Economics for Engineers : 2HS307

Learning Outcomes: 
• To impart knowledge, with respect to concepts, principles and practical applications of Economics, which govern the functioning of a firm/organization under different market conditions.
• Apply engineering economic techniques on solving engineering problems by using computer tools such as spread sheets.
Syllabus: 
Unit NoTopics
1

Introduction to Economics

Definitions, Nature, Scope, Difference between Microeconomics & Macroeconomics Theory of Demand & Supply; meaning, determinants, law of demand, law of supply, equilibrium between demand & supply Elasticity; elasticity of demand, price elasticity, income elasticity, cross elasticity 

2

Theory of production

production function, meaning, factors of production (meaning & characteristics of Land, Labour, capital & entrepreneur), Law of variable proportions & law of returns to scale Cost; meaning, short run & long run cost, fixed cost, variable cost, total cost, average cost, marginal cost, opportunity cost. Break even analysis; meaning, explanation, numerical 

3

Markets

meaning, types of markets & their characteristics (Perfect Competition, Monopoly, Monopolistic Completion, Oligopoly) National Income; meaning, stock and flow concept, NI at current price, NI at constant price, GNP, GDP, NNP,NDP, Personal income, disposal income. 

4

Macro-Economic Theories

Poverty-meaning, absolute & relative poverty, causes, measures to reduce Unemployment: meaning, types, causes, remedies Inflation; meaning, types, causes, measures to control 

5

Money

 meaning, functions, types, Monetary policy- meaning, objectives, tools, fiscal policy-meaning, objectives, tools Banking; meaning, types, functions, Central Bank- RBI; its functions, concepts; CRR, bank rate, repo rate, reverse repo rate, SLR. 

6

Interest and Annuity

Interest: The Cost of Money, Effective Interest rate, Equivalence Calculation with effective interest rates.

7

Self-Study topics: 

(1)    Demand and Supply Elasticity examples 

(2)    Various Cost related examples

(3)    Identification of various business markets and Presentation by students on GDP, GNP

(4)    Various problems related discussion on Poverty, Unemployment and steps taken by Got of India

(5)    Research on impact of repo rate on economics

(6)    Various Interest related examples and application in home loan, vehicle loan etc.

Text Books: 
Name : 
Engineering Economics
Author: 
R.Paneerselvam
Publication: 
PHI
Reference Books: 
Name: 
Fundamentals of Management: Essential Concepts and Applications
Author: 
Robbins
S.P. and Decenzo David A.
Publication: 
Pearson Education
Name: 
Economics: Principles of Economics
Author: 
N Gregory Mankiw
Publication: 
Cengage Learning
Name: 
Principles and Practices of Management
Author: 
by L.M.Prasad
Name: 
Principles of Management
Author: 
Tripathy
Reddy
Name: 
Modern Economic Theory
Author: 
Dr. K. K. Dewett
M. H. Navalur
Publication: 
S. Chand
Syllabus PDF: 
AttachmentSize
PDF icon EFE.pdf206.27 KB
branch: 
CBA
BDA
MA
Cyber Security
Course: 
2018
Stream: 
B.Tech