Ranchi University, Jharkhand, General Semester 1, Principles of Economics Syllabus

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Unit - 1 Introduction

UNIT 1

Introduction

1.1 Demand and supply Determinants of demand movements vs shift in demand curve determinants of supply

1.2 Elasticity of Demand and Supply

1.3 Application of demand and supply

Unit - 2 Consumer Theory

UNIT 2

Consumer Theory

2.1 Ordinal Utility Theory Indifference Curve Approach Consumer’s preferences Budget Line Consumer’s equilibrium

2.2 Income and Substitution effects Price consumption curve

2.3 Derivation of a demand curve of a commodity

2.4 Criticism of a law of demand

Unit - 3 Production and Cost

UNIT 3

Production and cost

3.1 Production Firm as an agent of production Concept of Production Function Law of Variable proportions Isoquants Return to scale Economies and Diseconomies of Scale.

3.2 Costs long run and short run costs of production. Profit maximisation and cost minimisation Equilibrium of the firm Technology Change in the very long run

Unit - 4 Market Structure

UNIT 4

Market structure

4.1 Perfect Competition Assumptions. Theory of the firm under perfect competition Demand and revenue Equilibrium of the firm in the short and long runs .

4.2 Monopoly Short run and long run equilibrium of monopoly firm. Price discrimination.

4.3 Imperfect Competition Difference between Perfect Competition Monopoly and Imperfect competition Monopolistic Competition Assumption Short run equilibrium Long run equilibrium Oligopoly Cause for the existence of oligopolistic firms in the market rather than perfect competition Cooperative vs. Non cooperative behaviour and dilemma of oligopolistic firms.

4.4 Oligopoly Cause for the existence of oligopolistic firms in the market rather than perfect competition Cooperative vs. Non cooperative behaviour and dilemma of oligopolistic firms.

Unit - 5 Income Distribution and factor pricing

UNIT 5

Income Distribution and Factor Pricing

5.1 Demand for factors Supply of factor

5.2 Backward bending supply curve for labour concepts of economic rent

5.3 Functional distribution of income

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Other Subjects of Semester-1-
Business studies
Financial accounting
Business communication
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