B.A. Economics
1st Semester Syllabus
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MJC-1 : Introductory Microeconomics
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Unit 1: Exploring the subject matter of Economics
◦Definition of Economics
◦Need
◦Scope and Methods of Economics
◦Nature and subject matter of Economics
◦Problem of scarcity and choice
◦Central Problems of Economy
Unit 2: Supply and Demand
◦(a) Concept and types of demand
◦Determinants of individual demand/supply
◦Demand and demand function
◦Theory of demand and law of demand and supply
◦Exceptions to law of demand
◦Demand supply schedule and demand/supply curve
◦Demand for complementary and substitute goods
◦Market versus individual demand/supply
◦Shifts in the demand/supply curve
◦Demand and supply together
◦Elasticity of demand and supply
◦Determinants
◦Measurement and application
◦Static and dynamic demand
◦Consumer surplus
◦(b) The theory of Consumer Behaviour: Cardinal and Ordinal utility analysis
Unit 3: The Firm and Market Structure
◦Nature of firm
◦Organizing economic activity in a firm
◦Objective of a firm: Profit maximization vs. sales maximization
◦Introduction to basic idea of equilibrium of a firm
◦Condition for producers' equilibrium in short run and long run for firm and industry: total and marginal approach
◦Basic idea of market
◦Concept and types of cost and revenue
◦Total
◦Average and marginal concept
◦Classification of market
◦Time element in market
◦Characteristics of Different Market Structures along with relevant examples
Unit 4: The Markets for the Factors of Production
◦Labour market: Basic concepts
◦Derived demand
◦Productivity of an input
◦Marginal productivity of labour
◦Marginal revenue product
◦Demand for labour
◦Backward bending supply curve of labour
◦Tax policy and labour supply
◦Labour force participation
◦Determination of wage rate in a perfectly competitive labour market
Reference Books:
- Karl E. Case and Ray C. Fair, Principles of Microeconomics, Pearson Education Inc.
- N. Gregory Mankiw, Economics: Principles and Applications, India edition by South Western, a part of Cengage Learning, Cengage Learning India Private Limited, 4th edition, 2007.
- Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc., New York, International Student Edition, 4th Edition, 2007.
- Hal R. Varian, Intermediate Microeconomics, a Modern Approach, W.W. Norton and Company/Affiliated East-West Press (India), 8th edition, 2010. The workbook by Varian and Bergstrom may be used for problems.
- Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage Learning (India), 2010.
- Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGraw-Hill (India), 2009
- Jhingan, M. L., Microeconomics, Vrinda Publication, Delhi.
- Ahuja, H. L., Principles of Microeconomics, S. Chand & Co. Delhi