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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ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD

MICRO ECONOMICS COURSE OUTLINES (BBA–131)

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

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 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  Partnership  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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