Micro Economics

Definition and Nature of Micro Economics, Scope, Importance and Limitations, Basic Economic Concepts of Scarcity, Utility and Equilibrium analysis, Types of Goods – Normal, Giffen, Veblen goods, Nature of commodities – Necessity, Comfort & Luxury.

Theory and Law of Demand, Income and Substitution effect in the Demand curve, Individual and Market Demand, Determinants of Demand, Law of DMU & EMU, The Indifference curve theory, Concept of Elasticity of Demand, Types of elasticity of demand, Concept of Demand Forecasting, Methods – Qualitative and Quantitative (basic concepts only), Concept of Consumer Surplus, Supply – Law of Supply, Its determinants and Elasticity of supply

Cost - Concept and Types of Costs, Short Run Cost Analysis - Fixed, Variable, Total, Average and Marginal Cost Curves. Long Run Cost Analysis - Economies and Diseconomies of Scale and Long Run, Revenue Concept – Total, Average and Marginal Revenue Curve, Relationship between AR and MR under perfect and imperfect competition.

Concept of Scales of Production, Production Function, Returns to scale, Laws of Returns – The Traditional Approach

Laws of Returns – The Isoquant- Isocost Approach

Forms and characteristics of Market Structures – Perfect competition, Imperfect competition, Monopoly, Duopoly, Oligopoly and Monopolistic competition

Price & Output determination under different market structures- Perfect Competition, Monopoly, Monopolistic and Oligopoly.