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CONTENTS |
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1 |
Introduction |
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Micro-Macro Economics |
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Factors of Production |
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Vital Activities of an Economy |
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Distinction Between Positive, Normative and Welfare Economics |
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Central Problems of an Economy |
| Solution
of Central Problem: |
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What
to produce (Allocation of Resources) |
| How
to produce (Choice of techniques) |
| For
whom to produce (Distribution of goods and services) |
| Growth
and Technological Change |
| Production
Possibility Frontier (PPC) |
| Decision
Making Via the Market Mechanism |
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Criticism of Government Intervention |
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Summary |
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Self Review Questions |
| 2 |
Demand Analysis |
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Introduction |
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Market Demand |
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Law of Demand |
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Movements Along and Shifts of Demand Curve |
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Summary |
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Self Review Question |
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3 |
Utility and Demand |
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Introduction |
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Total Utility & Marginal Utility |
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Law of Diminishing Marginal Utility |
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Exceptions to the Law |
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Decision Rule of Consumer's Equilibrium |
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Derivation of Demand Curve |
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Criticism |
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Summary |
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Self Review Questions |
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Indifference Curves and Consumer Demand |
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Introduction |
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Assumptions |
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Characteristics of an Indifference Curve |
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Difference Between Diminishing Marginal Rate of Substitution &
Diminishing Marginal Utility |
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Consumers' Equilibrium |
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Break up of Price effect |
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Normal, Inferior and Giffen goods |
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Derivation of Demand Curve |
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Likely Shape of Demand Curve |
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Hicksian Indifference Curve Analysis vs. Marshallian Utility Analysis |
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Weakness of Indifference Curve Approach |
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Recent Development in Demand Theory |
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Revised Demand Theory |
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The Characteristics of Goods' Approach: Lancaster's Approach |
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Summary |
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Self Review Questions |
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| 4 |
Indifference Curves and Consumer Demand |
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Introduction |
|
Assumptions |
|
Characteristics of an Indifference Curve |
|
Difference Between Diminishing Marginal Rate of Substitution &
Diminishing Marginal Utility |
|
Consumers' Equilibrium |
|
Break up of Price effect |
|
Normal, Inferior and Giffen goods |
|
Derivation of Demand Curve |
|
Likely Shape of Demand Curve |
|
Hicksian Indifference Curve Analysis vs. Marshallian Utility Analysis |
|
Weakness of Indifference Curve Approach |
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Recent Development in Demand Theory |
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Revised Demand Theory |
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The Characteristics of Goods' Approach: Lancaster's Approach |
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Summary |
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Self Review Questions |
| 5 |
Elasticity
of Demand |
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Introduction |
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Measurement of Elasticity Methods |
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Total Outlay Method or Unity Method |
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Point Method |
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Arc Elasticity of Demand |
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Extremes of Elasticity |
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Income Elasticity of Demand |
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Cross Elasticity of Demand |
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Determinants of Elasticity of Demand |
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Application of Elasticity of Demand |
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Summary |
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Self Review Questions |
| 6 |
Analysis
of Supply |
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Introduction |
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Factors Influencing Supply |
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Movements Along and Shift in Supply Curve Elasticity of Supply |
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Extremes |
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Determinants of Elasticity of Supply |
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Summary |
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Self Review Questions |
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7 |
Equilibrium
and Disequilibrium |
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Introduction |
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Situations of Disequlibrium Market |
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Cobweb Model |
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Summary |
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Self Review Questions |
| 8 |
The
Firm and the Theory of Production |
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Introduction |
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The Firm |
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The Production Function |
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Production Process and Laws of Production |
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Total, Marginal and Average Production |
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Isoquants |
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Returns of Scale |
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Summary |
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Self Review Question |
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9 |
Theory of Cost |
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Introduction |
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Opportunity Cost |
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Cost of Production |
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Total Fixed Cost (TFC) |
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Total Variable Cost (TVC) |
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Total Cost (TC) |
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Average Fixed Cost (AFC) |
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Average Total Cost (ATC) |
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Marginal Cost (MC) |
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Long Run Cots |
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Factors Influencing the Shape of Firm's Long Run Average |
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Cost Curve |
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Diseconomies of Scale |
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External Economics |
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Summary |
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Self Review Scale |
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External Economics |
|
Summary |
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Self Review Questions |
| 10
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Market
Structure and Theory of Firm |
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Introduction |
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Revenue Curve (Firm's Demand Curve) |
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Average Revenue (AR) and Marginal Revenue (MR) |
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Relationship Between Average Revenue and Marginal Revenue |
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Elasticity Relationship Between Average Revenue & Marginal Revenue |
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Equilibrium of The Firm (Profit Maximization) |
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Summary |
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Self Review Questions |
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11 |
Theory
of Perfect Competition |
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Introduction |
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Equilibrium of Firm and Industry in the Short Run |
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Loss Minimization |
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Profit Maximizing and Loss Minimizing at Various Prices |
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Market-wise Supply Curve (or Industry's Supply Curve) |
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Under Short Run |
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Long Run Equilibrium of Firm and Industry in Perfectly Competitive Market |
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Summary |
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Self Review Questions |
| 12
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Monopoly |
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Introduction |
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Price and Output Determination under Monopoly |
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Long Run Profit Maximization |
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Monopoly Versus Perfect Competition |
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Loss of Economic Welfare |
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Degree of Monopoly |
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Discriminating Monopoly |
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Conditions for Price Discrimination |
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When will Price Discrimination be profitable? |
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Price and Output Determination under |
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Discriminating Monopoly |
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When Monopolist is Monopolist in One Market and Faces Perfect |
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Competition in the other market |
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When Monopolist is Monopolist in Both the Markets |
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Uses of Price Discrimination |
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Summary |
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Self Review Questions |
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| 13
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Monopolistic
Competition
Introduction
Group Equilibrium
Short Run Equilibrium
Long Run Equilibrium
Advertisement (selling cost)
Summary
Self Review Questions |
| 14
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Oligopoly
Introduction
The Cournot Model
Chamberlin's Model
Price Leadership by Dominant Firm
Cartels
Summary
Self Review Questions |
| 15
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Introduction
Theories of Distribution
Marginal Productivity Theory
Clar's Version
Marshall-Hicks' Marginal Productivity Theory
Empirical Testing of Marginal Productivity Theory
Technological Progress
Rent
Introduction
Ricardo's Theory of Rent
Modern Theory of Rent
Quasi Rent
Interest
Introduction
Theories of Interest
Neo-classical THEORY
Liquidity Preference
Theory-Keynes
Difference Between Keynsian and classical Theory
Hicks-Hansen Synthesis of Classical and Keynes
Theories of Interest
Is it possible to have Rate of Interest Zero?
Profit
Introduction
Theories on Profit
Profit as Dynamic Surplus - Clark
Innovation Theory of Profit - Schumpter's Theory
Risk, Uncertainty and Profits - Knight Theory
Profit as a Result of Monopoly - Kalecki Theory
Summary
Self Review Questions |
| 16
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Wages
Introduction
Overview of Market Structure
Theories of Wage Determinations
Modern Theory
Supply of Labour
Wage Determination under Perfe3ct Competition
Imperfect Competition (Collective Bargaining or Trade Unions)
Limitations
Wage Determination under Monopoly
Summary
Self Review Questions |
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Part II - Essays on Indian Economy |
| 17
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Introductions |
| 18
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Natural
Resources |
| 19
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Population
Introduction
Age Composition
Literacy Rate
Life Expectancy
Occumptional Structure
Population and Economic Development |
| 20
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Employment
Introduction
Special Employment Programmes |
| 21
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Poverty |
| 22
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Agriculture
Agriculture Scenario
Agriculture and other Sectors
Agricultural and Plans
Land Reforms
Agricultural Price Policy |
| 23
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Industry
Industrial Scenario
Small Scale and Village Industries |
| 24
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Public Enterprises
Introduction
Disinvestments of PSE Shares
National Renewal Fund |
| 25
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Economic
Planning
Introduction
Annual Plans
Five Year Plans
Objectives |
| 26
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National Income
Introduction
Trends of National Income in India |
| 27
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Inflation
Current Scenario |
| 28
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Economic Reforms and Structural Adjustment
Introduction
Fiscal Policy
Monetary Policy
Trade and Exchange Rate Policy
Industrial Reforms
Agricultural Reforms
Public Sector Reforms |
| 29
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Balance
of Payments
Trends in India's Balance of Payments
Current Scenario
Foreign Investment Policy
External Assistance
Foreign Exchange Reserves
External Debt |
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Self
Review Questions |
