Principles of Microeconomics (LPSPE)

Part-I: Introduction: 1. The Economic Problem: Scarcity and Choice, 2. The Scope of Economics, 3. The Methodology of Economics, 4. Free Market Economy and other Economic Systems, Part-II: Demand, Supply and Market Equilibrium: 5. Demand, Supply and Competitive Market Equilibrium, 6. Applications of Demand and Supply Analysis, 7. Elasticities of Demand and Supply, 8. Applications of Elasticities of Demand and Supply, Part- III: Theory of Consumer's Behaviour: 9. Consumer's Behaviour: Marshall's Cardinal Utility Analysis, 10. Consumer Surplus, 11. Indifference Curve Analysis of Demand, 12. Cardinal Utility Analysis vs Indifference Curve Analysis, 13. Applications and Uses of Indifference Curves, 14. Labour Supply
and Saving Decisions, Part-IV: Theory of Production and Cost: 15. Production Process and Profit-Maximising Behaviour of Firms, 16. Factors of Production, 17. The Theory of Production: Returns to a Variable Factor, 18. Production Function with two Variable Factors, 19. Least Cost Factor Combination: Technological Choice, 20. Cost of Production and Cost Curves: Short Run and Long Run, Part-V: Theory of Firm and Pricing in Perfect Competition: 21. Market Structures and Concepts of Revenue, 22. Objectives of the Firm - A General Analysis, 23. Equilibrium of the Firm under Perfect Competition, 24. Equilibrium of the Industry and Long-Run Supply Curve under Perfect Competition, 25. Economic Efficiency of Perfect
Competition, Part-VI: Price and Output under Monopoly and Imperfect Competition: 26. Price and Output under Monopoly, 27. Price Discrimination, 28. Drawbacks and Remedies for Monopoly, 29. Price and Output under Monopolistic Competition, 30. Price and Output under Oligopoly, 31. Classical Models of Oligopoly: Cournot and Bertrand's Models, 32. Theory of Games and Strategic Behaviour, 33. Full-Cost or Mark-Up Pricing and Sales Maximisation Models, 34. Market Failures and its Sources, 35. Externalities and Market Failure, 36. Public Goods and Market Failure, 37. Imperfect Information Problem, 38. Social Choice, Role of Government and its Inefficiency, Part-VII: Theory of Distribution: 39. Pricing of Factors (Inputs) and
Distribution of Income: A General View, 40. Labour Market: Determination of Wages, 41. Land Market and the Theory of Rent, 42. Alternative Theories of Interest, 43. Theory of Profits, Part-VIII: International Trade: 44. International Trade: Absolute Advantage Theory and Comparative Cost Theory,
45. Heckscher-Ohlin Theory of International Trade and Terms of Trade, 46. Trade Barriers and Free Trade Versus Protection, Part-IX: Welfare Economics
and Economic Efficiency: 47. Welfare Economics and Role of Value Judgements, 48. Pareto Criterion and Economic Efficiency: General Equilibrium
Approach, 49. Kaldors Hicks' Welfare Criterion: Compensation Principle, 50. Social Welfare Function

• Syllabi Relevant: Updated and revised topics as per UGC model curriculum and
   new Choice Based Credit System (CBCS) syllabus
• New Chapters: Production Process and Profit-Maximising Behaviour of firms;
   Economic Efficiency of Perfect Competition; Remedies of Monopoly; Market
   Failures and its Sources; Externalities and Market Failure; Public Goods and
   Market Failure; Problem of Imperfect Information and Market for Lemons and
   Social Choice and Role of Government
• Student Friendly Features: Clear and comprehensive presentation and extensive
   use of graphs to understandably illustrate the economic principles