Micro Economics
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UGC-NET FOR LECTURESHIP & JRF IN ECONOMICS MICRO ECONOMICS - SCHEME OF LESSONS
SESSION–1:
•
MICRO & MACRO ECONOMICS
•
POSITIVE & NORMATIVE ECONOMICS
•
ECONOMIC MODELS & ITS BASIC CONCEPTS
•
CONCEPT & TYPES OF EQUILIBRIUM
•
STATICS, DYNAMICS & COMPARATIVE STATICS.
SESSION–2:
•
LAW OF DEMAND – EXTENSION, CONTRACTION, INCREASE & DECREASE IN DEMAND
•
LINEAR & NON-LINEAR DEMAND FUNCTIONS
•
INDIVIDUAL DEMAND & MARKET DEMAND
•
LAW OF DIMINISHING MARGINAL UTILITY – LAW OF EQUI-MARGINAL UTILITY
•
PRICE ELASTICITY, INCOME ELASTICITY & CROSS ELASTICITY OF DEMAND
•
POINT & ARC ELASTICITY
•
PRICE EFFECT, INCOME EFFECT & SUBSTITUTION EFFECT
•
CLASSIFICATION AND DIFFERENT TYPES OF GOODS
•
ENGEL CURVES
•
CONSUMERS SURPLUS
•
ELASTICITY OF SUPPLY.
SESSION–3:
•
MAJOR APPRAOCHES TO DEMAND ANALYSIS
•
RISKLESS CHOICE: MARSHALLIAN CARDINAL UTILITY ANALYSIS, HICKS’ INDIFFERENCE CURVE ANALYSIS AND SAMUELSON’S REVEALED PREFERENCE ANALYSIS
•
RISKY
CHOICE:
BERNOULLI’S
ST.PETERSBURG
PARADOX,
NEUMANN-MORGENSTERN
UTILITY INDEX, FRIEDMAN-SAVAGE HYPOTHESIS AND MARKOWITZ HYPOTHESIS •
MOTIVATIONAL APPROACH: BANDWAGON, SNOB AND VEBLEN EFFECTS
•
PRAGMATIC APPROACH:
CONSTANT ELASTICITY
OF
DEMAND FUNCTION AND EMPIRICAL DEMAND FUNCTION •
LES & LANCASTER’S ATTRIBUTES.
SESSION–4:
•
THEORY OF SEARCH
•
ASYMMETRIC INFORMATION
•
PROBLEMS OF ADVERSE SELECTION AND MORAL HAZARD
•
MARKET SIGNALLING
•
EFFICIENT MARKET HYPOTHESIS.
SESSION–5:
•
THE PRODUCTION POSSIBILITY CURVE
DEMAND FUNCTION, DYNAMIC
2 •
ISO-QUANT & ISO-COST
•
PRODUCTION FUNCTION: SHORT RUN & LONG RUN PRODUCTION FUNCTIONS
•
COBB-DOUGLAS PRODUCTION FUNCTION
•
CES PRODUCTION FUNCTION
•
TECHNOLOGICAL PROGRESS & HICKS’ CALSSIFICATION
•
LAW OF VARIABLE PROPORTIONS – TOTAL, AVERAGE & MARGINAL PRODUCT CURVES
•
LEAST COST COMBINATION
•
RIDGE LINES
•
COST FUNCTION – VARIOUS COST CONCEPTS
•
ECONOMIES & DISECONOMIES OF SCALE
•
BREAK-EVEN ANALYSIS.
SESSION–6:
•
MARKET STRUCTURES
•
PERFECT COMPETITION
•
MONOPOLY
•
PRICE DISCRIMINATION
•
MONOPOLISTIC COMPETITION
•
SELLING COSTS – EXCESS CAPACITY – GROUP EQUILIBRIUM & NON-PRICE COMPETITION
•
OLIGOPOLY – KINKED DEMAND CURVE – CARTELS & PRICE LEADERSHIP
•
DUOPOLY MODELS OF COURNOT, BERTRAND, EDGEWORTH AND STACKLEBERG
•
FULL COST PRICING.
SESSION–7:
•
LIMIT PRICING MODELS
•
MANAGERIAL THEORIES OF THE FIRM
•
BASIC CONCEPTS IN GAME THEORY
•
LINEAR PROGRAMMING
•
INPUT-OUTPUT ANALYSIS.
SESSION–8:
•
CONCEPTS OF TPP, APP, VMP & MRP
•
MARGINAL PRODUCTIVITY THEORY OF DISTRIBUTION & EULERS THEOREM
•
THEORIES OF RENT – QUAZI-RENT – ECONOMIC RENT
•
THEORIES OF WAGES – THEORIES OF INTEREST & THEORIES OF PROFIT.
SESSION–9:
•
WALRASIAN GENERAL EQUILIBRIUM ANALYSIS
•
PARETO OPTIMALITY
•
THEORY OF SECOND BEST
•
THE COMPENSATION PRINCIPLE
•
THE SOCIAL WELFARE FUNCTION
•
ARROW’S IMPOSSIBILITY THEOREM.
SESSION–1:
•
MICRO & MACRO ECONOMICS
•
POSITIVE & NORMATIVE ECONOMICS
•
ECONOMIC MODELS & ITS BASIC CONCEPTS
•
CONCEPT & TYPES OF EQUILIBRIUM
•
STATICS, DYNAMICS & COMPARATIVE STATICS.
SESSION–2:
•
LAW OF DEMAND – EXTENSION, CONTRACTION, INCREASE & DECREASE IN DEMAND
•
LINEAR & NON-LINEAR DEMAND FUNCTIONS
•
INDIVIDUAL DEMAND & MARKET DEMAND
•
LAW OF DIMINISHING MARGINAL UTILITY – LAW OF EQUI-MARGINAL UTILITY
•
PRICE ELASTICITY, INCOME ELASTICITY & CROSS ELASTICITY OF DEMAND
•
POINT & ARC ELASTICITY
•
PRICE EFFECT, INCOME EFFECT & SUBSTITUTION EFFECT
•
CLASSIFICATION AND DIFFERENT TYPES OF GOODS
•
ENGEL CURVES
•
CONSUMERS SURPLUS
•
ELASTICITY OF SUPPLY.
SESSION–3:
•
MAJOR APPRAOCHES TO DEMAND ANALYSIS
•
RISKLESS CHOICE: MARSHALLIAN CARDINAL UTILITY ANALYSIS, HICKS’ INDIFFERENCE CURVE ANALYSIS AND SAMUELSON’S REVEALED PREFERENCE ANALYSIS
•
RISKY
CHOICE:
BERNOULLI’S
ST.PETERSBURG
PARADOX,
NEUMANN-MORGENSTERN
UTILITY INDEX, FRIEDMAN-SAVAGE HYPOTHESIS AND MARKOWITZ HYPOTHESIS •
MOTIVATIONAL APPROACH: BANDWAGON, SNOB AND VEBLEN EFFECTS
•
PRAGMATIC APPROACH:
CONSTANT ELASTICITY
OF
DEMAND FUNCTION AND EMPIRICAL DEMAND FUNCTION •
LES & LANCASTER’S ATTRIBUTES.
SESSION–4:
•
THEORY OF SEARCH
•
ASYMMETRIC INFORMATION
•
PROBLEMS OF ADVERSE SELECTION AND MORAL HAZARD
•
MARKET SIGNALLING
•
EFFICIENT MARKET HYPOTHESIS.
SESSION–5:
•
THE PRODUCTION POSSIBILITY CURVE
DEMAND FUNCTION, DYNAMIC
2 •
ISO-QUANT & ISO-COST
•
PRODUCTION FUNCTION: SHORT RUN & LONG RUN PRODUCTION FUNCTIONS
•
COBB-DOUGLAS PRODUCTION FUNCTION
•
CES PRODUCTION FUNCTION
•
TECHNOLOGICAL PROGRESS & HICKS’ CALSSIFICATION
•
LAW OF VARIABLE PROPORTIONS – TOTAL, AVERAGE & MARGINAL PRODUCT CURVES
•
LEAST COST COMBINATION
•
RIDGE LINES
•
COST FUNCTION – VARIOUS COST CONCEPTS
•
ECONOMIES & DISECONOMIES OF SCALE
•
BREAK-EVEN ANALYSIS.
SESSION–6:
•
MARKET STRUCTURES
•
PERFECT COMPETITION
•
MONOPOLY
•
PRICE DISCRIMINATION
•
MONOPOLISTIC COMPETITION
•
SELLING COSTS – EXCESS CAPACITY – GROUP EQUILIBRIUM & NON-PRICE COMPETITION
•
OLIGOPOLY – KINKED DEMAND CURVE – CARTELS & PRICE LEADERSHIP
•
DUOPOLY MODELS OF COURNOT, BERTRAND, EDGEWORTH AND STACKLEBERG
•
FULL COST PRICING.
SESSION–7:
•
LIMIT PRICING MODELS
•
MANAGERIAL THEORIES OF THE FIRM
•
BASIC CONCEPTS IN GAME THEORY
•
LINEAR PROGRAMMING
•
INPUT-OUTPUT ANALYSIS.
SESSION–8:
•
CONCEPTS OF TPP, APP, VMP & MRP
•
MARGINAL PRODUCTIVITY THEORY OF DISTRIBUTION & EULERS THEOREM
•
THEORIES OF RENT – QUAZI-RENT – ECONOMIC RENT
•
THEORIES OF WAGES – THEORIES OF INTEREST & THEORIES OF PROFIT.
SESSION–9:
•
WALRASIAN GENERAL EQUILIBRIUM ANALYSIS
•
PARETO OPTIMALITY
•
THEORY OF SECOND BEST
•
THE COMPENSATION PRINCIPLE
•
THE SOCIAL WELFARE FUNCTION
•
ARROW’S IMPOSSIBILITY THEOREM.
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