Business Economics

The book has been prepared strictly according to the new syllabus for B.Com. First Year, Semester Second effective from academic session 2021-22 for all State Universities and Colleges of Uttar Pradesh.
Salient Features of this Edition :

• The unique feature of the book is that the it covers all topics of the new syllabus.
• At the end of each chapter, five types of questions : Long Answer Type Questions, Short Answer Type Questions, Fill in the blanks, True or False and large numbers of Multiple Choice Questions with answers have been given.
• Joan Robinson described economic theory as a ‘‘box of tools’’. For a proper handling of our tools, we must learn how they function. This book fulfils these objectives. I have tried to present a clear and accurate picture of Business Economics. While doing this, relevant historical account has also been added so that the principles of Business Economics are understood in their proper perspective.
• Though the book has been presented in the traditional format, the analysis covers all important recent developments.

Business Economics Syllabus B.Com. IInd Semester of Various Universities of Uttar Pradesh 

1. Famous Economist of India like—Kautilya, Gopal Krishna Gokhale, D.R. Gadgil, Dr. Ram Manohar Lohia, Jawaharlal Nehru and Dr. B.R. Ambedkar etc. Introduction : Nature and Scope of Business Economics, Meaning, Kinds, Law of Demand, Law of Marginal Diminishing Utility, Elasticity of Demand, Concept and Measurement of Elasticity of Demand Price, Incoming Cross, Elasticity Determinants of Elasticity of Demand Importance of Elasticity of Demand.
2. Theory of Cost : Short Run and Long Run Cost Curve Traditional and Modern Approaches. Production Function : Law of Variable Proportion; Properties Ride Line, Optimum Factor Combination and Expansion Path; Return to Scale; Internal and External Economics and Diseconomies.
3. (A) Perfect Competition : Meaning, Price and Output Determination.
   (B) Monopoly : Meaning and Determination of Price under Monopoly; Equilibrium of a Firm/Industry. (C) Monopolistic Competition : Meaning and Characteristics; Price and Output Determination under Monopolistic Competition.
4. Business Cycle : Various Phases and its Causes; Theory of Distribution : Marginal Productivity Theory of Modern Theory, Wage- Meaning, Determination of Wage Rate under Perfect Competition and Monopoly, Rent Concept : Modern Theories of Rent : Interest Concept and Theories of Interest Profit—Concept and Theories of Profit.

Contents

1. Famous Economists of India
2. Nature And Scope of Business Economics
3. Law of Demand
4. Law of Diminishing Marginal Utility
5. Elasticity of Demand
6. Theory of Cost
7. Production Function (Law of Variable Proportions And Returns To Scale)
8. Equal Product Curve Analysis (Concepts of Isoquants And Optimum Factor Combination, Expansion Path And Returns To Scale)
9. Economies (Internal And External)
10. Perfect Competition (Meaning, Price And Output Determination)
11. Monopoly (Price And Output Determination And Monopoly Control)
12. Equilibrium of A Firm/Industry
13. Monopolistic Competition (Meaning And Characteristics, Price And Output Determination)
14. Business Cycles
15. Theory Of Distribution
16. Wages
17. Rent
18. Interest
19. Profits