Microeconomic Theory

·         Utility- Meaning & measurement, total and marginal utility, Law of diminishing marginal utility, Law of equi-marginal utility

·          Indifference curve- meaning  and characteristics, Budget constraint, Consumer’s equilibrium

·         PCC, ICC, derivation of demand and Engel’s curves

·         Income, substitution and price effects (Hicksian Approach)

·         Elasticities of demand (price, income and cross price elasticity),

·         Consumer’s surplus

·         Production Function- total, average and marginal product curves, law of returns to variable factor, three stages of Production

·         Isoquant, Iso-cost line, Producer’s equilibrium, expansion path and ridge lines; laws of returns to scale

·         Cost - Concept, short-run cost curves, long-run cost curves, relationship between different cost curves

·         Concepts of TR, AR and MR under perfect and imperfect markets, relationship between AR, MR, TR and price elasticity of demand

·         Characteristics of perfect competition

·         Demand and supply curves of firm in short and long run

·         Short –run equilibrium of firm (TR-TC and MR-MC approaches) and  industry

·         Long-run equilibrium of firm and  industry

·         Monopoly- characteristics, short-run and long-run equilibrium

·         Monopolistic Competition- Characteristics, short-run and long-run equilibrium

·         Oligopoly- characteristics, oligopoly problem, Price Rigidity and Kinked Demand model

·         Marginal productivity theory of distribution in perfect and imperfect competition

·         Theories of Rent - Ricardian theory & modern theory, concept of  quasi rent

·         Theories of Interest- Classical, Loanable funds and Liquidity preference

·         Theories of Profit- Innovation, Risk and Uncertainty