Macro Economics - Syllabus
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Paper
Code: 212509
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Marks: 100
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Credits: 4
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Class Hours: 60
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Paper
Title:
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MICRO ECONOMICS
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1. The Fundamentals of Economics: Scarcity
and Efficiency-The Twin Themes of Economics-The Logic of Economics-The Three
Problems of Economic Organization: Market, Command and Mixed
Economies-Society’s Technological Possibilities : Inputs and Outputs-The
Production Possibility Frontier.
2. Markets and Government in a Modern Economy:
The Mixed Economy-What is a Market? Trade, Money and Capital-The Economic
Role of Government.
3. Basic Elements of Supply and Demand :
The demand Schedule : The Demand Curve-The Supply Schedule : The Supply
Curve-Equilibrium of Supply and Demand.
4. Applications of Supply and Demand:
Price Elasticity of Demand and Supply : Price Elasticity of Demand, Elasticity
and Revenue, Price elasticity of Surplus-The Indifference Curve & Budget
Line-Deriving the Demand Curve.
5. Demand and Consumer Behavior: Choice
and Utility Theory-Equimarginal Principle-Substitution Effect and Income
Effect-Consumer Surplus-The Indifference Curve & Budget Line-Deriving the
Demand Curve.
6. Production and Business Organization:
Theory of Production and Marginal Products: Basic Concepts Returns to
Scale-Short Run and Long Run, Technological Change, Productivity and the
Aggregate Production Function-Business Organizations : The Nature of the Firm;
Big Small and Infinitesimal Business.
7. Analysis of Costs : Economic Analysis
of Costs-Economic Costs and Business Accounting-Opportunity Costs-Production,
Cost Theory and Decisions of Firms.
8. Analysis of Perfectly Competitive Markets:
Supply Behavior of the competitive Firm-Supply Behavior in competitive
Industries-Special Cases of Competitive Markets-Efficiency and Equity of
competitive Markets.
9. Imperfect Competition and Monopoly:
Pattern of Imperfect competition-Marginal Revenue and Monopoly.
10. Oligopoly and Monopolistic Competition:
Behavior of Imperfect Competitors-Innovation and Information-A Balance Sheet on
Imperfect Competition.
11. How Markets Determine Incomes: Income
and Wealth-Input Pricing by Marginal Productivity.
12. The Labor Market: Fundamentals of Wage
Determination-Labor Market Issues and Policies.
13. Land and Capital: Land and Rent-Capital
and Interest-Markets and Economic Efficiency.
Books Recommended:
1. Ahuja,
H. L. : Modern Micro Economics, S. Chand & Co.
Ltd.
2. Dewett,
K. K. : Modern Economic Theory