Hi Megha,
If you want to determine your network response time use SAP Note 500235 - Network Diagnosis with NIPING.
There wasn't a lot of specifics provided with your request. For example, one would presume this pertains to Internet Explorer. Next question would be which version of IE is being used. The response time in SAP GUI for HTML has a lot of dependencies based on browser version's, backend Kernel, and SAP-BASIS component. These last two affect the Internet Transaction Server, ITS. You will want to know your versions and be aware of their limitations.
If you are looking at component performance I would recommend using transaction STAD. Please keep in mind that transactions like CIC0 leverage webdynpro and have a lot of screen functionality. Also don't forget about Desktop Office Integration, DOI. Any browser will leverage shared DLL's with Microsoft Office for example. If you are running Office 2013 you backend needs to support it. For example: NW 7.31 the PAM requires Support Pack Stack 8 to integrate well with Windows 7, IE 9 or 10, and Office 2013. Just keep in mind that there are rendering issues if you are running under the recommended patch levels.
Your BASIS Administrator's should be able to provide additional assistance. Solution Manager 7.1 SP8 E2E has some great tools for investigating response times.
Cheers,
Dan Mead