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Micro Economics – Concept, Consumption and Production

ISBN NO- 978-93-89294-21-7
Dr. Balwant Singh, Dr. Saroj Kumar
₹130.00
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ISBN NO- 978-93-89294-21-7
Dr. Balwant Singh, Dr. Saroj Kumar
Syllabus
MICRO ECONOMICS – CONCEPT, CONSUMPTION AND PRODUCTION
Unit – I
Definition and Concepts of Economics: Wealth, Welfare, Scarcity and Growth Oriented Definitions, Concept of Scarcity, Optimum Utilization and Equilibrium, Various Forms of Equilibrium. Nature and Scope: Economics as a Science and Art, Normative and Positive Science, Relation with other Subjects. Micro and Macro Economics. Inductive and Deductive Methods of Economic Analysis.
Unit – II
Consumer Behaviour: – Theory of Demand and its Elasticity; Definition, Types and Measurement of Elasticity. Concept and Types of Utility. Cardinal Approach;, Law of Diminishing Marginal Utility, Law of Equi-diminishing Marginal Utility. Consumer Surplus. Ordinal Approach; Indifference Curves: Meaning, Assumptions, Indifference Map and Properties. Consumer Equilibrium, Price, Income and Substitution Effects-Hicks’ Approach. Practical Problems.
Unit – III
Producer’s Behavior: – Production and Factors of Production. Laws of Production; Law of Variable Proportions and Return to Scale. Isoquant: Meaning, Assumptions and Properties. Isoquant Map. Producer’s Equilibrium through Isoquants. Practical Problems.
Unit – IV
Cost of Production: – Meaning of Cost: Long-Run and Short-Run Cost. Implicit and Explicit Cost, Accounting and Economic Cost, Total Cost, Fixed Cost, Variable Cost, Average Cost, Average Fixed Cost, Average Variable Cost and Marginal Cost. Opportunity Cost. L-Shaped Cost Curve. Practical Problems.
LU2019/B.Com/1/03
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