Business Economics Theory & Applications

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Business Economics is a prerequisite for successfully completing any management course. This book covers all the aspects of Business Economics. The students of M.B.A., M.C.A., M.B.E., P.G.D.B.M., M.Com., B.B.A., B.C.A., B.B.E. B.B.S., B.C.A.M., L.L.B., C.A.I.I.B., B.B.S., I.C.W.A., B.Com., etc., will find the contents of this book very useful, thought provoking and of immense practical use. Efforts have been made to ensure that the exposition to the theory, complex business problems and the empirical situations is easily understandable by the readers.

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Dr. D.D. Chaturvedi obtained the degree of M.A. in Business Economics (M.B.E.) from the University of Delhi. He is Associate Professor in the Department of Economics at Sri Guru Gobind Singh College of Commerce, University of Delhi and is on the guest faculty of a number of technical as well as management institutes apart from Delhi School of Economics, University of Delhi. He has several publications to his credit besides some papers in leading journals. Dr. Chaturvedi was accorded international felicitation during the Sixth World Environment Congress for this contribution in nation building, planning and environment protection. He had earlier been conferred the State Honour by the Delhi Government for his contribution in the academic, literary and social fields. Later, International Council for Human Welfare honoured him twice for his outstanding contributions in diversified fields. Dr. Chaturvedi was also conferred ‘Clean up the Earth’ Award, jointly sponsored by the Global Peace University (Netherlands) and the Indian Institute of Ecology and Environment. Dr. Chaturvedi earlier served as Director, Rukmini Devi Institute of Advanced Studies, affiliated to Guru Gobind Singh Indraprastha University on deputation basis. Dr. S.L. Gupta is the Professor of Marketing at Birla Institute of Technology (Deemed University), Noida. He obtained his Masters in Commerce from University of Rajasthan and M.B.A. from Center for Management Development, Modi Nagar. Prof. Gupta has 4 years of corporate experience and 22 years of academic experience. He is a specialist in managerial decisions. Prof. Gupta is accredited management teacher from All India Management Association. Table of Contents Section One: Introduction Introduction to Economics Economic Problem Nature, Scope and Significance of Business Economics Macro Economic Analysis of Business Environment Section Two: Consumer Behaviour Cardinal Utility Theory Ordinal Utility Theory Revealed Preference Section Three: Demand Decisions Demand Analysis Elasticity of Demand Demand Forecasting Section Four: Input Output Decisions Theory of Production Production Analysis Supply Analysis Elasticity of Supply Cost Analysis Section Five: Demand and Supply Analysis Market Equilibrium and Price Determination Application of Demand and Supply Section Six: Price Output Decisions Market Structure and Profit Maximisation Pricing under Perfect Competition Pricing under Monopoly Pricing under Monopolistic Competition Pricing under Oligopoly Pricing Policies and Strategies Section Seven: Employment and Investment Decisions Factor Pricing Capital Budgeting