Principles of Micro Economics Syllabus, B.Com 5th Sem Non Hons, Dibrugarh University CBCS Pattern

Principles of Micro Economics Syllabus
B.Com 5th Sem Non Hons
Dibrugarh University CBCS Pattern
B.Com. CBCS Semester: V
Course No. GEC 501 PRINCIPLES OF MICRO ECONOMICS
Marks: 100 (Internal Assessment 20 + Term End 80)
Lecture: 60 Tutorial: 4

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.   Marks 20:15L+1T

Unit 2: Consumer Theory

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; Criticisms of the law of demand. Marks 20:15L+1T

Unit 3: Production and Cost Lectures 12

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.              Marks 20:15L+1T

Unit 4: Market Structure Lectures 10

a)    Perfect 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 efficiency 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;

1)    Monopolistic Competition: Assumption; Short- run Equilibrium, Long run Equilibrium Concepts of excess capacity; Empirical relevance.

2)    Oligopoly: Causes for the existence of oligopolistic firms in the market rather than perfect Competition; Cooperative vs. Non cooperative Behaviour and dilemma of oligopolistic firms.  Marks 20:15L+1T

Suggested Readings:

1)    Pindyck, R.S., D. L. Rubinfeld and P. L. Mehta; Microeconomics, Pearson Education.

2)    N. Gregory mankiw, Principles of Micro Econ0mics, 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.

Note: Latest edition of text books shall be used.