Description

Microeconomics – II

As Per NEP 2020
(w.e.f. the Academic Year 2024-25)

 

FYBA Semester II

 

Syllabus

 

Module 1 : Production Analysis (15 Hours)
1. Production Function : Concept and Types : Law of Variable Proportion and Returns to Scale
2. Concepts of Total, Average and Marginal Product
3. Isoquant and Producer’s Equilibrium

Module 2 : Cost and Revenue Analysis (15 Hours)
1. Concepts of Costs : Money and Real Cost, Social Cost, Private Cost, Explicit and Implicit Cost
2. Opportunity Cost, Relationship Between Average, Marginal and Total Cost
3. Derivation of Short Run and Long Run Cost Curves
4. Concepts of Revenue : Types and Interrelationship

Module 3 : Factor Pricing (15 Hours)
1. Marginal Productivity Theory of Distribution, Rent : Ricardian Theory of Rent, Modern Theory of Rent
2. Wages : Modern Theory of Wages, Collective Bargaining, Supply Curve of Labour
3. Interest : Classical Theory of Interest, Loanable Funds Theory of Interest
4. Profit : Risk and Uncertainty Theory

Module 4 : Equilibrium in Different Market Structures (15 Hours)
1. Concept of Equilibrium : TR – TC and MR – MC Approach
2. Markets Structures : Perfect and Imperfect Competition (Monopoly, Monopolistic Competition and Oligopoly) : Features
3. Equilibrium Under Various Market Structures