Panjab University, Punjab, General Semester 1, Business Economics - I Syllabus

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Unit - 1 Consumer Behaviour
1.1 Utility Approach Meaning Types Relationship between Marginal Utility and Total Utility Law of Diminishing Marginal Utility Law of EquiMarginal Utility Consumer Equilibrium Derivation of Demand Curve.
1.2 Indifference Curve Approach Properties Consumer Equilibrium Price Effect Income Effect Substitution Effect Price Effect a combination of Income Effect and Substitution Effect.
1.3 Law of Demand
1.4 Elasticity of Demand Definitions Types Measurement Factors and Importance
Unit - 2 Production and Revenue
2.1 Production Function Laws of Returns Law of Variable Proportion and Returns to Scale.
2.2 Cost and Cost Curves Concept of Nominal Real Economic Implicit Explicit and Opportunity Cost Cost Curve under Shortrun and Longrun Relationship between Average Cost and Marginal Cost.
2.3 Revenue Curves Concept of Total Average and Marginal Revenue under different Market Conditions Relationship between Average Revenue Marginal Revenue and Elasticity of Demand.
2.4 Perfect Competition Features Equilibrium of Firm Equilibrium of Industry Role of Time element in Price Determination.
2.5 Monopoly Feature Equilibrium of FirmIndustry Price Discrimination and Its Types.
2.6 Monopolistic Combination Features PriceOutput Policy of the Firm. Selling Cost Meaning Effects Equilibrium of Firm with respect to Selling Cost.
2.7 Selling Cost Meaning Effects Equilibrium of Firm with respect to Selling Cost
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Other Subjects of Semester-1
Commercial laws
Psychology for managers
Principles of financial accounting
Principles and practices of management
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