Course Title: Economics and Social Sciences Course Code : HS 203

Semester : III Core / Elective :University

Core
Teaching Scheme in Hrs (L:T:P) : 3:0:0 Credits : 3 Credits
Type of course : Lecture + Total Contact Hours : 36
Assignments
Continuous Internal Evaluation : 40 Marks SEE : 60 Marks
Programmes: B.TECH (MECHANICAL ENGINEERING)
Course Objective
 To understand the significance of the economic aspects of engineering and to become proficient
in the evaluation of engineering proposals in terms of worth and cost
 To help students to grasp various economics concepts and theories towards making economic
decision.

Units Course Contents Hours

I Definition of Economics - various definitions, Nature of Economic problem,
Production possibility curve, Economic laws and their nature. Relation between
Science, Engineering, Technology and Economics. 7
Concepts and measurement of utility, Law of Diminishing Marginal Utility, Law of
equi-marginal utility - its practical application and importance
II Meaning of Demand, Individual and Market demand schedule, Law of demand,
shape of demand curve, Elasticity of demand, measurement of elasticity of demand,
factors effecting elasticity of demand, practical
7
importance & applications of the concept of elasticity of demand.
Meaning of production and factors of production; Law of variable proportions,
Returns to scale, Internal and External economics and diseconomies of scale.
III Various concepts of cost - Fixed cost, variable cost, average cost, marginal cost,
money cost, real cost opportunity cost. Shape of average cost, marginal cost, total
cost etc. in short run and long run. 7
Meaning of Market, Types of Market - Perfect Competition, Monopoly, Oligoply,
Monoplistic Competition (Main features of these markets)
IV Supply and Law of Supply, Role of Demand & Supply in Price Determination and
7
effect of changes in demand and supply on prices.
V Nature and characteristics of Indian economy (brief and elementary introduction),
Privatization - meaning, merits and demerits. Globalization of Indian economy -
7
merits and demerits. Elementary Concepts of VAT, WTO,
GATT & TRIPS agreement
Total 35
Text Books:
1, Vengedasalam, Deviga. Madhavan, Karunagaran, Principles of Economics, Oxford University Press.
2. R. Paneer Seelvan, “ Engineering Economics”, PHI
3. Ahuja,H.L., “Principles of Micro Economics” , S.Chand & Company Ltd
4. Riggs,J.L., Bedworth and Randhwa, “Engineering Economics”, McGraw Hill Education India
5.Paul, R.R., Money, Banking and International Trade, Kalyni Publishers
Ref. Books
1.Park, Chan.S, “Fundamental of Engineering Economics”, Pearson.
2. Engineering Economy by William G.Sullivan, Elin M.Wicks, C. Patric Koelling, Pearson
3. Thuesen, G.J.,Fabrycky,. Engineering Economy, PHI.
4.Jhingan,M.L., “Macro Economic Theory”, Vrinda Publications Ltd