Syllabus For The Subject MICRO ECONOMICS

UNIT - 01

DEFINITION AND SCOPE OF ECONOMICS - SMITH-MARSHALL AND ROBBINS

UNIT - 02

APPROACHES TO ECONOMIC ANALYSIS - MICRO AND MACRO ANALYSIS - INDUCTIVE

AND DEDUCTIVE METHODS - NATURE OF ECONOMIC LAWS

UNIT - 03

LAW OF DIMINISHING MARGINAL UTILITY - LAW OF EQUILIBRIUM MARGINAL UTILITY

UNIT - 04

LAW OF DEMAND - DOWNWARD SLOPING CURVE - EXCEPTIONAL DEMAND CURVE -

CONDITIONS OF DEMAND - TYPES OF DEMAND - EXTENSION AND CONTRACTION VS.

DECREASE IN DEMAND

UNIT - 05

ELASTICITY OF DEMAND - TYPES AND MEASUREMENT

UNIT - 06

INDIFFERENCE CURVE - PROPERTIES - CONSUMER`S EQUILIBRIUM - INCOME EFFECT -

PRICE EFFECT AND SUBSTITUTION EFFECT

UNIT - 07

INDIFFERENCE CURVE TECHNIQUE VS. MARSHALLIAN ANALYSIS - CONSUMER`S

SURPLUS - USES OF INDIFFERENCE CURVE

UNIT - 08

FACTORS OF PRODUCTION - LAND - MEANING AND IMPORTANCE

UNIT - 09

LABOUR - MEANING - PECULIARITIES - EFFICIENCY - DIVISION OF LABOUR - THEORIES

OF POPULATION

UNIT - 10

CAPITAL - MEANING - TYPES - CAPITAL FORMATION

UNIT - 11

ENTREPRENEUR - MEANING - IMPORTANCE - FUNCTIONS OF AN ENTREPRENEUR

UNIT - 12

PRODUCTION POSSIBILITY CURVE - PRODUCTION FUNCTION - ECONOMICS OF SCALE -

INTERNAL AND EXTERNAL ECONOMICS - LAW OF VARIABLE PROPORTIONS - RETURNS

TO SCALE - PRODUCER`S EQUILIBRIUM - CONCEPTS OF COST - RELATION BETWEEN

TOTAL AND AVERAGE COST - SHORT RUN AND LONG RUN COST - LAW OF SUPPLY