MICRO ECONOMIC ANALYSIS (THEORY)

• Micro Economics: Meaning and Definition, scope of micro economics Difference and Inter Dependence of Micro and Macro Economics.
• Role of micro and macro economics in the formulation of business policy
• Utility Approach- concept of utility, Law of Diminishing marginal utility, Law of Equi Marginal Utility

• Indifference Curve Approach: concept, properties of indifference curve, consumer equilibrium, price effect, income and substitution effect
• Demand analysis: -Law of demand, elasticity of demand,: degree of elasticity, methods of measuring elasticity

·         Cost Analysis: types of cost , short run and long run cost curves

·         Revenue: Concept and types

·         Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Isoquants: Properties of isoquants, isoquants and return to scale

Unit IV:                                                                                               

• Market: Meaning, Characteristics of Market.
• Price and Output determination under: Perfect Competition, imperfect competition, Monopoly, Discriminating Monopoly, Oligopoly (Kinked demand curve)
• Duopoly and Monposony- definition and features

• Marginal productivity theory of distribution:- Concept, price determination in perfect & imperfect market
  Interest :types of interest, Keynesian theory of interest and modern theory of interest
• Profit: concept of profit, uncertainty theory of profit, modern theory of profit