Course Outline-Micro Economics-Handout, Exercises for Micro Economics. Gautam Buddha University

Micro Economics

Description: This handout is outline for Micro Economics course. It was given by Prof. Sona Grover at Gautam Buddha University. It includes: Economic, Science, Resources, Scarcity, Production, Frontier, Command, Market, Islamic, Prices, Resource, Allocation
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Unit 1: Nature of Economics and Basic Economic Concepts
Economic: Micro and Macro Economics
Positive and Normative Economics
Is Economics Science or an Art?
Basic Economic Concepts:
Resources and its scarcity
Scarcity and Choice
Opportunity Cost and its uses
Production Possibility Frontier
Law of increasing cost or diminishing return
The concept economic efficiency and growth
Unit 2: Types of Economies
Command Economy
Market Economy
Mixed Economy
Islamic Economic System
Prices System and Resource Allocation
Unit 3: The Theory of Demand and Supply
Utility Analysis
Consumer Behavior
Cardinal and Ordinal Utility
Marginal Utility
Law of Diminishing Marginal Utility
Law of Equi-marginal Utility
Limitations of this Law
Utility and Demand
Meaning of Demand
Types of Demand
Law of Demand
Limitations of Law of Demand
Derivation of Individual and Market Demand Curve and the Concept of
Consumer Surplus
Law of Supply
Derivation of Individual and Market Supply Schedule
Equilibrium of Supply and Demand Curves
Unit 4: Elasticity of Demand and Supply
Measurement of the Elasticity of Demand
Price Elasticity of Demand
Income Elasticity of Demand and Cross-price Elasticity of Demand
The Determinants of the Price Elasticity of Demand
Relationship between Elasticity of Demand and the Revenue
Price Elasticity of Supply in the Short and Long run
The Applications of and the Uses of Elasticity of Demand and Supply
Supply and Demand Analysis and the Intervention of the Government
Unit 5: Indifference Curve Analysis
Scale of Preferences
Indifference Curves
Properties of Indifference Curve
Marginal Rate of Substitution
Budgetary Constraint and the Determination of Consumer Equilibrium
Income Substitution, Price Effects and Derivation of Demand Curve
Superiority and Weaknesses of Indifference Curve Technique
Applications and Uses of Indifference Curve Technique
Unit 6: Forms of Business Organizations
The Nature of the Firm
Sole Proprietorship
Private and Public Limited Companies
Unit 7: Theory of Production
Production Function
Total, Average and Marginal Product
Law of Diminishing Return
Returns to Scale
Analysis of Costs: Fixed, Variable and Total Costs
Average Fixed, Average Variable, Average Total Costs and Marginal Costs
Relationship between Production and Costs
Derivation of Average Fixed Cost, Average Variable Costs, Average Total
Costs and Marginal Cost Curves
Efficient Level of Production
Long-run Costs: Economies and Diseconomies of Scale
Firm Demand Curve and the Market Demand Curve
Unit 8: Market and Market Structures
Market: Meaning and Classification of Markets
Perfect and Imperfect Markets
Forms of Market Structures: Perfect Competition, Monopolistic Competition,
Monopoly and Oligopoly
Conditions for the Determination of Price and Output Relationship of the
Firm in each Market in the Short Run and Long-run
Unit 9: Pricing of Factors of Production
Factor Markets
Factor Supply and the Concept of Marginal Factor Cost
Firm Demand for Factors Of Production
Labour, Labour Supply and Demand Curve and the Equilibrium in the
Labour Market
Determination of Equilibrium Wage Rate under Perfect and Imperfect
Market Conditions
Interest, Rent and Profit
Supply of Capital
Interest, Credit Market, Rate of Interest
Rent, Pure and Economic Rent
Profit: Sources of Economic Profit
Concept of Externalities and the Need for Government Intervention in
Imperfectly Competitive Market Conditions.
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