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Microeconomics-II SYBA Semester III

Microeconomics-II SYBA Semester III




Semester III

Module - I : Utility Analysis (12 Lec.)
Preferences - strong ordering - weak ordering - completeness - transitivity - rational preferences - utility as representation of preferences - indifference curves and their properties - budget constraint - utility maximisation and consumer's equilibrium - income effect - substitution effect - derivation of demand curves

Module - II : Production Analysis (12 Lec.)
Production function - Cobb-Douglas production function - short run and long run returns to scale - isoquants and their properties - MRTS - iso-cost curves - cost minimisation and producer's equilibrium - derivation of factor demand curves

Module - III : Costs and Revenue (12 Lec.)
Various concepts of costs and their inter-relationship - behaviour of costs in the short run and the long run - long run average cost curve and its derivation - implicit and explicit costs - total revenue - marginal revenue - average revenue

Module - IV : Competitive Markets (12 Lec.)
Homogenous goods - no barriers to entry - no collusion among sellers - availability of market information - price equals marginal cost in competitive markets - supply curve and derivation in competitive markets - equilibrium of the firm and the industry - consumer's surplus - producer's surplus - economic efficiency in competitive markets

Additional Information

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ISBN-13 978-93-88626-72-9
AUTHOR A. D. Mascarenhas, Dr. P. A. Johnson
YEAR 2019
ED Third
SUBJECT Microeconomics-II SYBA Semester III