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Business decision-making has become extremely complex task due to ever growing complexity of business world and business environment in present situation. The basic function of business managers is to take appropriate decision on business matters, to manage and organize resources, and to make optimum use of available resources with the objective of achieving the business goals. Business Economics helps in equipping prospective and present managers with economic concepts, economic theories, tools and techniques of economic analysis applied to business decision-making. The book 'An Introduction to Business Economics' is divided into 19 units, broadly two parts – Microeconomics and Macroeconomics. Demand and estimation of demand, Cost and Production Functions, Market Structure, Theory of Firm and Theory of Profit, National Income, Inflation and Employment, and Balance of Payments are the major components of this book which presents comprehensive view of business economics in general and specialized microeconomics and macroeconomics view in particular. MCQs and Model Question Paper based on UGC Guidelines are making this book unique with respect to development of uplifting students' knowledge at higher level. High Order Thinking Questions (HOTQs) are included to evaluate student's analytical skill. Contents - 1. Managerial Economics: An Introduction 2. Theory of Demand 3. Elasticity of Demand and Demand Estimates 4. Demand Forecasting 5. Production Function 6. Cost Concepts and Analysis 7. Market Structure 8. Pricing Under Different Market Conditions 9. Price Discrimination 10. Pricing Strategies 11. Economic Theory of A Firm 12. Behavioural Theory of A Firm 13. Managerial Theory of A Firm 14. Theory of Profit 15. Circular Flow of Economic Activities 16. National Income 17. Economic Growth and Development 18. Theory of Inflation and Employment 19. Balance of Payments 20. Multiple Choice Questions (MCQs) 21. High Order Thinking Questions (Micro Economics) 22. Model Question Paper
