BCom Tuition In Noida For Principles Of Micro-Economics

BCom Tuition In Noida For Principles Of Micro-Economics

(a). Demand & Supply: Determinants of demand, movements vs. shift in demand curve,

Determinants of Supply, Movement along a supply curve vs. shift in supply curve; -

Market equilibrium and price determination.

(b). Elasticity of demand and supply.

(c). Application of demand and supply.

Consumer Theory

(a). Ordinal Utility theory: (Indifference curve approach): Consumer‟s preferences;

Interference curves; Budget line; Consumer‟s equilibrium; Income and substitution

effect; Price consumption curve and the derivation of demand curve for a commodity;

Criticisms of the law of demand.

Production and Cost

(a). Production: Firm as an agent of production. Concepts of Production function. Law of

variables proportions; Isoquants; Return to scale. Economics & Diseconomies of scale.

(b). Costs: Costs in the short run. Costs in the long run, Profit maximization and cost

minimization. Equilibrium of the firm, Technological Change: the very long run.

Market Structures

(a). Theory of Perfect Competition: Assumption; Theory of a firm under perfect

competition; Demand & Revenue; Equilibrium of the firm in the short run and long run,

The long run industry supply curve: increasing, decreasing and constant cost industry.

Allocative efficiency under perfect competition.

(b). Theory of Monopoly Firm: Short run long run equilibrium of monopoly firm. Concepts

of supply curve under monopoly; Allocative inefficiency & dead weight loss monopoly;

Price discrimination.

(c). Imperfect Competition: Difference between perfect competitions, monopoly and

imperfect competition;

(i) Theory of monopolistic competition : Assumption; Short – run Equilibrium;

Long run Equilibrium; Concepts of excess capacity; Empirical relevance.

(ii) Oligopoly: Causes for the existence of oligopolistic firms in the market rather than

perfect Competition; Cooperative vs. Non – cooperative Behaviour & dilemma of

oligopolistic firms.

Income Distribution and Factor Pricing

Demand for factors. Supply of factor, backward bending supply curve for labor concepts

of economic rent; Functional Distribution of Income.

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