by - T.R Jain
Unit-I
Introduction : Definition, Meaning, Nature and Scope of Economics.
Theory of Demand and consumer Behaviuor : Utility Analysis and Indifference Curve Analysis.
Law of Demand and its Exceptions, Elasticity of Demand and its measurement, Consumer Surplus and its measurement.
Unit-II
Theory of Production and Costs: Concept, Law of Variable Proportions and Laws of Returns to Scale, Cost Concepts and Cost Curves in Short and Long periods (Traditional Theory of Costs).
Market Forms and Revenue: Behaviour of Average Revenue and Marginal Revenue under Perfect Competition and Imperfect Competition. Relationship between Average Revenue, Marginal Revenue and Elasticity of Demand.
Unit-III
Price and Output Determination: Price and Output Determination of the Firm and Industry under Perfect Competition, Monopoly and Monopolistic Competition in Short and Long run, Concept of Discriminating Monopoly.
Unit-IV
Distribution: Marginal Productivity and Modern Theories of Wage Determination, Ricardian and Modern Theories of Rent. Classical and Loanable Funds Theory of Interest, Risk and Uncertainty theories of Profit
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