Business Economics I

9th April 2020 1 By indiafreenotes

Unit 1 {Book}

Business Economics Meaning and Scope

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Importance of Business Economics

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Basic Tools Business Economics

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Basic Economic Relations

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Average and Marginal Cost

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Use of Marginal Analysis in Decision Making

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Market Demand

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Market Supply

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Equilibrium Price

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Shifts in the Supply and Demand Curve

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Unit 2 {Book}

Nature of Demand Curve Under Different Markets

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Elasticity of Demand: Meaning, Types and Significance

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Measurement of Elasticity of Demand

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Relationship between Elasticity of Demand and Revenue

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Demand Estimation and Forecasting

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Demand Estimation

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Methods of Demand Estimation

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Unit 3 {Book}

Production Function

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Short Run Analysis with Law of Variable Proportion

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Short Run Production Function with Two Variable Inputs

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Least Cost Combination of Inputs

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Long Run Production Function

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Laws of Returns to Scale

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Expansion Path

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Economies and Diseconomies of Scale

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Cost Concept: Accounting and Economic Costs, Implicit and Explicit cost, Fixed and Variable Costs, Total Cost, Marginal Cost and Average Cost

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Cost Output Relationship in Short Run and Long Run

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Long Run Average Cost (LAC)

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Learning Curve

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Break Even Analysis

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Unit 4 {Book}

Short Run Equilibrium of a Competitive Firm and of Industry

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Monopoly: Short Run and Long Run Equilibrium of a Firm Under Monopoly

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Monopolistic Competition

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Equilibrium of a Firm under Monopolistic Competition

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Role of Advertising under Monopolistic Competition

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Oligopolistic Competition

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Key Attributes of Oligopoly

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Collusive and Non-Collusive Oligopoly

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Price Rigidity, Cartels and Price Leadership Model

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Unit 5 {Book}

Cost Oriented Pricing Method

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Marginal Cost Pricing

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Discriminatory Pricing

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