SYLLABUS PART– A: INTRODUCTORY MICROECONOMICS UNIT1: INTRODUCTION 11 PERIODS Meaning of Micro-economics & Macro-economics. What is an economyy? Central problems of an economy-what,how and for whom to produce:concepts of production possibility frontier and opportunitycost. UNIT2: CONSUMER EQUILIBRIUM AND DEMAND 34 PERIODS Consumer’s equilibrium–meaning of utility, marginal utility, law of diminishing marginal utility, conditions of consumer’sequilibrium using marginal utility analysis. Indifference analysis of Consumer’s equilibrium–the consumer’s budget (budget set and budget line), preference of consumer (indifference curve, indifference map) and conditions of Consumer’s equilibrium Demand,market demand,determinants of demand,demand schedule,demandcurve and its slope, movement along and shifts in the demand curve; price elasticityof demand– factors affecting price elasticity of demand;measurement of price elasticity of demand–(a)percentage change method and (b)geometric method (linear demand curve);relationship between price elasticity of demand and total expenditure. UNIT3: PRODUCER BEHAVIOUR AND SUPPLY 34 PERIODS Production function Short run & Long Run: Total Product, Average Product and Marginal Product, .Returns to a Factor and Returns to Scale. Cost and run costs–total cost,total fixed cost,total variable cost;Averagefixed cost,average variable cost and marginalcost– meaning and their relationship. Revenue total, average and marginal revenue. – Producer’s equilibrium–meaning and its conditions in terms of marginal revenue–marginal cost approach. Supply,market supply,determinants of supply,supply schedule, supply curve and its slope, movements along and shifting supplycurve,price elasticity of supply;measurement of price elasticityof supply– (a) percentage method and (b) geometric methods. UNIT 4: FORMS OF MARKET AND PRICE DETERMINATION 31PERIODS UNDER PERFECT COMPETITION WITH SIMPLE APPLICATIONS. Perfect Competition Features: Determination of market equilibrium and effects of shift in demand and supply Other market forms: Monopoly, monopolistic competition, oligopoly Market– their meaning and features.
SYLLABUS PART– A: INTRODUCTORY MICROECONOMICS UNIT1: INTRODUCTION 11 PERIODS Meaning of Micro-economics & Macro-economics. What is an economyy? Central problems of an economy-what,how and for whom to produce:concepts of production possibility frontier and opportunitycost. UNIT2: CONSUMER EQUILIBRIUM AND DEMAND 34 PERIODS Consumer’s equilibrium–meaning of utility, marginal utility, law of diminishing marginal utility, conditions of consumer’sequilibrium using marginal utility analysis. Indifference analysis of Consumer’s equilibrium–the consumer’s budget (budget set and budget line), preference of consumer (indifference curve, indifference map) and conditions of Consumer’s equilibrium Demand,market demand,determinants of demand,demand schedule,demandcurve and its slope, movement along and shifts in the demand curve; price elasticityof demand– factors affecting price elasticity of demand;measurement of price elasticity of demand–(a)percentage change method and (b)geometric method (linear demand curve);relationship between price elasticity of demand and total expenditure. UNIT3: PRODUCER BEHAVIOUR AND SUPPLY 34 PERIODS Production function Short run & Long Run: Total Product, Average Product and Marginal Product, .Returns to a Factor and Returns to Scale. Cost and run costs–total cost,total fixed cost,total variable cost;Averagefixed cost,average variable cost and marginalcost– meaning and their relationship. Revenue – total, average and marginal revenue. Producer’s equilibrium–meaning and its conditions in terms of marginal revenue–marginal cost approach. Supply,market supply,determinants of supply,supply schedule, supply curve and its slope, movements along and shifting supplycurve,price elasticity of supply;measurement of price elasticityof supply– (a) percentage method and (b) geometric methods. UNIT 4: FORMS OF MARKET AND PRICE DETERMINATION 31PERIODS UNDER PERFECT COMPETITION WITH SIMPLE APPLICATIONS. Perfect Competition Features: Determination of market equilibrium and effects of shift in demand and supply Other market forms: Monopoly, monopolistic competition, oligopoly Market– their meaning and features.
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