Micro Economics- Exchange and Distribution
Market: Concept, Classification of Market.
Supply: Meaning and Change in Supply. Factors Affecting the Supply; Supply Elasticity.
Perfect Competition;- Firm and Industry, Assumptions, Equilibrium and Price Determination. Practical Problems.
Monopoly: Assumptions, Equilibrium and Price Determination, Price Discrimination, Degree of Monopoly Power and its Regulation.
Monopolistic Competition: Assumptions/Characteristics, Product Differentiation, Selling Cast. Equilibrium and Price Determination.
Oligopoly Market: Concept and Characteristics, Practical Problems.
Factor Pricing: Rent: Ricardian Theory, Modern Theory, Quasi Rent. Wages-Subsistence Theory of Wages, Wage Fund Theory, Residual Claimant Theory and Marginal Productivity Theory.
Interest: Classical Theory of Interest, Loanable Funds Theory, Liquidity Preference Theory. Concept of Liquidity Trap.
Profit: Accounting and Economic Profit. Dynamic Theory of Profit. Risk-bearing Theory, Uncertainty Bearing Theory and Innovation Theory. Functions of Profit.
LU2019/ B.Com/ 2/3