Microeconomics-I.docVIP

ECONOMICS FY. BA (Economics) Microeconomics-I Economics Paper-I (Sem-I) 1. Introduction: ( Lectures : 10 ) Economics and the Problem of Scarcity and Choice; Production Possibility Frontier; Methodology of Economics: Positive and Normative economics. Microeconomics and Macroeconomics. 2. Supply and Demand: ( Lectures : 17 ) Markets and the Price System; The Law of Supply and the Market Supply Curve; The Law of Demand and the Market Demand Curve; Market Equilibrium Price and Quantity; Impact of Changes in Supply and Demand on Market Equilibrium. Engel’s Curve: Exceptions to the Law of Demand. Consumer Choice and the Theory of Demand:: ( Lectures : 26 ) Utility Cardinal Ordinal; Total Utility; Marginal Utility; Consumer Equilibrium and Equi-marginal Utility; Derivation of Demand Curve of an Individual Consumer: Consumer’s Surplus; Indifference Curve Approach : Features; Income and Substitution Effects of Price Changes; Derivation of Individual Demand Curve using Indifference curve approach. Derivation of the Market Demand Curve. Elasticity of Demand: : ( Lectures : 15 ) The Concept of Price Elasticity of Demand - Elastic and Inelastic; Measurement of Price Elasticity: Point, Arc Total Expenditure Method; Determinants of Price Elasticity of Demand. Other Demand Elasticity Measures: Income Elasticity of Demand; Cross Elasticity of Demand. Elasticity of Supply : ( Lectures : 7 ) The Concept and Measurement of Price Elasticity of Supply; Determinants of Price Elasticity of Supply. References: Gauld, J.P. and P.L. Edward (1996) Microeconomic Theory, Richard Irwin, Homewood. Hendersen J. and R.E. Quandt. (1980) Microeconomic Theory: A Mathematical Approach, McGraw Hill, New Delhi. Hyman