Contents

• Introductory Microeconomics and Macroeconomics 
  [Introductory Microeconomics]
  Part B
   
  Unit 1: Introduction

  Meaning of microeconomics and macroeconomics; positive and normative economics

  What is an economy? Central problems of an economy: what, how and for whom to produce; concepts of production possibility frontier and opportunity cost.

  Unit 2: Consumer's Equilibrium and Demand

  Consumer's equilibrium - meaning of utility, marginal utility, law of diminishing marginal utility, conditions of consumer's equilibrium using marginal utility analysis.

  Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer's equilibrium.

  Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand - factors affecting price elasticity of demand; measure­ment of price elasticity of demand – percentage-change method.

  Unit 3: Producer Behaviour and Supply

  Meaning of Production Function – Short-Run and Long-Run

  Total Product, Average Product and Marginal Product.

  Returns to a Factor

  Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships.

  Revenue - total, average and marginal revenue - meaning and their relationship.

  Producer's equilibrium-meaning and its conditions in terms of marginal revenue-marginal cost. Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply - percentage-change method.

  Unit 4: Forms of Market and Price Determination under Perfect Competition with Simple Applications.

  Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply.

  Other Market Forms - monopoly, monopolistic competition - their meaning and features.

  Simple Applications of Demand and Supply: Price ceiling, price floor.

   
  SP. Sample PapersSP
  EP. Examination Papers-2014
  MP. Model Test Papers