Principles of Microeconomics (B.A Economics)

Consumer behaviour, demand and supply, production, costs and price determination under different markets.

6 MonthsDuration 6Chapters37Topics

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Syllabus · पाठ्यक्रम

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01Unit 1: Introduction to Economics 6 topics

Definitions of economics: Adam Smith, Marshall, Robbins, Samuelson
Micro and macro economics
Positive and normative economics
Central problems of an economy
Production possibility curve and opportunity cost
Economic systems: capitalist, socialist, mixed

02Unit 2: Theory of Consumer Behaviour 7 topics

Utility: cardinal and ordinal approach
Law of diminishing marginal utility
Law of equi-marginal utility
Consumer's surplus
Indifference curves and marginal rate of substitution
Budget line and consumer's equilibrium
Price, income and substitution effects

03Unit 3: Demand and Supply 6 topics

Law of demand and its exceptions
Change in demand versus change in quantity demanded
Price, income and cross elasticity of demand
Methods of measuring elasticity: percentage, total outlay, point
Law of supply and elasticity of supply
Market equilibrium and shifts in demand and supply

04Unit 4: Production and Cost 7 topics

Production function
Law of variable proportions
Returns to scale
Isoquants and producer's equilibrium
Cost concepts: fixed, variable, average, marginal, opportunity cost
Short-run and long-run cost curves
Revenue concepts: TR, AR, MR

05Unit 5: Market Structure and Price Determination 6 topics

Market forms and their features
Equilibrium of firm and industry under perfect competition
Price and output under monopoly
Price discrimination
Monopolistic competition: product differentiation and selling costs
Oligopoly and the kinked demand curve

06Unit 6: Factor Pricing 5 topics

Marginal productivity theory of distribution
Ricardian and modern theory of rent; quasi-rent
Theories of wages
Classical and liquidity preference theories of interest
Theories of profit: risk, uncertainty, innovation

About

You will be able to

Explain the definitions, scope and central problems of economics and the production possibility curve
Analyse consumer behaviour with the utility and indifference curve approaches
Measure price, income and cross elasticity of demand and explain market equilibrium
Explain the law of variable proportions, returns to scale and short- and long-run cost curves
Explain price and output determination under perfect competition, monopoly, monopolistic competition and oligopoly
Explain the theories of rent, wages, interest and profit
Answer short, long and objective questions in the university exam pattern

Who it is for

B.A Semester 1 students with Economics as a major subject (UP State Universities, NEP 2020)
Students of other courses who take Microeconomics as a minor or elective paper
Learners preparing for competitive exams that include basic economics

What you need

Passed Class 12 (any stream); basic arithmetic and the ability to read simple graphs

Questions

Which syllabus does this course follow?

It follows the UP State Universities NEP 2020 common minimum syllabus (MGKVP, VBSPU, Lucknow University and others) for B.A Economics, Semester 1. Where your own university's syllabus differs, the centre follows your university syllabus.

How will I be tested?

Unit-wise MCQ tests, short and long answer practice in university exam pattern, and a final mock paper.

Is mathematics needed for this paper?

Only simple arithmetic and graphs: percentages for elasticity, averages for costs, and reading curves.

Can a non-commerce student take it?

Yes. The course starts from basic definitions and builds every graph step by step.