Basic Economic Concepts:
- Meaning and definition of economics, Problem of scarcity and choice
- Opportunity cost and production possibility frontier
- Methods of Economic Study
- Static and Dynamic Economics
- Equilibrium and its types
Demand Analysis and Consumer Behaviour-I
Concept of Demand, Demand function, Law of Demand, Elasticity of Demand- Types,
Measurement and Factors affecting demand elasticity. Utility Analysis- Cardinal Approach;
Law of Diminishing Marginal Utility, law of Equi-Marginal utility, Consumer’s Equilibrium
Demand Analysis and Consumer Behaviour-II:
Utility Analysis- Ordinal Approach, Indifference curve analysis- Properties, Budget line and its slope, Consumer’s Equilibrium, Price effect, Income effect and Substitution Effect, derivation of demand curve, Consumer’s Surplus, Revealed Preference Theory.
Production:
Concept of Production, factors of production, production possibility curve, production
function, Short run theory of production, Law of Variable proportions; Long run theory of
production, Laws of Returns to scale, concept of Isocost line and Producer’s Equilibrium.
Costs and Revenue
Concept and Types, Total, Average and Marginal cost: short run and long run, Inter
relationship between cost curves. Concept of revenue, Total, Average and Marginal revenue
and its interrelationship, shape of revenue curves. Break even analysis.
Market Structure and Price Determination
Structure of markets, perfect competition- characteristics, Equilibrium of firm and Industry,
price determination under perfect competition, Monopoly-Characteristics, equilibrium, price
or output determination under monopoly. Price discrimination and its degrees. Nature of
Monopolistic competition-Characteristics, equilibrium, price and non-price competition.
Theory of Distribution-I
Concept of Factor income: Marginal Productivity theory,Concept of rent and Quasi rent,
theories of rent: classical and modern, concept of quasi rent. Concept of Wage and Wage
Determination; Theories: Classical, Neo-Classical and Modern.
Theory of Distribution-II
Concept of Interest and its theories: Classical, Neo-Classical and Modern; Concept and
Theories of Profit: Classical, Neo-Classical and Modern
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