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Microeconomics FYBA Semester I

Microeconomics FYBA Semester I




Semester I

Module - I : Ten Principles of Economics (Lec. 12)
Trade-offs faced by the individuals – significance of opportunity cost in decision making – thinking at the margin- responses to incentives-benefits from exchange - organization of economic activities through markets and its benefits – seventh, role of government in improving market outcomes – dependence of standard of living on production- growth in quantity of money and inflation- inflation and unemployment trade-off.

Module - II : Economics and Its Methods (Lec. 12)
The scientific method –role of assumptions- economic models: circular flow of income and production possibilitiescurve -Micro economics and Macro economics-economist as policy advisors: positive economics and normative economics – causes of disagreement among economists -basics of graphs (graph of single variable, graph of two variable, curves in the co-ordinate system, slope- cause and effect).

Module - III : Markets, Demand and Supply (Lec. 12)
What is a market- what is competition-demand curves: market demand versus individual demand -movements along the demand curve-shifts in the demand curve, supply curves: market supply and individual supply- shifts in supply curve–market equilibrium – three steps to analyse changes in equilibrium –price ceilings and floors-taxes and their impact-priceelasticity of demand- total revenue and the elasticity of demand - impact of price elasticity on revenue

Module - IV : Interdependence and Trade (Lec. 12)
Specialisation and trade –meaning of absolutecost advantage –opportunity cost and comparative cost advantage – comparative advantage and trade- gains from trade- application of comparative cost advantage to international trade - trade policy: free tradeand protection.

Additional Information

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ISBN-13 978-93-86187-87-1
AUTHOR A. D. Mascarenhas, Dr. P. A. Johnson
YEAR 2017
ED Second
SUBJECT Microeconomics FYBA Semester I