B.A. Economics
4th Semester Syllabus
Select Paper in this Semester
MJC-5 : Intermediate Microeconomics 1
Double-tap topic to mark complete • Long-press for YouTube & AI
Unit 1: Ordinal Utility Analysis
◦Concept
◦Assumptions
◦Tools: Indifference curve and Budget line
◦Income effect
◦Substitution effect and price effect for normal and inferior goods
◦Slutsky equation and Hicksian Substitution effect
◦Revealed preference theory
◦Deriving demand theorem from the Revealed Preference Hypothesis and critical appraisal of Revealed Preference Hypothesis
◦Revision of Demand Theory: weak and strong ordering
◦Recent development in Demand Theory
Unit 2: Production, Costs and Revenue Analysis
◦Production with one and more variable inputs
◦Law of variable proportion
◦Returns-to-scale
◦Optimum factor combination
◦Production possibility curve
◦Elasticity of substitution
◦Traditional and Modern approaches to cost
◦Behaviour of Cost and Revenue curves under different market conditions
◦Internal and external economies and diseconomies of scale
◦Concept
◦Assumptions
◦Characteristics and types of Production function with examples
◦Estimation and their applications: Homogeneous
◦Linear Homogenous and Cobb-Douglas Production Function
◦Production function and technological change
Unit 3: Perfect Competition and Monopoly
◦Review of perfect competition: features
◦Price and output determination under perfect competition in short and long run
◦Total and marginal approach
◦Monopoly: features
◦Conditions for existence of monopoly
◦Price and output determination under monopoly
◦Measurement of the degree of monopoly power
◦Pricing with market power
◦Price discrimination
◦Government policies towards monopoly and competition
Reference Books:
- 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.
- C. Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage Learning (India), 2010.
- B. Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGraw-Hill (India), 2009