BA Economics -Micro-Economics (Q&A) One Week Series- MGSU University

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Product Code: 2020
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BA Economics -Micro-Economics (Q&A) One Week Series- MGSU University


MDS Syllabus

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 Behaviour 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- 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

MGSU Syllabus

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.

Kota Syllabus

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