Business Economics By Guru Jambheshwar Pdf
Download Business Economics By Guru Jambheshwar Pdf book free online – from Business Economics By Guru Jambheshwar Pdf book; This book explains the following topics: Business Economics- Meaning, Nature, Scope and significance, Theory of Consumers Behaviour : Utility Analysis, Indifference Curve Approach, Law Of Demand and Elasticity Of Demand, Demand Forecasting, The Organization of Production and the Production Function, Concept of Cost : Short Run and Long Run Cost.
Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. Business involves decision-making. Decision making means the process of selecting one out of
two or more alternative courses of action. The question of choice arises because the basic resources such as capital, land, labour and management are limited and can be employed in alternative uses. The decision-making function thus
becomes one of making choice and taking decisions that will provide the most efficient means of attaining a desired end, say, profit maximation.
The emphasis in business economics is on normative theory. Business economic seeks to establish rules which help business firms attain their goals, which indeed is also the essence of the word normative. However, if the firms
are to establish valid decision rules, they must thoroughly understand their environment. This requires the study of positive or descriptive theory. Thus, Business economics combines the essentials of the normative and positive economic theory, the emphasis being more on the former than the latter.