This One Week Series is Written in English Language in Question Answer Series According to syllabus of Maharaja Gangasingh University.
UNIT-I Introduction Definition, Nature and scope of economics, Basic economic problems, Function of an economic system, Economic theory method and methodology, Micro-Macro, Static and dynamic analysis, Technique of economic analysis, Concept of equilibrium.
UNIT-II Consumer’s Behaviour Law of demand and supply, Elasticity of demand-price, income and cross elasticity, Utility- Cardinal and ordinal approachesIndifference curve, consumer’s equilibrium (Hicks), Giffin goods, Consumer’s surplus.
UNIT-III Theory of Production and Costs Syllabus Poduction function, Ratio and scale, law of variable proportions, Iso-quant, Expansion path, Ridge lines, Returns to scale, Economies of scale, Concepts of cost and revenue and their interrelation.
UNIT- IV Market Structure (Commodity Pricing) Market forms - Perfect and imperfect markets, Equilibrium of a firm and industry under Perfect competition, monopoly and price discrimination, Control of Monopoly Power, monopolistic competition.
UNIT - V Factor Pricing Marginal productivity theory of distribution, Theories of wage determination, Rent-Scarcity rent, Differential rent, Quasi rent, Classical and Keynesian theories of interest, Profit - Innovation, risk and uncertainty theories.