व्यष्टि अर्थशास्त्र के सिद्धान्त (Principles of Micro Economics)

व्यष्टि अर्थशास्त्र के सिद्धान्त (Principles of Micro Economics) Syllabus For B.A. 1st Semester Of Various universities of Uttar Pradesh.

Unit-I
Introduction : Problem of scarcity and choice : scarcity, choice and opportunity cost; production possibility frontier; economic systems. Demand and supply : law of demand, determinants of demand, shifts of demand versus movements along a demand curve, market demand, law of supply, determinants of supply, shifts of supply versus movements along a supply curve, market
supply, market equilibrium. Applications of demand and supply : price rationing, price floors, consumer surplus, producer surplus.

Elasticity : price elasticity of demand, calculating elasticity, determinants of price elasticity,other elasticities.

Unit-II
Consumer Theory : Budget constraint, concept of utility, diminishing marginal utility, Diamondwater paradox, income and substitution effects; consumer choice : indifference curves, derivation of demand curve from indifference curve and budget constraint. Theory of Revealed Preference.
Unit-III
Production and Costs :
(a) Production: behaviour of profit maximizing firms, production process, production functions, law of variable proportions, choice of technology, isoquant and isocost lines, cost minimizing equilibrium condition.
(b) Costs : costs in the short run, costs in the long run, revenue and profit maximizations, minimizing losses, short run industry supply curve, economies and diseconomies of scale, long run adjustments.

PART-II

Unit-IV
Market Structures :
(a) Perfect Competition : Assumptions—theory of a firm under perfect competition, demand and revenue; equilibrium of the firm in the short run and long run; long run industry supply curve: increasing, decreasing and constant cost industries. Welfare : allocative efficiency under perfect competition.
(b) Imperfect Competition
Monopolistic competition—Assumptions, SR & LR price and output determinations under monopolistic competition, economic efficiency and resource allocation; Oligopoly : assumptions, oligopoly models, game theory, contestable markets, role of government.
Unit-V
Theory of a Monopoly Firm :
Concept of imperfect competition; short run and long run price and output decisions of a monopoly firm; concept of a supply curve under monopoly; comparison of perfect competition and monopoly, social cost of monopoly, price discrimination; remedies for monopoly: Antitrust laws, natural monopoly.
Unit-VI
Consumer and Producer Theory :
(a) Consumer and Producer Theory in Action : Externalities, marginal cost pricing, internalising externalities, public goods; imperfect information : adverse selection, moral hazard, social choice, government inefficiency.
(b) Markets and Market Failure : Market adjustment to changes in demand, efficiency of perfect competition; sources of market failure : imperfect markets, public goods, externalities, imperfect information; evaluating the market mechanism.
Unit-VII
Income Distribution and Factor pricing :
Input markets : demand for inputs; labour markets, land markets, profit maximisation condition in input markets, input demand curves, distribution of Income.
Unit-VIII
Welfare Economics : Concept & Definition of Welfare Economics. Normative & Positive Economics. Concepts of Social Welfare. Role of Value Judgment in Welfare Economics, Individual & Social Welfare. Pareto Optimality, Conditions of Pareto Optimality. New Welfare Economics : KaldorHicks Welfare Criterion. Scitovsky Paradox & Scitovsky’s Double Criterion. Grand Utility Possibility Frontier. Social Welfare Funtion, Theories of Social Choice.