Economics Paper I-Micro Economics

Topic outline

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  General
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  Basic Concepts Utility, Demand, Supply, Commodity
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  Concept of Cost and Revenue- Total, Marginal & Average
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  Consumer Surplus
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  Elasticity of Demand Degrees and Types of Elasticity
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  Indifference Curves -Consumers Equilibrium
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  Introduction of Economics
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  Iso product Curves – Producers equilibrium
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  Iso product Curves- Meaning and characteristics
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  Law of Diminishing Marginal Utility
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  Law of Equi Marginal Utility
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  Law of Variable Proportions Definition, Assumptions and Explanation of the law
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  Market- Meaning, and Types of Market
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  Methods of Economic Analysis- Deductive Method
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  Methods of Economic Analysis- Inductive Method
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  Methods of Measuring Elasticity of Demand
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  Nature of Economics
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  Perfect Competition Meaning, definition, assumptions and characteristics
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  Perfect Competition Price determination of Firm and Industry
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  Price Effect Substitution and Income Effect
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  Returns to Scale and Economies to Scale
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  Scarcity & Growth Oriented definitions (Robbins & Samuelson)
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  Scope of Economics
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  Stages of the Law of Variable Proportions and its applicability
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  Wealth & Welfare Definition (Adam Smith& Marshall)
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  INDIFFERENCE CURVE ANALYSIS- MEANING AND CHARACTERISTICS
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  THEORY OF DEMAND
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  MONOPOLIST COMPETITION
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  MONOPOLISTIC COMPETITION
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  MONOPOLY
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  MODERN THEORY OF DISTRIBUTION
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  MODERN THEORY OF RENT
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  MODERN THEORY OF WAGES
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  PARTIAL & GENERAL EQUILIBRIUM
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  INDIFFERENCE CURVES- MEANING AND CHARACTERISTICS
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  MARGINAL PRODUCTIVITY THEORY
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  MODERN THEORY OF INTEREST
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  MODERN THEORY OF PROFIT
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  Basic Concepts
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  Introduction to Economics
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  Producion Function