – Tata McGraw Hill

Peterson & Lewis – Managerial Economics – Prentice Hall of India Pvt. Ltd. /Pearson Education.

Pindyck and Rubenfeld (Sixth Edition) - Micro Economics – Prentice Hall of IndiaPvt. Ltd/Pearson Education

Salvatore, Dominick - Managerial Economics in a Global Economy –Oxford University Press -

Salvatore, Dominick - Micro Economics – Theory & Applications(Fourth Indian Edition) – Oxford University Press

Samuelson & Nordhaus – Economics(Sixteenth Edition) - Tata McGraw Hill

Sen, Anindya - Micro Economics – Theory & Applications – Oxford University Press

* both numerical and graphical methods to be discussed

# Only basic idea on second order condition required.

Syllabus of similar courses offered by other Universities in West Bengal

The following is a partial list of syllabus of courses similar to West Bengal University of Technology - MBA offered by other Universities in India

Syllabus of similar courses offered by other Universities in India

The following is a partial list of syllabus of courses similar to West Bengal University of Technology - MBA offered by other Universities in India

Note: The above courses are picked automatically by the website for indicative purpose only. However, students are requested to check with the University for the similarity of the course or for any other information in regard to the course.

Syllabus presented on this page is indicative and for general information only. Visitors are advised to contact the University directly for the official, detailed and accurate Syllabus, Transcripts and other information. List of course names mentioned here is partial and are not comprehensive and the institution would be offering many other courses than those mentioned on this page.

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