व्यष्टि अर्थशास्त्र (Micro Economics) Syllabus For B.A. Ist Semester of Vinoba Bhave University, Binod Bihari Mahto Koyalanchal University and Kolhan University

Unit 1: Consumer Behaviour and Demand
1.1 : Utility Analysis : Cardinal and Ordinal Utility : Indifference Curves; Marginal Rate of Substitution and Properties of Indifference Curve; Budget Constraints; Income Effect, Price Effect and Substitution Effect [Hicks and Slutsky]; 1.2 : Consumer’s Equilibrium : Cardinal and Ordinal, Similarity between Two Analysis, Superiority of Indifference Curve Analysis, Mathematical Derivation of Consumer’s Equilibrium (Lagrangian Method); 1.3 : Theory of Demand : Derivation of Demand Curve from Indifference Curve; Factors Influencing Demand; Changes in Demand and Engels’ Curve; 1.4 : Consumer’s Surplus: Demand for Complementry and Substitute Goods Consumer’s surplus and its Measurement, Marshall and Hicksian. Application of Consumer’s Surplus Water – Diamond Paradox; 1.5 : Elasticity of Demand: Price; Income and Cross Elasticities. Measurement of Elasticity of Demand, Elasticity of Substitution, Relationship between Price elasticity. Income Elasticity and Substitution Elasticity.
Unit 2 : Theory of Cost and Production 
2.1 : Production Function : Short Run and Long Run Production Function. Isoquant Analysis; Production Decision and Expansion Path; 2.2 : Laws of Production Law of Variable Proportions : Returns to Scale, Economies of Scale; 2.3 : Homogeneous Production Function : Cobb-Douglas Production Function and it’s Properties; 2.4 : Cost : Concepts of Costs and their Inter-relationship : Short Run and Long Run Cost Curves, Derivations of Short-run Average and Marginal Cost from Total Cost Curve; 2.5 : Shapeof Cost Curve : Explanation of the U-Shape of the Long-Run Average Cost Curve and L-shaped Long- Run Average Cost Curve.

Unit 3 : Market Structure 
3.1 : Concepts of Revenue : Revenue and their inter-relationship. Determining Average and Marginal
Revenue Curves from Total Revenue Curve. Relationship between AR, MR and Elasticity of Demand; 3.2 : Markets : Perfect and Imperfect Markets, Salient Features, Equilibrium of the Firm and Industry under Perfect Competition; Derivation of Supply Curve, Price Under Perfect Competition; 3.3 : Monopoly: Price and Output Determination [Short Run and Long Run]; Price Discrimination; 3.4 : Monopolistic Competition : Price and Output Determination (Individual and Group Equilibrium); Importance of Selling Costs; 3.5 : Oligopoly : Kinked Demand Curve Theory.
Unit 4 : Factor Pricing 
4.1 : Theory of Distribution : Marginal Productivity Theory of Distribution; Adding-Up Problem [Euler’s Theorem]; 4.2 : Theories of Wage determination : Demand and Supply Theory; Collective Bargaining Theory; 4.3 : Rent : Ricardian and Modern Theory of Rent; 4.4 : Interest : Classical and Keynesian Theories of Intrest; 4.5 : Profit : Innovation, Risk and Uncertainty Theories.
Unit 5 : Welfare Economics
5.1 : Welfare Economics : Individual and Social Welfare, Three Concepts of Social Welfare, Role of Value Judgements in Welfare Economics; 5.2 : Conditions of Pareto Optimum : Pareto Criterion of Social Welfare, Marginal Conditions of Pareto Optimum; 5.3 : Classical Welfare Economics : Pigou; 5.4 : Arrow’s Possibility theorem.

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The book has been published strictly according to the Common Minimum Syllabus of B.Com. Semester I of Lucknow University,
Lucknow.
With the decay of communism and re-enthroning of the market economy, it has become even more important to understand the function of the market as a coordinating system. Joan Robinson described the economic theory as a ‘‘box of tools’’. For proper handling of our tools, we must learn how they function. This book fulfills these objectives. I have tried to present a clear and accurate picture of modern microeconomics. While doing this, relevant historical account has also been
added so that the principles of modern economics are understood in their proper perspective.
Though the book has been presented in the traditional format, the analysis covers all important recent developments.

Micro Economics Syllabus For B.Com I Semester of Lucknow University

• Course Outcome: After studying all materials and resources presented in the course, the student will be able to :
  Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in
  economic decision-making.
• Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
• Summarize the law of diminishing marginal utility; describe the process of utility maximization.
• Calculate supply and demand elasticities, identify the determinants of price elasticity of
  demand and supply, and demonstrate the relationship between elasticity and total revenue.
• Describe the production function and the Law of Diminishing Marginal Productivity;
  calculate and graph short-run and long-run costs of production.
• Relate to real-world business scenarios through a study of various market forms.
• Study the factors affecting the distribution of income through an analysis of various factor
  payments.
• Gain in-depth insight and equip them to analyze the real economic situations more effectively with the help of practical problems using elementary mathematics.
  Unit-I Definition and concepts of Economics: Wealth, Welfare, Scarcity and Growth Oriented definitions, Concept of Scarcity, Optimum Utilization Equilibrium and Various Forms of Equilibrium. Nature and Scope of Economics, Micro and Macro Economics. Inductive and deductive methods of Economics.
  Unit-II Consumer Behaviour and Utility Analysis; Cardinal Approach: Law of Diminishing Marginal Utility, Law of Equi-Marginal Utility, Consumer’s equilibrium and Consumer’s Surplus. Demand Analysis: Types, Determinants, and change in demand, Law of Demand and its exception. The elasticity of Demand: its types and measurements. Ordinal Approach: Indifference curve Analysis, price, income, and substitution effects.
  Unit-III Producer’s Behaviour: Production and Factors of Production. Law of Production: Law of Variable Proportions and Return to Scale. Isoquant: Meaning, Assumptions and Properties. Producer’s Equilibrium through Isoquants. Cost Curves Analysis: short-run and long-run costs. Law of Supply and its Elasticity. Market: Revenue Analysis, Concept, and Classification of Market. Equilibrium and Price Determination of Firm and industry under Perfect competition, Monopolistic
  competition and Monopoly, Price discrimination in monopoly.
  Unit-IV Distribution: Factor Pricing, Theory of Marginal Productivity. Rent: Ricardian Theory, Modern Theory, Quasi Rent, Wages: Subsistence Theory of Wages, Wage Fund Theory, Residual Claimant Theory, and Marginal Productivity Theory. Interest: Gross and Net Interest, Classical Theory of Interest, Loanable Funds Theory, Liquidity Preference Theory. Profit: Accounting and Economic Profit. Dynamic Theory of Profit: Risk-bearing Theory, Uncertainty Bearing Theory, and Innovation Theory.

Micro Economics Book Content

1. Definition And Concepts Of Economics.
2. Basic Problems Of An Economy And Working of Price Mechanism
3. Equilibrium And Optimum Utilization, Various Forms Of Equilibrium
4. Nature And Scope Of Economics
5. Relation Of Economics With Other Subjects
6. Micro And Macro Economics
7. Methods Of Economic Analysis (Deductive And Inductive)
8. Theory Of Demand
9. Elasticity Of Demand
10. Concept And Types Of Utility
11. Theory Of Consumer Behaviour : Cardinal Approach (Law Of Diminishing Marginal Utility, Law Of Equi-Marginal Utility
12. Consumer’S Surplus
13. Theory Of Consumer Behaviour : The Indifference Curve Analysis
14. Production And Factors Of Production
15. Law Of Production (Production Function, Law Of Variable Proportions And Returns To Scale)
16. Law Of Production : Isoquants And Producer’S Equilibrium
17. Cost Analysis
18.  Market (Concept And Classification)
19. Revenue Analysis
20. Theory Of Supply
21. Equilibrium Of Firm And Industry Under Perfect Competition
22. Price-Output Determination Under Perfect Competition
23. Monopoly Pricing & Price Discrimination
24. The Theory of Imperfect Competition (Monopolistic Competition)
25. Pricing Under Oligopoly and Theory of Games
26. Theories Of Distribution
27. Rent
28. Wages
29. Interest
30. Profits

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