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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