Thursday, May 21, 2020


B.Com: Semester V
Internal Assessment -30
Term End Exam - 70
Marks: 100
Lectures: 65

Unit 1: Introduction
(a) Demand and Supply: Determinants of demand, movements vs. shift in demand curve. Determinants of Supply, Movement along a supply curve vs. shift in supply curve; Market equilibrium and price determination.
(b) Elasticity of demand and supply
(c) Application of demand and supply.
Unit 2: Consumer Theory
Lectures 12                      20
Ordinal Utility theory: (Indifference curve approach): Consumer’s preferences; Interference curves; Budget line; Consumer’s equilibrium; Income and substitution effect; Price consumption curve and the derivation of demand curve for a commodity; Criticism of the low of demand.
Unit 3: Production and Cost
Lectures 12                               20
(a) Production: Firm as an agent of production. Concepts of Production function. Law of variable proportions, Isoquants; Return to scale. Economics and Diseconomies of scale.
(b) Costs: Costs in the short run. Costs in the long run, Profit maximization and cost minimization. Equilibrium of the firm, Technological Change: the very long run.

Unit 4: Market Structure
Lectures 10                                 20
(a) Prefer Competition: Assumption; Theory of a firm under perfect competition; Demand and Revenue; Equilibrium of the firm in the short run and long run. The long run industry supply curve: increasing, decreasing and constant cost industry. Allocation efficient under perfect competition.
(b) Monopoly: Short-run and long-run equilibrium of monopoly firm; Concept of supply curve under monopoly; Allocation inefficiency and dead-weight loss monopoly; Price discrimination.
(c) Imperfect Competition: Difference between perfect competitions, monopoly and imperfect competition;
(i) Monopolistic Competition: Assumption; Short – run Equilibrium; Long run Equilibrium; Concepts of excess capacity; Empirical relevance.
(ii) Oligopoly: Causes for the existence of oligopolistic firms in the market rather than perfect competition; Cooperative vs. non-cooperative behavior and dilemma of oligopolistic firms.
Unit 5: Income Distribution and Factor Pricing
Lectures 13                      20
Demand for factors. Supply of factor, concepts of economic rent; Ricardian. Theory of functional distribution of Income.
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; MicroeconomicsTheory 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. Koutisiyannis, Modern Micro Economic Theory.
7. C. Synder, Mircoeconomic 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, Microecomics, McGraw-Hill Education.
10. Amit Sachdeva, Micro Economics, Kusum Lata Publishers

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