Unit 3: Business Economics

Updated on October 22, 2024

Meaning and scope of business economics;
Objectives of business firms;
Demand analysis: Law of demand; Elasticity of demand and its measurement; Relationship between AR and MR;
Consumer behavior: Utility analysis; Indifference curve analysis;
Law of Variable Proportions: Law of Returns to Scale;
Theory of cost: Short-run and long-run cost curves;
Price determination under different market forms: Perfect competition; Monopolistic competition; Oligopoly- Price leadership model; Monopoly; Price discrimination;
Pricing strategies: Price skimming; Price penetration; Peak load pricing;

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