Description

Microeconomics – II

 

FYBA Semester II

 

Syllabus

 

Module – I : Production Analysis (12 Lectures)
Production Function : Concept and Types; Concept of Total, Average and Marginal Product; Law of Variable Proportion and Returns to Scale, Isoquant and Producer’s Equilibrium

Module – II : Cost and Revenue Analysis (12 Lectures)
Concept of Costs : Money and Real Cost, Social Cost, Private Cost, Explicit and Implicit Cost, Opportunity Cost; Relationship Between Average, Marginal and Total Cost; Derivation of Short Run and Long Run Cost Curves
Concepts of Revenue : Types and Inter-relationship

Module – III : Factor Pricing (12 Lectures)
Marginal Productivity Theory of Distribution; Rent : Ricardian Theory of Rent, Modern Theory of Rent, Quasi Rent; Wages : Modern Theory of Wages; Collective Bargaining; Supply Curve of Labour; Interest : Classical Theory of Interest, Loanable Funds Theory of Interest; Profit : Risk and Uncertainty Theory, Innovation Theory

Module – IV : Equilibrium in Different Market Structure (12 Lectures)
Concept of Equilibrium : TR – TC and MR – MC Approach; Features of Perfect Competition; Monopoly and Monopolistic Competition, Short Run and Long Run Equilibrium of Firm and Industry under each Market Condition; Selling Cost and Wastages under Monopolistic Competition

Note : We may include Case Studies and Numerical Examples for Module 1, 2 and 4 from examination point of view.