Micro-economics syllabus
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Micro-economics
5 units
1 Introduction to Micro-economics (8 LHs)
2 Theory of Consumer's Behaviour and Demand Analysis (15 LHs)
- Concept of consumer's behavior
- Concept and Types of Demand
- Determinants of Demand and Demand Function
- Concept of Elasticity: Price, Income and Cross Elasticity of Demand and its Measurement
- Utility Analysis: Concept of Cardinal and Ordinal Utility Analysis
- Marginal Rate of Substitution
- Consumer's Equilibrium
- Production: Production Function; Laws of variable proportion; Laws of returns to scale
3 Costs and Revenue Analysis (8 LHs)
5 Market and Supply Analysis (7 LHs)
1. Introduction to Micro-economics (8 LHs)
- Concept of Economics
- Concept and Scope of Micro-economics
- Importance and Uses of Microeconomics
2. Theory of Consumer's Behaviour and Demand Analysis (15 LHs)
- Concept of consumer's behavior
- Concept and Types of Demand
- Determinants of Demand and Demand Function
- Concept of Elasticity: Price, Income and Cross Elasticity of Demand and its Measurement
- Utility Analysis: Concept of Cardinal and Ordinal Utility Analysis
- Marginal Rate of Substitution
- Consumer's Equilibrium
- Production: Production Function; Laws of variable proportion; Laws of returns to scale
3. Costs and Revenue Analysis (8 LHs)
- Concepts of Costs
- Short Run Cost Curves
- Long Run Cost Curves
- Concept of Revenue
- Revenue Curves under Perfect and Imperfect Competition
4. Theories of Factor Pricing (10 LHs)
- Modern theory of rent
- Marginal productivity theory of wages
- Loanable fund theory and liquidity preference theory of interest
- Dynamic and innovation theory of profit
5. Market and Supply Analysis (7 LHs)
- Market analysis: Concept of perfect and imperfect competitive market
- Supply analysis: Concept of Supply; Determinants of Supply