Gujarat Technological University BBA-I Semester( ME)

DISCUSSION POINTS
GUJARAT TECHNOLOGICAL UNIVERSITY
• Syllabus of ME
GRADUATE SCHOOL OF MANAGEMENT STUDIES
(GSMS) • Examination pattern
• Recommended Books
• Overview of Economics

MICROECONOMICS (ME)
(BBA-I Semester)
Batch 2023-26

MODULE CONTENT
Module 1:

INTRODUCTION:
 Overview of Economics: Meaning, Definition,
Nature and Scope, Need to Study Economics,
Usefulness in Managerial Decision Making

 Principles of Economics: Opportunity Cost

Principle, Marginal Principle, Incremental Principle,
The Equi-Marginal Principle, Time Perspective
www.gtu.ac.in Principle, Diminishing Returns Principle

Module 2: THE MARKET FORCES OF Module 2:

SUPPLY AND DEMAND:

 Analysis of Individual Demand: Meaning of  Analysis of Market Demand: Meaning of Market

Demand, Utility, Total Utility, Marginal Utility, The Demand, Types of Demand, Determinants of
Law of Diminishing Marginal Utility, Cardinal Utility, Market Demand, Demand function and
Ordinal Utility, Law of Demand, Demand Schedule, Equilibrium
Demand Curve, Factors behind the Law of Demand,
Exceptions
• Demand Elasticities: Elasticity of Demand, Price
 Supply: Law of Supply, Supply Curve, Market Supply,
Elasticity of Demand, Determinants of Price
Factors affecting Market Supply
Elasticity of Demand, Cross-Elasticity of Demand,
 Analysis of Consumer Behaviour: Indifference
Income-Elasticity of Demand
curve, Marginal Rate of Substitution

Dr. Sarika Srivastava 1

Gujarat Technological University BBA-I Semester( ME)

Module 3: PRODUCTION AND COST ANALYSIS:

 Theory of Production: Meaning of Production, Short- Module 4:
run and Long-run Production Function, Law of Variable
Proportions, Long-Term Laws of Production, Isoquant
Curve, Laws of Return to Scale MARKET STRUCTURE AND PRICING
DECISION:
 Theory of Cost: Types of costs - Fixed and Variable
Costs, Total, Average and Marginal Costs, Short-Run  Characteristics of Perfect & Imperfect Market
and Long-Run Costs, Incremental and Sunk Costs,
Historical and Replacement Costs; Short-Run Cost- Structures,
Output Relations and Cost Curves; Economies and
Diseconomies of Scale • Price and Output Decisions Under Different Market
Structures - Perfect Competition, Monopolistic
• Revenue - Total, Average and Marginal Revenue - Competition, Monopoly, Oligopoly
meaning and their relationship

MODULE CONTENT EVALUATION PATTERN

• End Semester Examination: 70 Marks
Module 5: Additional topics for Project Report and
Presentations (Continuous Evaluation Component)
• Mid Semester Examination: 30 Marks
 Various sectors of Indian Economy
 Economic Environment of India
• Internal Evaluation:
 Applying the Economic Concepts to understand the
30 marks – Project Report & Presentation
Market
 Analyzing the Market Structure of Various Products 10 marks – Attendance & Class Participation
/ Services 10 marks – Assignment / Quiz / Test
 Evaluating the Elasticities of the Products
Total - 50 marks

RECOMMENDED BOOKS:
Sr. Author Name of the Publisher Year of
No. Book Publication
1 D. N. Dwivedi Microeconomics Vikas Latest
Publication
2 N Gregory Economics: Cengage Latest
Mankiw Principles &
Applications
3 Geetika, Piyali Managerial Tata McGraw Latest
Ghosh, Purba Economics Hill
Roy Choudhary
4 O’Sullivan, Microeconomics – Pearson Latest
Sheffrin, Perez Principles,
Applications and
Tools
“Economics: Principles & Microeconomics 5 Dominick Principles of Oxford Latest
Applications” by N. Gregory Salvatore Microeconomics University
by D. N. Dwivedi Press
Mankiw (Cengage Learning) (Vikas Publication)

Dr. Sarika Srivastava 2

Gujarat Technological University BBA-I Semester( ME)

https://www.visualcapitalist.com/100-trillion-global-economy/

ECONOMY. . .

. . . The word economy comes from a Greek

word – “Oikonomos”

Which means “one who manages a

household.”

Dr. Sarika Srivastava 3

Gujarat Technological University BBA-I Semester( ME)

ECONOMICS ECONOMICS ???

A household and an economy face many decisions: Society and Scarce Resources:
– Who will work?
– What goods and how many of them should be –The management of society’s resources
produced? is important because resources are
– What resources should be used in production? scarce.
– At what price should the goods be sold?

– Scarcity. . . means that society has limited

resources and therefore cannot produce all
the goods and services people wish to have.

RESOURCES

• Financial Resources
• Natural Resources
• Human Resources

Dr. Sarika Srivastava 4

Gujarat Technological University BBA-I Semester( ME)

ECONOMICS LEARNING OUTCOMES…

Economics- is the study of how
society manages its scarce • Topics of ME
resources. • Books for Reference
• Examination Pattern
Its basic function is to study how • Resources / Factor of Production
people – individuals, households, firms • Need to study Economics
and nations – maximize their gains
from their limited resources and
opportunities.

Dr. Sarika Srivastava 5