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Elementary Micro Economics

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For BA GENERAL Course of DIBRUGARH, GUWAHATI UNIVERSITY & other Indian University

ELEMENTARY MICROECONOMICS

[Based on the syllabi of Dibrugarh University and Gauhati University (Non –Major course) Microeconomics]

Preface

 

Introduction to Economics

  • Microeconomics vs. Macroeconomics
  • Definition and scope of microeconomics
  • Meaning of Scarcity and Choice.
  • Positive Microeconomics vs. Normative Microeconomics
  • Types of Microeconomic Analysis
  • Objectives of Microeconomic Policy.
  • Economic models in microeconomics
  • Concept of Equilibrium
    • Stable and unstable
    • Static
    • comparative static
    • dynamic

Questions for Review

    • Consumer’s behaviour
    • Concept of Demand, Demand Schedule, Demand Function and Law of Demand
    • Individual and Market Demand and Supply
    • Concept of Supply, Supply Schedule, Function and Law of Supply
    • Market Equilibrium
    • Impact of Changes in Demand and Supply

 Questions for Review

    • Utility Analysis : Introduction
    • Approaches To Utility Analysis: Cardinal and Ordinal Utility
    • The Cardinal Utility theory
    • Equilibrium of the Consumer
    • Law of diminishing marginal utility

Questions for Review

 

 

    • The Indifference Curve Theory
    • Significance of Indifference Curves
    • Properties of the Indifference Curves
    • Marginal Rate of substitution
    • Equilibrium of Consumer
    • Income effect
    • Substitution effect
    • Price effect
    • Derivation of Demand curve

 

Questions for Review

 

    • Elasticity of demand
    • Price elasticity of Demand
    • Income elasticity of Demand
    • Cross elasticity of Demand
    • Point and Arc elasticities of Demand

Questions for Review

    • Producer’s behavior
    • Cost and Revenue Analysis
    • Law of Variable proportions
    • Returns to Scale
    • Iso-quant
    • Iso-cost
    • Least Cost Combination
    • Expansion path
    • Cost of Production
    • Understanding the different concepts of cost
    • Behaviour of costs
    • Different Concepts of Cost and their interrelation
    • Short run AC Curves
    • Long run AC Curves
    • Economies and diseconomies of scale

  Questions for Review

    • The Concepts of Total Revenue Average Revenue Marginal Revenue
    • Marginal Revenue and Marginal Cost in determining Equilibrium of a Firm.

Questions for Review

 

    • The Theory of Firm
    • Equilibrium Conditions of a Firm
    • Perfect Competition  Meaning Assumptions
    • Equilibrium of firm and industry in the Short-Run
    • Equilibrium of firm and industry in the Long-Run
    • Normal and Super-Normal Profits
    • Derivation of Supply curve

Questions for Review

    • Monopoly: Meaning ,
    • Characteristics of Monopoly
    • Sources of Monopoly
    • Kinds of Monopoly
    • Price and output determination under Monopoly
    • Monopoly and Supply Curve
    • Comparison between Monopoly equilibrium and Perfectly competitive equilibrium
    • Price Discrimination
    • Conditions for Price discrimination
    • Degrees of price discrimination
    • Equilibrium under Price Discrimination

Questions for Review

    • Monopolistic Competition : Meaning
    • Assumption and features of monopolistic competition
    • Price and output determination under   Monopolistic Competition
    • Selling Cost in Monopolistic competition

Questions for Review

    • Oligopoly Meaning and  Assumptions
    • Types of Oligopoly
    • Features of Oligopoly
    • Kinked Demand Curve
    • Oligopoly Equilibrium
    • Cartel and Price Leadership

Questions for Review

    • Theories of Distribution
    • Marginal Productivity theory of Distribution
    • Factor Pricing
      • Wage determination under perfect competition
      • Wage determination under Monopsony
      • Wage determination under bilateral monopoly

Questions for Review

    • Ricardian theory of Rent
    • Transfer Earnings
    • Economic Rent
    • Differential Rent
    • Quasi-Rent

Questions for Review

    • Introduction
    • The abstinence or waiting theory of interest
    • Bohm-Bawerk’s view of interest
    • Fisher’s theory
    • The loanable funds theory
    • Liquidity Preference Theory

Questions for Review

    • The Concept of Profit
    • Theories of Profit

Questions for Review

 

 

 

 

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