B. Tech Sem - I SUBJECT-Engineering Economics and Principles of Management (AM110) Teaching Scheme (Hr/week) Exam Scheme (Marks)

B.
Tech Sem – I
SUBJECT- Engineering Economics and Principles of Management (AM110)
Teaching Scheme (hr/week) Exam Scheme (Marks)
L T PR TH (3 hrs.) SES PR TW TOTAL
3 --- --- 60 --- --- 40 100
Objective: The need to understand the basics concepts of economics & management are
important for the allocation of scarce resources of economy and proper utilization to generate the
required products and services. Demand analysis and consumer behavior are the factors which
teach about the equilibrium price. Types of markets, product pricing and factor pricing leads to a
better understanding of a particular product or service demanded by the consumers. Production
cost and revenue analysis is important for operation of a profitable business. Monetary & fiscal
policies are important for the understanding of consumption, government expenditure,
investment, exports and imports. It also educates us about the ways in which the government
generates revenue and handles its expenditure for a stable economy.
Learning Outcomes:
After completion of this course students will be able to understand:
1. Students will understand the definitions of economics, micro & macroeconomics, utility,
money, wealth, consumer and producer surplus
2. Students will understand demand, function of demand, elasticity, factors of production,
supply & demand equilibrium
3. Students will understand types of markets, price discrimination, dumping and kinked
demand curve
4. Students will understand production, short & long run production function, cost analysis,
fixed cost, variable cost, revenue, breakeven analysis
5. Students will understand monetary policy, fiscal policy, banking, instruments of
monetary policy, liberalization, globalization, privatization, role of government in policy
making and business cycless
Detailed Syllabus:
Unit 1- Basic concepts and definitions: (4 lectures)
 Marshall, Robbins and Samuelson’s definition of economics

 Positive and normative economics, micro and macroeconomics
 Utility, goods and services
 Money and wealth
 Consumer and Producer surplus
Unit 2- Demand analysis and consumer behavior: (6 lectures)
 Demand function
 Law of demand
 Elasticity of demand and its types
 Price, income and cross-elasticity
 Measures of demand elasticity
 Factors of production
 Advertising elasticity
 Law of supply and demand, equilibrium between demand and supply
Unit 3- Markets, product pricing and factor pricing: (9 lectures)
 Concepts of perfect competition

 Monopoly and monopolistic competition (meaning and characteristics)
 Control of monopoly
 Price discrimination and dumping
 Concept of Duopoly and Oligopoly
 Kinked demand curve (price leadership model with reference to oligopoly)
Unit 4- Production cost & revenue analysis: (8 lectures)
 Production and production function

 Short run & long run production function
 Cost analysis
 Various concepts of cost
 Total fixed cost, total variable cost
 Average fixed cost, average variable cost, average cost, marginal cost and opportunity cost
 Basic concepts of revenue
 Relationship between average revenue and marginal revenue
 Breakeven analysis; meaning and explanation
Unit 5- Money: (9 lectures)
 Meaning, functions, types, monetary policy

 Meaning, objectives, tools, fiscal policy
 Meaning, objectives, tools, Banking; meaning, types, functions, central bank- RBI, it’s
function, concepts, Cash reserve ratio, bank rate, repo rate, reverse repo rate, statutory
liquidity ratio, functions of central & commercial banks, inflation, deflation, stagflation,
monetary cycles, new economic policy, liberalization, globalization, privatization, fiscal
policy of the government.
Termwork: (40 marks)
1. Students will be required submit assignment based on topics covered in the syllabus such
as calculation of breakeven point, demand analysis of a product or service, GDP, and
inflation.
Text Books:
1. Ahuja, H. L. Modern economics; S.Chand: New Delhi, 2002

2. Dewett, K. K. Modern economics theory; S Chand: New Delhi, 2006
3. Seth, M. L. Monetary economics; Lakshmi Narain Agarwal: Agra, 2018
Reference Books:
1. Paneerselvam, R. Engineering economics; PHI publication: New Delhi, 2014

2. Robbins, S.; Decenzo, D. A. Fundamentals of management: Essential concepts and
applications; Pearson education: New Jersey, 2015
3. Mankiw, N. G. Economics: Principles of economics; Cengage learning: USA, 2017
4. Williamson, T. R. Introduction to economics; D.C. Health & Company: Chicago, 1923

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After completion of this course students will be able to understand:

Unit 1- Basic concepts and definitions: (4 lectures)

 Marshall, Robbins and Samuelson’s definition of economics

Unit 2- Demand analysis and consumer behavior: (6 lectures)

Unit 3- Markets, product pricing and factor pricing: (9 lectures)

 Concepts of perfect competition

Unit 4- Production cost & revenue analysis: (8 lectures)

 Production and production function

Unit 5- Money: (9 lectures)

 Meaning, functions, types, monetary policy

Termwork: (40 marks)

1. Ahuja, H. L. Modern economics; S.Chand: New Delhi, 2002

1. Paneerselvam, R. Engineering economics; PHI publication: New Delhi, 2014

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