Module I – Introduction

Definition & Subject mater of Economics – micro and Macro, Methodology – Partial, static and dynamic, Positive and Normation approaches, decision making under different Economical Systems.

Module II – Theory of Demand

Utility, Analysis – Cardinal utility approach, Law of Diminishing Marginal Utility- Consumer’s equilibrium – Law of Equi marginal utility. Law of Demand, Price, Income, Cross demand, Elasticities of Demand. Measurement of elasticity, Consumer’s surplus.

Module III – Ordinal Utility Approach

Indifference Curve analysis – Properties of Indifference curves – Consumer’s Equilibrium – Price, Income and substitution Effects – Types of goods – Normal, Inferior and griffin goods.

Module IV – Theory of Production

Production Functions, Law of variable proportion – Isoquants – scale of production – Returns to scale – Internal and External Economies – Concept of optimum firm, money, rel and opportunity cost – Total Average and marginal costs and revenues – Law of supply – Elasticity of supply – supply curves in the long run and short run.

BOOKS RECOMMENDED

Stonier Staggue - A Text Book of Economics
M.L.Seth - Principles of Economics
K.K.Dewett - Modern Economic Theory
A.L.Mayers - Elements of Modern Economics
Hanson - Text Book of Economics
H.S.Agarwal - Modern Micro Economics