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Introduction, , , , Scope and Importance of Business Economics - basic tools- Opportunity Cost, principle- Incremental and Marginal Concepts. Basic economic relations functional relations: equations- Total, Average and Marginal relations- use of, Marginal analysis in decision making,, , The basics of market demand, market supply and equilibrium price- shifts in the, demand and supply curves and equilibrium, , , , Demand Analysis, , , , Demand Function - nature of demand curve under different markets, , Meaning, significance, types and measurement of elasticity of demand (Price,, income cross and promotional)- relationship between elasticity of demand and, revenue concepts, , Demand estimation and forecasting: Meaning and significance - methods of, demand estimation : survey and statistical methods ( numerical illustrations on, trend analysis and simple linear regression), , , , Supply and Production Decisions, , , , Production function: short run analysis with Law of Variable ProportionsProduction function with two variable inputs- isoquants, ridge lines and least cost, combination of inputs- Long run production function and Laws of Returns to Scale, - expansion path - Economies and diseconomies of Scale and economies of scope, , , , Cost of Production, , , , , , , , Cost concepts: Accounting cost and economic cost, implicit and explicit cost,, social and private cost, historical cost and replacement cost, sunk cost and, incremental cost -fixed and variable cost - total, average and marginal cost - Cost, Output Relationship in the Short Run and Long Run (hypothetical numerical, problems to be discussed), , Extensions of cost analysis: cost reduction through experience - LAC and Learning, curve - Break even analysis (with business applications)