Semester 1

Semester 2

Evolution and definition of Economics

Economies of Scale

Nature & Scope of Economics

Different Concepts of Costs Explicit & Implicit

Methods of Economics Analysis

Accounting, Opportunity, Total fixed and Variable Costs

Inductive & Deductive Logic, Merit and Demerits.

Marginal & Average Costs & their relationship

Utility Demand, Supply

Concept of Revenue

Commodities and their types

Total, Marginal & Average Revenue

Value and Price

Break Even Point

Market

Concept and Classification

Administered and Non- Administered Prices

Perfect Competition Characteristics

Demand- Supply equilibrium.

Price and Output Determination for Firm and Industry

Cardinal (Marshal) and Ordinal Utility

Market Equilibrium

Approaches to Demand

Characteristics and Price- Output Determination

Indifference Curve: Consumer equilibrium (Hicks & Slutsky)

Price Discrimination

Price, Income and Substitution effects

Monopolistic Competition

Derivation of Demand Curve.

Characteristics Price- Output Determination

Elasticity of Demand

Factor Pricing

Price, Income and Cross elasticity

Theory of Marginal Productivity of Distribution

Consumer Surplus and its measurement.

Concept of Adding up Theorem

Factors of Production and their Characteristics

Theories of Wages and Rent: Classical and Modern.

Laws of Production

Interest: Concept, Classical and Keynesian Theories of Interest

Returns to Factor and Return to Scale

Profit: Net and Gross

Law of Variable Proportion

Theories of Profit.

Isoquants Nature and their Characteristics

-

Producers equilibrium

-