M.A.

in BUSINESS ECONOMICS
Revised Syllabus for the M.A. in Business Economics)

Sem - I to IV

Curriculum Framework based on NEP-2020

(As per the Choice Based Credit System with effect from the academic Year 2023-24)

B. K. Birla College of Arts, Science & Commerce, Kalyan

Empowered Autonomous Status
Conducted by Kalyan Citizens' Education Society
Affiliated to University of Mumbai
Reaccredited by NAAC (3rd Cycle) with ‘A’ Grade (CGPA – 3.58) | ISO 9001: 2015 Certified
 Syllabus for Approval

Sr. No Heading Particulars

1 Title of the Course M.A. in Business Economics

2 No. of Years / Semesters Two Years / Four Semesters

3 Passing Marks - 40%

4 Level P.G.

5 Pattern Semester

6 Status Revised

7 To be implemented from Academic Year 2023-2024

Name & Signature of BOS Chairperson:

Programme Outcomes:

The Master of Arts programme in Business Economics has been designed with the objective to
develop in-depth knowledge of students in frontier areas of economic theory and methods, so
that they are able to use the knowledge to study real world economic problems. The course has a
strong focus on theoretical and quantitative skills and train students in the collection and analysis
of the data.

Thus, the Masters in Business Economics programme seek to:

1. Prepare students to develop critical thinking to carry out investigation about various
socio-economic issues objectively while bridging the gap between theory and practice.

2. Equip the student with skills to analyse problems, formulate an hypothesis, evaluate and
validate results and draw reasonable conclusions thereof.

3. Prepare students for pursuing research or careers that provide employment through
entrepreneurship and innovative methods. Because today’s unemployment problem can also be
solved by developing the micro and small entrepreneurship

4. Prepare students to develop own thinking /opinion regarding current national or

international policies and issues

5. Create awareness to become a rational and an enlightened citizen so that they can take
the responsibility to spread the governments’ initiatives/schemes to the rural areas for the
upliftment of the poor or vulnerable section of the society for inclusive growth
 Scheme of Teaching and Evaluation for M.A Business Economics

Semester –I

Sr. Course Code Title of the Category Teaching SEE CIE Total Credits
No Course of Courses Hours Marks
Per
Week
1 BPABECO101 Micro Economic Major 04 60 40 100 04
Analysis - I
2 BPABECO102 Macro Economic Major 04 60 40 100 04
Analysis -I
3 BPABECO103 Business Statistics Major 04 60 40 100 04
4 BPABECO104 Indian Economic Major 02 30 20 50 02
Planning and
Policy-I
5 BPABECO105 Agriculture Elective 04 60 40 100 04
Economics-I
6 BPABECO106 Research - 04 60 40 100 04
Methodology for
Business
Economics

Semester –II

Sr. Course Code Title of the Category Teaching SEE CIE Total Credits
No Course of Courses Hours Marks
per
Week
1 BPABECO201 Micro Economic Major 04 60 40 100 04
Analysis - II
2 BPABECO202 Macro Economic Major 04 60 40 100 04
Analysis -II
3 BPABECO203 Business Major 04 60 40 04
Mathematics
4 BPABECO204 Indian Economic Major 02 30 20 50 02
Planning and
Policy-II
5 BPABECO205 Agriculture Elective 04 60 40 100 04
Economics-II
6 BPABECO206 OJT/ FP - Field Project for 100 Marks
 Micro Economic Analysis –I
Course Code: BPABECO101

Semester: I Credit: 04
Course Category: Mandatory Teaching Hours per Week: 04

Course Objectives:
1. Understanding the operation of a market economy and the allocation of society’s scarce
resources
2. Provide the students with a thorough knowledge and understanding of the foundations of
modern economic analysis
3. Enhancing analytical skills related to production and cost theories

Course Outcomes:
On successful completion of the course, a student will be able to;
1. Develop a sound understanding of the core microeconomic concepts that economists use
to understand the process of decision-making by an economic agent(s).
2. have an understanding of the basic reasoning of Economics and understand the demand
concepts.
3. Identify the Producers’ behaviour in short run and long run.
4. Understand the various cost concepts and modern approach to cost analysis.

Unit: I Introduction and Basic Concepts.

Scope and Nature of Business Economics- Basic Economic Problem - Choice and Scarcity-
Positive and Normative Economics -Static and Dynamic Analysis-Economizing Behavior-
General Equilibrium v/s Partial Equilibrium

Unit: II Demand Analysis

Concept of demand and its types- Significance of demand forecasting in business Methods of
demand forecasting: survey and statistical method-Types and measurement of elasticity of
demand-Income Offer Curves and Engel Curves -Application of Demand Elasticity in business-
Application of market Laws and Elasticity.-Recent Development in the Theory of Market
Demand-Application of Indifference Curve

Unit: III Production Analysis

Production function and isoquants - law of Diminishing Return -Returns to scale, Production
Function of a Multi- product Firm-Productivity Growth from Economies of Scale, Short Run
and Long Run Period and Technological Change-Cost minimization and output maximization
Unit: IV Cost Analysis
Economic Analysis of different costs in Business-Short-run Cost Minimization-Long-run cost
minimization- Cost Minimization with Several Plants-Modern Approach to the theory of Cost-
The Relevance of the Shape of Costs in Decision Making

Reference:
1. D. N. Dwivedi. (2012): Microeconomics: Theory and Applications, 2nd Edition, Pearson
Publication (5th and 6th and 14th Chapters)
2. Hal R. Varian. (2014): Intermediate Microeconomics, 9th Edition, W.W. Norton, New
York
3. Koutsoyiannis, A. (1979): Modern Microeconomics, 2nd ed., Macmillan Press,
London.(Cha 2nd and 4th )
4. Samuelson, P. A. and Nordhaus (2010), Economics, 19thEdition, Tata McGraw Hill,
New Delhi (Cha.6)
5. Gravelle H. and Rees R.(2004), Microeconomics,3 rd edition, Pearson Eduction Ltd.,
New Delhi.(Cha 5 and 6)
 Macro Economic Analysis –I
Course Code: BPABECO102

Semester: I Credit: 04
Course Category: Mandatory Teaching Hours per Week: 04

Course Objectives:

1. To help the students strengthening the knowledge of important macroeconomic variables

2. To measure economic activity with Gross Domestic Product in particular.
3. To establish theoretical foundation that would benefit for the clear understanding of the
economic theories and policies.
4. To help the students strengthen the concept of inflation and how it affects level of
unemployment in the economy.

Course Outcomes:
On successful completion of the course, a student will be able to;
1. Get an overview of the major developments in macroeconomic theory, with particular
emphasis on the policy prescriptions of the earlier macroeconomic schools of thought.
2. Develop an understanding of the interrelationships among the various macroeconomic
variables and the way they impact upon the working of the economy, thereby
determining the course of the economy.
3. Explain and demonstrate the progressive tools relating to macroeconomic concepts and
evaluate behavioral theories and inflation.
4. Develop an understanding of types, measurement of inflation and relationship between
inflation and unemployment.

Unit I The Macroeconomic Perspective (10 Hours)

Macroeconomic objectives and conflicts- Tools of Macroeconomics-Measuring macro-
economic success in India-concepts used in macroeconomic analysis – limitations of
macroeconomics- the Circular flow models of economy

Unit II Measuring Economic Activity(14 Hours)

Measurement of Gross Domestic Product-GDP Components-Comparing GDP among countries-
Why GDP Varies across Countries-Real Versus nominal GDP-GDP deflator Versus consumer
price index-Is GDP a good measure to economic well-being? Limitations of Per Capita Income

Unit: III Behavioral Foundations (11 Hours)

Consumption function-Keynesian absolute income hypothesis -Duesenberry’s relative income
hypothesis -Friedman’s permanent income hypothesis-Anto & Modigliani’s Life-Cycle
hypothesis - The multiplier and accelerator theory of Investment
Unit IV: Inflation and Unemployment (13 Hours)
Methods of measuring inflation- types of inflation-economic effects of inflation –theories of
inflation - measures to control inflation-Measuring unemployment rate-Tradeoff between
unemployment and inflation-The Phillips Curve, Shifts in the Phillips Curve- modification in
Phillips curve

Refrences:
1. Romer, David, (1996). Advanced Macroeconomics, New York: McGraw – Hill.
2. Rana, K. C. and K. N Verma, (1998). MacroEconomic Analysis, Vishal Publications.,
3. Barro, Robert J. and Xavier Sala-i-Martin, (1995). Economic Growth, McGraw-Hill.,
New York
4. O.J. Blanchard and S. Fisher, (1989). Lectures in Macroeconomics, Cambridge, Mass:
M.I.T Press.
5. Weintraub (E. Roy), (2000). Micro foundations, Mcgraw – Hill Publications.
6. Dornbusch R., Fischer S., and Starz R., (2012). Macroeconomics, Tata Mcgraw Hill,
New Delhi, 9th Edition
7. Gregory Mankiw. (2010) Macroeconomics, Worth Publishers, 7th edition.
 Business Statistics
Course Code: BPABECO104

Semester: I Credit: 04
Course Category: Mandatory Teaching Hours per Week: 04

Course Objectives:
1. The main objective of this paper is to train the students to use statistical techniques for
business data analysis, which is commonly applied to understand and analyze economic
problems.
2. The emphasis of this paper is on understanding economics with the help of quantitative
techniques.
3. The intention of this paper is to understand all types of basic data analysis techniques, but
the focus will be on univariate and bi-variate analysis.
4. To train students to apply statistical skills and derive the conclusions using various
testing methods.

Course Outcomes:
1. Students will understand the concept and uses of correlation and Regression in business.
2. Learners will have a clear understanding of business forecasting, time series analysis &
moving averages & indexes.
3. Students will understand the various theoretical explanation & also basic application of
binomial distribution etc.
4. Students will have a clear understanding of sampling methods, various hypothesis types
& learn statistical analysis of data.

Unit – I Correlation and Regression Analysis

Concept and Uses of correlation in business-Karl Pearson and Spearman’s Rank correlation-
Meaning and assumptions of Regression Analysis-Single linear equation regression model (by
OLS Method)-Estimation of simple and exponential growth rates

Unit – II Index Number and Time Series

Concept and Uses of Index Number in business-Methods of constructing index numbers-Base
shifting, splicing, and deflating of index numbers-Consumer price index number-Components of
time series analysis-Methods of business forecasting
Steps of business forecasting-Moving averages methods (3,4 and 5 yearly moving average
Methods)

Unit – III Probability and Theoretical Distribution

Basic concepts and definitions of probability-Some importance terms used in probability-
Independent and dependent events; mutually exclusive events-Total and Compound Probability;
Baye’s theorem; Mathematical Expectation-Binomial Distribution, Poisson Distribution – basic
application

Unit – IV- Sampling Techniques and Hypothesis Testing

Census versus Sampling Method-Random and non-random sampling techniques-Type I and
Types II Errors-Types of data and statistical analysis procedures: Univariate, Bivariate and
Multivariate (only overview)-Concept and definition of hypothesis-Types of hypothesis-
Hypothesis Testing procedures based on Z, t, x2 and F-test -One-way ANOVA.

Books for Study

1. Vohra, N. D. Quantitative Techniques in Management, Tata McGraw Hill, New Delhi.
2. Speigal, M. R. Theory and Prodblems of Statistics, McGraw Hill Book, London
3. Croxton, F. E., D. Cowden and S. Kliein, Applied General Statistics, Prentice Hall, New
Delhi.
4. Gupta S.C. and V.K. Kapoor, Fundamentals of Applied Statistics, S. Chand and Sons
New Delhi.
5. Yates, Frank, Sampling Methods for Census and Surveys, Charles, Griffin Co., London.
6. Cocharm, W. G., Sampling Techniques, John Willey, New York.
7. Hansen, hurditz and meadow, Sample Survey Methods and Theory, John Willey New
York.
8. Gupta S. C. Fundamentals of statistics, Himalaya Publishing house, New Dehlhi.
9. Gupta S.P. and Gupta M. P. Business statistics, Sultan chand and sons, New Delhi.
10. Kamenta J. Elements of Econometrics, Machmillan Publishing Co., Inc. New York.
11. Allen R.G.D.: Statistics For Economics; Hutchinson & Co. Ltd. London(1949)
 Indian Economic Planning and Policy-I
Course Code: BPABECO104

Semester: I Credit: 02
Course Category: Mandatory Teaching Hours per Week: 02

Course Objectives:
1. To deepen the understanding of Indian Economy.
2. To familiarize the students with the various dimensions of growth, development and
inequality.
3. To study the New Economic Policy of India and its parameters.

Course Outcomes:
On successful completion of the course, a student will be able to;
1. It will provide students with a strong understanding of prospects and challenges of Indian
economy.
2. Develop an understanding of the Human Development concepts and theories and the
economic dimension of poverty and inequality.
3. Demonstrate the parameters of New Economic Policy, 1991 and employment policy

Unit: II Human Resource Development (15 Hours)

Concept and Measures of Human Development- Reasons for low Human Development Index of
India-India in the world Population-Population Growth- Inter State Comparison- History of
Census in India - An analysis on recent population census- Problems of over population in India-
Family welfare policies in India-Demographic dividend - sources of population data- major
population survey of India (NSS, NFHS &DHS)

Unit: II Growth and Distribution (15 Hours)

Different concepts poverty - Methodology of poverty estimation - Issues in poverty estimation in
India -Trends of poverty in India- Causes of failure to remove poverty in India-Assessment of
the poverty alleviation policies since independence-Growth and inequality-Economic
Inequalities: Concept and Measurement of Economic Inequalities, Causes of Economic
Inequalities and Policy measures to remove economic inequality-International comparison of
poverty and income inequality

References
1. Dhingra, I.C. Indian Economy (New Delhi: S Chand and son Co Pvt. Ltd.) (Recent
Edition)
2. Agarwall, A.N. Indian Economy (New Delhi: S Chand) (Recent Edition)
3. Indian Economy by Ruddar Datt and KPM Sundaram, S Chand Publications, Delhi
4. Indian Economy: S.K. Mishra and VK Puri, Himalaya Publishing House, Mumbai
5. Indian Economy; A. N. Agrawal, New Age Publishers, D
6. Uma Kapila (Ed) (2002). “Indian Economy since Independence”, Academic Foundation,
New Delhi.
7. Kaushik Basu, 2009, ―China and India: Idiosyncratic Paths to High Growth, Economic
and Political Weekly, September

Websites
1. [Link]
2. [Link]
3. [Link]
4. [Link]
 Agriculture Economics
Course Code: BPABECO105

Semester: I Credit: 04
Course Category: Elective Teaching Hours per Week: 04

Course Objectives
1. To understand the importance of agriculture sector in Indian economy.
2. To deepen the understanding of agricultural developments
3. To familiarize the students with sustainable agriculture developments measures
4. To study the agricultural marketing and its strategies in India.

Course Outcomes

1. Differentiate between agriculture production and productivity.

2. Enhance the knowledge on the methods of development of agriculture in an emerging
economy.
3. Provide students with a strong understanding of sustainable development and organic
farming.
4. Demonstrate the parameters of agriculture marketing and sources of credit.

Unit I - Overview of Indian Agriculture (15 Lectures)

Role and importance of agriculture in Indian economy – Trends of Agricultural growth in India
since independence - Trends in production and productivity since 1950- agriculture in
developed countries – agriculture productivity in India and Indian states – causes of low
productivity – government measure to enhance agriculture productivity in India

Unit II- Theories of Agricultural Development (15 Lectures)

Government policies for agriculture development- Theories of agricultural development – Lewis
model of agricultural development, schultz theory of agricultural development, Mellors model of
agriculture development, Hayami theory of agriculture development and Ruttan theory of
agriculture development

Unit III Sustainable Agricultural Development in India

Concept of green revolution – benefits of green revolution in India- limitations of green
revolution - Measurement and strategies for sustainable development- Organic Farming,
Contract Farming- Diversification of Agriculture in India

Unit IV Agriculture Irrigation and Agriculture Credit

Meaning of Agriculture marketing – importance of agriculture marketing - problems of
agriculture marketing – measures taken by government to improve agriculture marketing –
sources of agriculture finance.

References
1. Lekhi R K, Joginder Singh (2022), Agricultural Economics, Kalyani Publishers, New
Delhi
2. Dantwala, M.L. et al. (1991), Indian Agricultural Development Since Independence,
Oxford & IBH, New Delhi.
3. Government of India (1976), Report of the National Commission on Agriculture, New
Delhi.
4. Government of India, Economic Survey (Annual), New Delhi.
5. Gulati, A. and T. Kelly (1999), Trade Liberalization and Indian Agriculture, Oxford
UniversityPress, New Delhi.
6. Reserve Bank of India, Report on Currency and Finance (Annual), Mumbai
7. Rudra, A. (1982), Indian Agricultural Economics: Myths and Reality, Allied Publishers,
NewDelhi
 Research Methodology for Business Economics
Course Code: BPABECO106

Semester: I Credit: 04
Course Category: Elective Teaching Hours per Week: 04

Course Objectives:

1. To deepen the understanding of business research.

2. To familiarize the students with methods of data collection.
3. To study quantitative tools for data analysis.
4. To deepen the understanding of hypothesis testing

Course Outcome:

On successful completion of the course, a student will be able to;

1. Develop an understanding of the various types, steps methods of business research.

2. Make practical use of various data collection methods, processing and interpretation of
data collected.
3. Practically apply quantitative tools of data analysis to reach concrete conclusions.
4. Enable effective report writing using hypothesis testing methods and error terms.

Unit I - Introduction to Business Research

Introduction. Definition, Objectives, Significance & Types of Research, Criteria of research,
Features of a Good Research, Steps in Scientific Research Process, Ethical issues relating to
business research and Modern practices in research, major difficulties in the area of business
research

Unit II- Sources of Data Collection and Data Presentation

Primary and secondary methods of data collection, Processing of Data: Editing, Coding,
Classification & Tabulation, Analysis & Interpretation of Data:

Unit III- Quantitative Tools-

Measures of Central Tendency- Dispersion - Measures of Correlation-Simple and Multiple
Correlation-Time Series -Analysis-Trend Measurement-Moving Averages

Unit IV- Hypothesis formulation and Report Writing

Definition and functions of hypothesis –Criteria of workable -hypothesis – forms of report-
sources of hypothesis-Hypothesis Testing – Meaning, Concept, Procedure, Degree of
Freedom, Type 1 and Type 2 errors-Report Writing: Significance, types (Technical, Popular
and Interim Report)

References:
1. Gopal, M.H (1970) An Introduction to Research Procedures in
Social Sciences, Bombay,Asia Publishing House.
2. Goode [Link]&Hatt K. Paul, Methods of social Research, New York, McGraw –
Hill.
3. Krishnaswami, O.R &, [Link] (2011) Methodology of Research
in SocialSciences, Himalaya Publishing House, Mumbai.
4. Kumar, Renjith (2009) Research Methodology: A Step-by-Step Guide for Research,
Delhi,Pearson Education
5. [Link] ((1987) Research Methodology, KitabMahal, Allahabad
6. Gupta S P tatistical Methods Sultan Chand and Sons, New Delhi.
7. Gupta S.C, Fundamentals of Statistics, Himalaya Publication House, Bombay.
8. Rajaram V. (1996), Fundamentals of computers, Prentice Hall of India, New Delhi
 Micro Economic Analysis –II
Course Code: BPABECO201

Semester: II Credit: 04
Course Category: Mandatory Teaching Hours per Week: 04

Course Objectives:
1. The main objective of this paper is to train the students to analyze economic problems.
2. The emphasis of this paper is on understanding economics with the help of various
theories of markets.
3. To provide an insight on welfare economics and project planning.

Course Outcomes:

1. Students will have the clear understanding of real time behaviour of firm with the help of
various theory of managerial enterprise in micro economics.
2. Students will have a clear understanding of neo-classical approach.
3. Students will understand the theories of welfare & of market.
4. Students will understand the concept of project planning & understand capital budgeting.

Unit-I Theories of the firm

Objectives of modern Firm- Baumol’s Sales Revenue Maximization Model- Williamson’s
Model of Managerial Discretion- Marris Model of Managerial Enterprise, The Hall and Hitch
Report -Full Cost Pricing Rule - Bain’s Limit pricing theory and its recent developments
including Sylos–Lobini’s Model - Behavioral Model of the Firm

Unit-2 Distribution
Neo-Classical Approach -Marginal Productivity Theory -Product Exhaustion Theorem-
Technical Progress and Factor Shares-Theory of Distribution under Imperfect Product and
Factor Markets, Modern Theory of Rent, Determination of Wages-Interest and Profit.

Unit-3 Welfare Economics

Pareto Optimal Conditions- Paretian Welfare Criterion – Value Judgment, Social Welfare
Function- Compensation Principle- Inability to obtain Optimum Welfare Imperfections Market
Failure, Decreasing Costs, uncertainty and Non-Existent and Incomplete Markets-Theory of
Second Best – Arrow’s Impossibility Theorem, Equity

Unit-4 Project Planning and Capital Budgeting

Need for project planning-Meaning and significance of capital budgeting - Investment appraisal
methods- Payback period-Net present value, Internal rate of return.

References:
1. Koutsoyiannis A (1985), ‘Modern Micro Economics’ Macmillan Press Ltd.,
2. Ahuja H.L. (1982), ‘Advanced Economic Theory’ S. Chand & company Ltd., New
Delhi.
3. Chopra P.N (1981), ’Advanced Micro Economics’ Kalyani Publications
4. Layard, P.R.G. and Walters, A.A. (1978). Microeconomic Theory, McGraw Hill, New
York.
5. Little, I.M.D. (1957). Critique of Welfare Economics (2nd edition), Oxford University
Press, Oxford
 Macro Economic Analysis –II
Course Code: BPABECO202

Semester: II Credit: 04
Course Category: Mandatory Teaching Hours per Week: 04

Course Objectives:
1. The main objective of this paper is to make students aware of the various concepts of
Macro Economics.
2. The emphasis of this paper is on understanding macroeconomic concepts & workings of
various macroeconomic policies.
3. The emphasis of this paper is on understanding domestic & global economic events.
4. The intention of this paper is to make students aware of various theories of business
cycles.

Course Outcomes:
1. Students will have a clear understanding of the IS-LM model & interdependence of
product & money market.
2. Learners will have a clear understanding of instruments of fiscal & monetary policies
& their influence on the economy.
3. Students will understand the concept of depression & recession, & know its historical
background
4. Students will understand the theories of business cycles & have an idea of measures to
control the same.

Unit: I Product and Money Market Equilibrium

Product market equilibrium: derivation of IS curve -Money market equilibrium: derivation of
LM curve -The interdependence of product and money market: IS-LM model -From
disequilibrium to equilibrium the dynamics of adjustment shifts in IS and LM curves-IS-LM
model with Balance of payments.

Unit: II Monetary and fiscal policy

Objectives and Instruments of monetary policy-Objectives and Instruments of fiscal policy-How
monetary policy influence aggregate demand-How fiscal policy influence aggregate demand-
Use of monetary and fiscal policy to stabilize economy-Explanation of fiscal policy and
monetary policy using ISLM curves-The Crowding out – effect- Debates over Macroeconomic
Policy

Unit: III Big Events: The Economics of Depression, Hyperinflation, And Deficits
The Great Recession: Bubbles and Bust -What happened during the great depression? Policy
intervention and great depression -Historical Recessions in the world; Hyperinflation- Covid19
economic recession in India-Deficits: Facts and Issues

Unit IV Business Cycle Theories and Global Recession

Meaning and phases of Business Cycle- theories of business cycle- the monetary theory-
monetary over investment theory- Hicksian theory of trade cycle- global recession 2008-09 –
policy measures to control business cycle

References:
1. Abel, A.B., Bernanke, B. S., Croushore, D. (2015) Macroeconomics, Pearson India Education
Services Private Limited., Noida, 8th Edition.
2. Mankiw, N. Gregory (2015). Principles of Macroeconomics, Cengage Learning India Private
Limited, New Delhi, 6 th Edition.
3. Dornbusch, R., Fischer, S., Startz, R. (2012). Macroeconomics, Tata McGraw-Hill Publishing
Company Limited, New Delhi, 9 th Edition.
4. Romer, David. Advanced Macroeconomics, New York: McGraw-Hill, latest Edition.
5. Blanchard, O.J. and Fisher, S. (1989). Lectures in Macroeconomics, Cambridge, Mass: .I.T.
Press.
6. Macroeconomics: Theory and Policy. Author, D. N. Dwivedi. Publisher, Tata McGraw-Hill,
 Business Mathematics
Course Code: BPABECO203

Semester: II Credit: 04
Course Category: Mandatory Teaching Hours per Week: 02

Course objective:
1. The main objective of this paper is to train the students to use the techniques of
mathematical analysis, which are commonly applied to understand and analyze economic
problems.
2. The emphasis of this paper is on understanding economic concepts with the help of
mathematical methods rather than learning mathematics itself.
3. In this paper a student will be initiated into various economic concepts, which are
amenable to mathematical treatment. It will use integration, linear programming, and
game theory to solve economic problems.

Course Outcome:
On successful completion of the course, a student will be able to;
1. Determine the optimal quantity combination of goods by consumers and constrained
output maximization and cost minimization behavior of firms while producing goods.
2. Learners can compute equilibrium prices, outputs and profits under different markets
structures.
3. Use mathematical tools in economic analysis

Unit-I Matrix Algebra

Matrix Algebra: Solution of Simultaneous Linear equations. Cramer’s rule and Martin’s rule -
Characteristic roots and vectors – Partitioned Matrices. Applications of Matrix Algebra: Static
and Dynamic Input-Output Analysis – Linear Programming: (Graphical Method only) – Game
Theory: Two Persons Zero Sum Game

Unit -II Applications of Differentiation

Meaning and rules of differentiation- Elasticity of demand and supply-Market equilibrium-
Marginal cost and average cost functions-Marginal revenue and average revenue-Cost revenue
and profit application

Unit – III Integration

Concept and simple rules of integration-Application to consumer’s and producer’s surplus-
Difference equations: Solution of first order and second order difference equations; Applications
in trade cycle models- Growth models and lagged market equilibrium models.
Unit – IV Linear Programming
Linear programming: Basic concept, Nature of feasible-basic and optimal solution-Solution of
linear programming problem through graphical and simplex method-Concept of a game; Two-
person Zero-sum game and value of a game-Strategies- simple and mixed; Dominance rule;
Solution of a game by linear programming.

References:
1. Sheldon [Link], An Introduction To Mathematical Finance, Cambridge Press – 1999
2. Mathematics for Economics by Michael Hoy et al, PHI, New Delhi.
3. Quantitative Methods for Business and Economics by Adil H. Mouhammed, PHI, New
Delhi.
4. Quantitative Methods by D.R. Aggarwal
5. Basic Mathematics for Economists by R.C. Joshi, New Academic Publishing
6. Miller, R.E. and P.D. Blair Input-Output Analysis: Foundations and Extensions. Prentice-
Hall, Englewood Cliffs, New Jersey.
7. Proops, J., Faber, M. and Wagenhals, G. Reducing CO2 Emissions: A Comparative
Input-Output Study for Germany and the UK, Springer-Verlag, Heidelberg.
8. Aggarwal, H.S.: Modern Micro -Economics, Konark, New Delhi.
9. Taro Yamane, Mathematics for Economists, PHI.
10. Allen R.G.D., Mathematical Analysis for Economists, Macmillan Press, London.
11. Black, J. and J.F. Bradley, Essential Mathematics for Economists, John Wiley and Sons.
12. Chiang, A.C. Fundamental Methods of Mathematical Economics (3rd Edition), McGraw
Hill, New Delhi.
 Indian Economic Planning and Policy- II
Course Code: BPABECO204

Semester: II Credit: 02
Course Category: Mandatory Teaching Hours per Week: 02

Course Objectives:
1. Understand the concept of planning in India
2. Familiarize issues associated with agriculture, industry, service, and external sector
3. Make the students understand how to link various economic policies.

Course Outcome:
On successful completion of the course, a student will be able to;
1. Understand the contribution of the various sectors in development economy.
2. Know the sector wise development policies in Indian economy.
3. Compare the performance and issues of various sectors in Indian economy.

Unit: I Policies and Performance in Agriculture Sector

Major Challenges of Indian Agriculture and policy response- agriculture growth in last two
decades -Causes of Rural Indebtedness in India- government initiatives to improve agricultural
finance- Problems of agriculture marketing in India- government policies to improve the system
of agricultural marketing- regulated market

Unit: II Policies and Performance in Industry and service Sector

Role of industry in Economic Development-Classification of Industry in India-New Industrial
policy of 1991-Industrial growth rate after new economic reforms in India -Industrial
backwardness of India : causes and policies response - Challenges before health sector in India-
Government measures to improve health sector in India- Challenges before education sector in
India-Government remedies to improve education sector in India

References
1. Ramesh Singh, Indian Economy, Tata Mc-Graw Hill, Publication
2. Indian Economy by Ruddar Datt and K.P.M. Sundaram, S Chand Publications, Delhi
3. Indian Economy: SK Mishra and VK Puri, Himalaya Publishing House, Mumbai
4. Indian Economy; A N Agrawal, New Age Publishers
5. Kaushik Basu, 2009, ―China and India: Idiosyncratic Paths to High Growth, Economic
and Political Weekly, September
Websites
1) [Link]
2) [Link]
3) [Link]
4) [Link]
5) [Link]
6) [Link]/research/global-manufacturing-scorecard-how-the-us-compares-to-18-
other-nations/
7) [Link]
8) [Link]
 Agriculture Economics
Course Code: BPABECO205

Semester: II Credit: 04
Course Category: Elective Teaching Hours per Week: 04

Course Objectives:

Course Objectives
1. To understand the structural changes in Indian economy.
2. To deepen the understanding of agricultural price and food policy
3. To familiarize the students with Diversification of Agriculture and Allied Activities
4. To study the Agricultural Inputs, Production and Productivity.

Course Outcomes

1. Differentiate between traditional agriculture and its modernization.

2. Enhance the knowledge on the agriculture pricing, models, and food policy.
3. Provide students with a strong understanding of crop planning, diversification, and allied
agriculture activities.
4. Demonstrate the parameters like Land Utilization Pattern, Land Reform Measures, and
production function analysis.

Unit I: Structural changes and Agriculture in India

Traditional agriculture and its modernization -Changes in the share of agriculture to G.D.P.,
reasons, and way forward-Changes in the percentage of employment generated by agriculture in
the total workforce reasons and way forward.

Unit II: Agriculture price and food policy

Agriculture Prices Functions and Fluctuations; Cobb-Web Model; Need for Government
intervention; Objectives of Price policy; Types of Agriculture Prices: Minimum Support Prices
and Statutory Minimum Support Price, Procurement Prices; Fixation of Minimum Support Price;
Food Security; Food Corporation of India and Buffer stock; Public Distribution System (PDS) in
India and its critique; National Food Security Act.

Unit III: Diversification of Agriculture and Allied Activities

Crop Planning – Cropping Intensity, Cropping Pattern, and Influencing Factors – Diversification
- Economics of Allied Agricultural Activities: Dairy, Poultry, Fishery and Sericulture –
Problems and Prospects
Unit IV: Agricultural Inputs, Production and Productivity
Land Utilization Pattern – Land Holdings: Sub-division and Fragmentation – Land Ownership
and Tenancy – Land Reform Measures – Irrigation: Types – Water Management Technologies –
Mechanization and its Impact on Agriculture Labour – Production Function Analysis in
Agriculture.

References
1. Lekhi R K, Joginder Singh (2022), Agricultural Economics, Kalyani Publishers, New Delhi
2. Dantwala, M.L. et al. (1991), Indian Agricultural Development Since Independence, Oxford
& IBH, New Delhi.
3. Government of India (1976), Report of the National Commission on Agriculture, New Delhi.
4. Government of India, Economic Survey (Annual), New Delhi.
5. Gulati, A. and T. Kelly (1999), Trade Liberalization and Indian Agriculture, Oxford
UniversityPress, New Delhi.
6. Reserve Bank of India, Report on Currency and Finance (Annual), Mumbai
7. Rudra, A. (1982), Indian Agricultural Economics: Myths and Reality, Allied Publishers,
NewDelhi

Field Project: FP

The students will have to undertake a OJT / FP of 4 credits in Semester II. This is also applicable
to the students admitted to one year PG program after completion of four-year UG Program.

Study Tour
A study tour is recommended as part of the paper entitled "Agriculture Economics” in the
second Semester and the tour report should be submitted to the Head of the Department soon
after the tour.