PATTERN OF QUESTION PAPER
|
TYPE OF
QUESTIONS
|
MARKS
PER QUESTION
|
NO. OF
QUESTIONS
|
TOTAL
|
|
MCQs, Short Answer
|
1
|
8
|
8
|
|
Short Notes
|
4
|
5
(Attempt Any four)
|
16
|
|
Long Answer Type Questions
|
11
|
4
|
44
|
|
Long Answer Type Questions
|
12
|
1
|
12
|
|
Total
|
80
|
||
B.Com. (Hons.) (CBCS)
Semester – I
G 101- MICRO ECONOMICS (6 Credit)
Lectures: 60 Tutorial 5
Full Marks: 100 (Internal Assessment 20 + 80
End-Term)
Objective: The
objective of the course is to acquaint the students with the concepts of
microeconomics dealing with consumer behavior. The course also makes the
student understand the supply side of the market through the production and
cost behavior of firms.
CONTENTS
Unit I: Demand and Consumer Behaviour 12 L+ 1 T (Marks: 16)
Concepts of revenue: marginal and Average: Revenue under
conditions of Perfect and imperfect competition Elasticity of demand: price,
income and cross.
Consumer Behaviour: Indifference curve analysis of consumer
behavior; Consumer’s equilibrium (necessary and sufficient conditions). Price
elasticity and price consumption curve, income consumption curve and Engel
curve, price change and income and substitution effects. Indifference curves as
an analytical tool (cash subsidy v/s. kind subsidy). Revealed Preference
Theory.
Unit II: Production and Cost 12 L+ 1 T (Marks: 16)
Production isoquants, marginal rate of technical substitution,
economic region of production, optimal combination of resources, the expansion
path, isoclines, returns to scale using isoquants. Cost of Production: Social
and private costs of production, long run and short run costs of production.
Economies and diseconomies of scale and the shape to the long run average cost.
Learning curve and economies of scope.
Unit III: Perfect Competition 12 L+ 1 T (Marks:
16)
Perfect competition: Assumptions.
Equilibrium of the firm and the industry in the short and the long runs,
including industry’s long run supply curve. Measuring producer surplus under
perfect competition. Stability Analysis – Walrasian and Marshallian. Demand -
supply analysis including impact of taxes and subsidy.
Unity: Monopoly 10 L+ 1 T (Marks:
12)
Monopoly: Monopoly short run and long run equilibrium. Shifts is
demand curve and the absence of the supply curve. Measurement of monopoly power
and the rule of thumb for pricing. Horizontal and vertical integration of
firms. The social costs of monopoly power including deadweight loss. Degrees of
price discrimination.
Unit V: Imperfect Competition 14 L + 1 T (Marks:
20)
Monopolistic Competition and
Oligopoly: Monopolistic competition price and output decision- equilibrium.
Monopolistic Competition and economic efficiency Oligopoly and Interdependence
– Cournot’s duopoly model, Stackelberg model, Kinked demand model. Prisoner’s
dilemma, collusive oligopoly – price-leadership model – dominant firm, cartels,
sales maximization, Contestable markets theory. Pricing Public Utilities.
Suggested
Readings:
1. Pindyck,
R.S., D. L. Rubinfeld and P. L. Mehta; Microeconomics, Pearson
Education.
2. N. Gregory
mankiw, Principles of Micro Economics, Cengage Learning.
3. Maddala G.S.
and E. Miller; Microeconomics: Theory and Applications, McGraw-Hill Education.
4. Salvatore, D.
Schaum’s Outline: Microeconomic Theory, McGraw-Hill, Education.
5. Case and
Fair, Principles of Micro Economics, Pearson Education.
6. Koutsiyannis,
Modern Micro Economic Theory.
7. C Snyder,
Microeconomic Theory: Basic Principles and Extensions, Cengage Learning.
8. Bilas,
Richard A., Microeconomics Theory: A Graphical Analysis, McGraw-Hill Education.
9. Paul A
Samuelson, William D Nordhaus, Microeconomics, McGraw-Hill Education.
10. Amit
Sachdeva, Micro Economics, Kusum Lata Publisher.
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