* Micro Economics BBS First Year Syllabus
Unit 1: Introduction
* Introduction to
Economics
* Concept of Microeconomics
* Features of Microeconomics
* Scope of Microeconomics
* Types of Microeconomics
* Uses/Importances of Microeconomics
* Limitations of
Microeconomics
* Difference between Micro and Macroeconomics
*
Concept of Business/Managerial Economics
* Features of Business Economics
* Scope of of Business Economics
* Relation of Business Economics with Traditional Economics
* Difference between Traditional Economics and Business Economics
Unit 2: Market Equilibrium and Efficiency
* Meaning of Demand
* Theory of Demand
* Types of Demand
* Law of Demand
* Demand Schedule and Curve
* Exception to the Law of Demand
* Causes of Downward sloping Demand Curve
* Derivation of Individual and Market Demand Curve
* Determinants of Demand
* Demand Function
* Types of Demand Function
* Movement along a Demand Curve
* Shift in Demand Curve
* Difference between Movement and Shift in Demand Curve
* Factors Causing the Shift in Demand Curve
* Importance/Uses of Demand Analysis in Business Decision
* Meaning of Supply
* Theory of Supply
* Types of Supply
* Law of Supply
* Supply Schedule and Curve
* Exception to the Law of Supply
* Causes of Downward sloping Supply Curve
* Derivation of Individual and Market Supply Curve
* Determinants of Supply
* Supply Function
* Types of Supply Function
* Movement along a Supply Curve
* Shift in Supply Curve
* Difference between Movement and Shift in Supply Curve
* Factors Causing the Shift in Supply Curve
* Market Equilibrium
* Change in Market Euilibrium
* Effect of Shift in Demand Curve
* Effect of Shift in Supply Curve
* Effect of Shift in
Both Demand and Supply Curve
Unit 3: Elasticity of Demand and Supply
*
Introduction to Elasticity of Demand
* Types
Elasticity of Demand
·
Price Elasticity of Demand
* Types / Degrees of Price Elasticity of Demand
* Methods of Measuring Price Elasticity of Demand
* Uses/Importance of Price Elasticity of Demand
·
Income Elasticity of Demand
* Types / Degrees of Income Elasticity of Demand
* Methods of Measuring Income Elasticity of Demand
* Uses/Importance of Income Elasticity of Demand
·
Cross
Elasticity of Demand
Types / Degrees of Cross Elasticity of Demand
* Methods of Measuring Cross Elasticity of Demand
* Uses/Importance of Cross Elasticity of Demand
* Determinants of Elasticity of Demand
* Introduction to Elasticity of Supply
* Types /
Degrees of Price Elasticity of Supply
* Measurement
of Elasticity of Supply
* Factor
Influencing Elasticity of Supply
Unit 4: Analysis of Consumer's Behavior
* Concept of Utility
Analysis
* Cardinal Utility Approach
* Total and Marginal Utility
* Consumer's Euuilibrium
through Cardinal Utility Approah
* Law of Diminishing
Marginal Utility(One Commodity Model)
* Law of Equi-Margianl
Utility(Two Commodity Model)
* Derivation of Demand Curve
(Cardinal Approach)
* Criticism/Limitations of
Cardinal Utility Approach
Ordinal Utility Analysis
* Meaning of Indifference
Curve
* Proporties of Indifference
Curve
* The Marginal Rate of
Substitution (MRS)
* Principles of Diminishing
MRS
* Why Does MRS Diminish?
* Price Line/Budget Line
*Scope of Prince Line
* Swing in Price Line
* Shift in Price Line
* Consumer's Euilibrium on
Ordinal Utility Approach
* Price Effect on Consumer's
Equilibrium
* Income Effect
* Substitution
Effect(Decomposion of Price Effect into Income and Substitution Effect)
* Hicksinan Approach
* Derivation of Demand Curve
(Ordinal Approach)
* Criticism of indifference
Curve
* Difference between Ordinal
and Cardinal Utility Analysis
** Cardinal Utility(Indifference Curve Analysis) Vs Ordinal Utility Analysis
*
Superiority of Ordinal Utility (Indifference Curve Approach)
Unit 5: Theory of Production
* Concept of Prodiction Function
* Type of Prodiction Function
* Cobb-Douglas Producton Function
* Concept of Total Product, Average Product, Marginal
Product
* Law of Veriable Proportions
* ISo-Quant
* Marginal Rate of Technical Substitution (MRTS)
* ISO -Cost Line
* Optimal Combinations of Inputs ( Least Cost Combination
of Inputs)
* Law of Returns to Scale
Unit 6: Cost and Revenue Curves
* Theory
Of Cost
*
Different Concept of Cost
* Short
Run Cost
* Long Run
Cost
* Cost
Function
*
Derivation of Short Run Cost Curves
*
Short-run Total Cost Curve
*
Short-run Average Cost Curve
*
Short-run Marginal Cost Curve
* Why SAC
is 'U' Shaped ?
*
Relationship between ATC and AVC
*
Derivation of Long-run Cost Curves
*
Relationship between LAC and LMC
* Theory of Revenue
*
Derivation of Revenue Curve under Perfect Competition
* Derivation of Revenue Curve under Imperfect
Competition-Monopoly
*
Relationship between Average Revenue and Marginal Revenue Curves under Perfect
Competition
*
Relationship between Average Revenue and Marginal Revenue Curves Under Monopoly
*
Relationship between Price Elasticity of Demand and Recenue
Unit 7: Product Pricing Theories and Practices
* Concept of Market
* Meaning
of Market Structure
* Basic
Structure of Marker Structure
*
Equilibrium of a Firm
* Total
Revenue and Total Cost Aproach
-
Equilibrium of a Firm under Perfect Competition
-
Equilibrium of a Firm under Imperfect Competition
*Marginal
Revenue(MR)-Marginal Cost(MC) Approach
-
Equilibrium of a Firm under Perfect Competition
-
Equilibrium of a Firm under Imperfect Competition
* Price
and Output Determination under Perfer Competition
* Short-run
Supply Curve of a Firm
*
Short-run Supply Curve of an Industry
* Long-run Supply Curve
* Monopoly
- Features
of Monopoly
- Causes
or Sources of Monopoly Power
- Price and Output Determination under Monopoly
* Price
Discrimination
-
Conditions of Price Discrimination
-
Types/Degrees of Price Discrimination
- Price
and Output Determination under Discriminating Monopoly
* Dumping
- Price
and Output Determination under Dumping Monopolistic Competition
- Price
and Output Determination under Monopolistic Competition
-
Equilibrium of firm under Product variation and Selling Expenses
*
Oligopoly
- Features
of Oligopoly
-Emergence
of Oligopoly or Why does Oligopoly Exist?
* Cartel
-Joint
Profit Maximization by the Cartel
Unit 8: Theory of Factor Pricing
* Introduction
* Meaning
of Productivity
* Factor
Pricing under Perfectly Competitive Market
-Demand
for Labour in a Competitive Market
- Supply
of Labour
- Determination
of the Factor Price
* Factor
Pricing under Imperfect Competition Market
A.
Monopolistic Power in the Product Market and Perfect Competition in Factor
Market
B.
Bilateral Monopoly
* Rent
* Contract
Rent
* Economic
Rent
* The
Modern Theory of Rent (Demand and Supply Theory)
* Rent as
a Payment for the use of Land(Scarcity Theory of Rent )
* Demand
For Land
* Supply
for Land
* Rent as
a surplus over the Transfer Earnings of a Factor of Production
* Wage
- Money
Wage and Real Wage
- Factor
Determining Real Wage
- Marginal
Productivity of Wage
- Determinants
of Wage under Collective Bargaining
- Minimum
Wage Fixation
* Interest
* Loanable
fund Theory of Interest
*
Liquidity Preference Theory of Interest
* Profit
*Business
and Economic Profit
* Dynamic
Theory of Profit
*
Innovation Theory of Profit
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