AMU B.A Economics – 1 EC–103 Notes

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This Page Include below Syllabus,

Unit-I: Consumer theory
Nature and Scope of Economics, Methodology of Economics, Demand and supply function;
Law of demand, Elasticity of demand – price, income and cross elasticities, and their
measurements; Elasticity of supply; Price determination .Effects of change of market conditions;
Effects of Government Intervention – price control.
Theory of consumer behaviour: Cardinal and Ordinal Utility analysis and Consumer’s
equilibrium. Indifference curve and its properties, the consumer-– price consumption curve and
income consumption curve, - price effect, income effect and substitution effect (Hicks and
Slutsky methods), inferior goods and giffen goods, derivation of demand curve.
Unit-II: Production, Costs & Revenue
Production decisions; Production function; law of variable proportions; returns to scale;
characteristics of Isoquants, Factor substitution; Ridge lines; least cost combination of factors,
Internal and external economies and diseconomies.
Cost function: different concepts of costs, short run cost analysis and long run cost Analysisrelation between the expansion path and cost function.
Concepts of revenue: total, average and marginal revenue and their relationships, Break-evenanalysis & its uses.
Unit-III: Market Structure
Perfect and imperfect markets, Pure competition, Equilibrium of the firm and industry under
perfect competition, Role of time element in the determination of value, supply curve under
perfect competition, Equilibrium of the firm under monopoly, Discriminating monopoly,
Conditions of equilibrium under price discrimination, Degree of monopoly power

This content is for EC–103 Micro Economics members only.
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