Major · Economics · Semester 2 · FY BA · 4 credits · 100 marks · 60 hours
Module 1: Production Analysis (15 Hours)
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1
Production Function: Concept and types: Law of Variable Proportion and Returns toScale,
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2
Concepts of Total, Average and Marginal Product.
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3
Isoquant and Producer’s Equilibrium
Module 2: Cost and Revenue Analysis
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1
Concepts of Costs: Money and Real Cost, Social Cost, Private Cost, Explicit and ImplicitCost.
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2
Opportunity Cost; Relationship between Average, Marginal and Total Cost;
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3
Derivation of Short Run and Long Run Cost Curves;
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4
Concepts of Revenue: Types and Interrelationship
Module 3: Factor Pricing (15 Hours)
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1
Marginal Productivity Theory of Distribution; Rent: Ricardian Theory of Rent, ModernTheory of Rent.
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2
Wages: Modern Theory of Wages; Collective Bargaining; Supply Curve of Labour.
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3
Interest: Classical Theory of Interest, Loanable Funds Theory of Interest.
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4
Profit: Risk and Uncertainty Theory.
Module 4: Equilibrium in Different Market Structures (15 Hours)
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1
Concept of Equilibrium: TR - TC and MR - MC Approach.
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2
Markets structures: Perfect and Imperfect competition (Monopoly, MonopolisticCompetition and Oligopoly): Features
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3
Equilibrium under various market structures.
Reference Books
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1
A. Koutsoyainnis, (2015), Modern Microeconomics, 2nd edition, Palgrave Macmillan.
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2
Paul Samuelson and W. Nordhaus, (2019), Economics, 20th edition: Economics, McGrawHill Publications.
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3
Mankiw M.G (2015), Principles of Micro economics 7th edition - Cengage Learning.
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4
H.L.Ahuja, (2016) “Advance Economics Theory” S.Chand & Company Ltd.
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5
Anindya Sen, (2006), Microeconomics, OUP India Publisher.
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6
M.L.Jhingan, (2006), “Microeconomics Theory”, 5th edition,Vrinda Publication
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7
Salvator D, (2003) “Microeconomics Theory and Applications” Oxford University press,new Delhi.
