Master of Commerce (M.Com.) Economics for Business Decisions Syllabus - Mumbai University 2026

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Syllabus for Economics for Business Decisions

Mandatory course · Semester 1 · M.Com. Business Economics · 4 credits

Module I: Basic Principles, Demand and Supply Analysis in Economics (2

Credits)
Unit 1 Basic Principles in Business Economics Meaning, Scope and application of business economics in the decision making, twin principles of scarcity and efficiency; profit maximization principle; market economy and invisible hand; production possibility frontier; opportunity cost; accounting profit and economic profit; market failure, externality, public goods and economic role of government.
Unit 2 Demand and Supply Analysis Determinants of demand- market demand function-theory of attributes, snob appeal, bandwagon and Veblen effect and demand function.
Applications of elasticity of demand and supply to economic issues; Paradox of bumper
harvest-tax on price and quantity-minimum floor and maximum ceilings; minimum
wages controversy and administered price control.
The theory of consumer choice-Consumer preference and budget constraint-equilibrium
position of tangency with the help of indifference curve analysis –effect of changes in price and income on consumer equilibrium.

Module II: Production, Cost and Market Structure (2 Credits)

Unit 3 Production Decisions and Cost analysis Production function-short run and long run-Law of variable proportion, returns to scale, scale economies, scope economies – least cost factor combination for a given output – Expansion path and Multiproduct firm-cost reduction through experience – learning curve. Economic analysis of Cost: Classification of costs, short run and long run cost functions.
Unit 4 Market Structure Analysis Difference between perfectly and imperfectly competitive markets – Perfect competition and Monopoly as limiting cases of market imperfections sources of market power – profit maximization of simple and discriminating monopolist – methods of measuring monopoly power – public policy towards monopoly power.
Different forms of imperfect competition – Monopolistic competition and oligopoly – strategic decision making in oligopoly markets – collusive and non -collusive
oligopoly – colliding oligopoly; rivalry among few, price war and kinked demand
curve – collusive oligopoly models of price leadership and cartel – basic concepts of game theory – Using game theory to analyse strategic decisions – application of model of prisoner’s dilemma in market decisions.

Suggested References

(1) Mehta, P.L.: Managerial Economics – Analysis, Problem and Cases (S. Chand & Sons, N. Delhi, 2000) (2) Hirchey .M., Managerial Economics, Thomson South western (2003) (3) Salvatore, D.: Managerial Economics in a global economy (Thomson South Western Singapore, (4) Frank R.H, Bernanke. B.S., Principles of Economics (Tata McGraw Hill (ed.3) (5) Gregory Mankiw., Principles of Economics, Thomson South western (2002 ) (6) Samuelson &Nordhas.: Economics (Tata McGraw Hills, New Delhi, 2002) (7) Pal Sumitra, Managerial Economics cases and concepts (Macmillan, New Delhi,2004)

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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