Unit I: Introduction to Microeconomics
- Introduction to Microeconomics
- Basic Economic Issues
- Concept of Market Economy
- Positive and Normative Economics
- Types of Microeconomics
- Function of Microeconomics Theory
- Ten Fundamental Principles of Economics
- Differences Between Microeconomics and Macroeconomics
Unit II: Theory of Consumer Behavior
- Meaning and Concept of Demand
- Meaning and Concepts of Supply
- Law of Demand
- Exceptions to Law of Demand
- Law of Supply
- Factor Causing the shift in Demand
- Difference Between Movement Along and Shift in Demand Curve
- Supply Curve and Shift in Supply Curve
- Factor causing Shift in Supply Curve
- Difference Between Movement Along and Shift in supply curve
- Measurement of Elasticities
- Price Elasticity of Demand
- Income Elasticity of Demand
- Cross Elasticity of Demand
- Determinants of Elasticity of Demand
- Price Elasticity of Supply
- Determinants of Price Elasticity of Supply
- Uses and Importance of Elasticity
- Cardinal Approach of Utility
- Cardinal Utility Analysis
- The Law of Diminishing Marginal Rate of Substitution
- Consumer Equilibrium
- Indifference Curve
- Properties of Indifference Curve
- Consumer’s Equilibrium
- Substitution Effect
- Price Effect
- Inferior Goods and Giffen Goods
Unit III: Production and Cost
- Production and Production Function
- Law of Variable Proportions
- Iso-Quant
- Law of Return to Scale
- Concepts of Cost
- Short-run Total and Average Costs
Unit IV: Market Structures and Pricing
- Market Structure
- Relationship between AR and MR
- Price and output determination (TR-TC Approach)
- Price and output determination-Perfect Competition
- Price and output determination-Imperfect Competition
- Price Discriminations
Unit V: Theory of Distribution
- Meaning and Types of Factor Prices
- Wage Differential
- Minimum wage and Brain Drain
- Concepts of Wage Differential
- Input Price under Different market
- Demand and Supply Curve of a Firm for an Input
- Input Pricing under Bilateral Monopoly