MICROECONOMICS
UNIT I
Nature and scope of Economics, static and dynamic Economics, micro and macro Economics
UNIT II
CONSUMPTION – Utility – concept – Types and Relationship. Theories of consumer BehaviorCardinal and Ordinal approaches . Demand – Concept, law of demand, Elasticity of Demand , Types of Elasticity of Demand and measurement of Elasticity of demand, Concept of consumer's Surplus.
UNIT III
Cost and Revenue- Concept and Type of Cost , short Run Cost Curve and Long run cost Curve and their relationship. Revenue – Concept and types, Relationship between Revenue CurvesIII –
UNIT IV
Production Supply – Concept, Supply Schedule and curve. Production Function – Introduction Isoquant Curves laws of Variable Proportion.
UNIT V
Market : Introduction Element and types of Market, Prices Determinations under Perfect Competition, Role of Time Element, Pricing under Monopoly and Monopolistic competition, comparative study of monopoly, and perfect competition. UNIT VI – Distribution Theories of Distribution Marginal Productivity theory and modern theory Rent - Ricardo and Modern Theory Wage - Demand and Supply Theory Collective Bargaining and wage determination Interest - Classical and Kenjunesian Theory Profit - Night's and Schumpeterain Theory