Book Code: OBM/19/12/82424
Publisher: Parth Publishers
University: Maharshi Dayanand Saraswati University (MDSU)
This One Week Series is Written in English Language in Question Answer Series According to syllabus of Maharishi Dayanand University.
Syllabus of Book
Unit-1 Nature and scope of economics; Methodology in economics, Choice as an economic problem; basic postulates: Role of price mechanism: Demand and supply, Basic framework-applications; Market equilibrium Consumer's Behavior Utility - Cardinal and ordinal approaches, Indifference curve, Consumer's equilibrium (Hicks and Slutskyk Giffin goods; Elasticity of demand-Price, income and cross: Consumer's surplus, Engle curve. Theory of Production and Costs Production decisions; Production function: Iso-quant, Pactor substitution; law of variable proportions;returns to scale, economies of scale;
Unit II Different concepts of cost and their interrelation: Equilibrium of the firm; Expansion path. Market Structure Market forms - Perfect and imperfect markets; Price & Output determination in Perfect competition, monopoly, Monopolistic Competition, Duopoly, Oligopoly, (Paul's M Sweezy Model). Price discrimination under monoply, Measure of monopoly power. Regulation of Monopoly. Factor Pricing Marginal productivity theory of distribution; Modem Theory of Factor Price Determination. Theories of wage determination, Wages and collective bargaining: Wage differentials;
Unit-III IT Rent - Scarcity rent: Differential rent: Quasi rent, interest - Classical and Keynesian theories; Profits - Innovation, risk and uncertainty theories lavestment Analysis, Rent, Interest and Profit Payback period -average annual rate of return, Net present value, Internal rate of return criteria, price changes, risk and uncertainty, elements of social cost benefit analysis. Welfare Economics Problems in measuring welfare; Classical welfare economics; Pareto's criteria(Production, Consumption and Distribution Concept of a social welfare function Compensation principle - Kaldor, Hicks