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MDU Engineering Economics - Sem III
No Units Titles Sub Titles Chapters
1 Section A Definition of Economics various definitions, Nature of Economic problem, Production possibility curve Economic laws and their nature Relation between Science, Engineering, Technology and Economics Concepts and measurement of utility, Law of Diminishing Marginal Utility, Law of equi-marginal utility - its practical application and importance VIEW CHAPTERS
2 Section B NA Meaning of Demand, Individual and Market demand schedule, Law of demand, shape of demand curve, Elasticity of demand, measurement of elasticity of demand, factors effecting elasticity of demand, practical importance & applications of the concept of elasticity of demand Meaning of production and factors of production Law of variable proportions, Returns to scale, Internal and External economics and diseconomies of scale VIEW CHAPTERS
3 Section C Various concepts of cost Fixed cost, variable cost, average cost, marginal cost, money cost, real cost opportunity cost Shape of average cost, marginal cost, total cost etc in short run and long run Meaning of Market, Types of Market - Perfect Competition, Monopoly, Oligoply,Monoplistic Competition (Main features of these markets) VIEW CHAPTERS
4 Section D NA Supply and Law of Supply, Role of Demand & Supply in Price Determinition and effect of changes in demand and supply on prices Nature and characteristics of Indian economy (brief and elementary introduction), Privatization - meaning, merits and demerits Globalisation of Indian economy - merits and demerits Elementary Concepts of VAT, WTO, GATT & TRIPS agreement VIEW CHAPTERS
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