Resources » Education » Syllabus
Articles/Knowledge Sharing » Syllabus

M.A. applied economics - micro economics- semester1 paper-1

Updated: Category: Syllabus
Author: Member Level: GoldPoints: 2

This is the paper for micro ecomomics students for acharya nagarjuna university.

M.A. Applied Economics
Micro Economics
Semester I: Paper I

1. Introduction and Basic Concepts:

Basic economic problem - choice and scarcity; deductive and inductive methods of analysis; positive and normative economics; Economic models; Characteristics of equilibrium and disequilibrium systems – static and dynamic analysis – micro and macro differences.

Demand Analysis:

Elasticities (price, cross, income) of demand theoretical aspects and empirical estimation; elasticity of supply;
Theories of demand — utility; indifference curve (income and substitution effects,
Slutsky theorem, compensated demand curve) and their applications; Revealed preference theory; Revision of demand theory by Hicks; Characteristics of goods approach; consumer's choice involving risk; Indirect utility functions (duality theory); Recent developments in demand analysis (pragmatic approach and linear expenditure systems);
Consumer's surplus; Inter­temporal consumption; Recent developments in demand; Elementary theory of price formation - demand and supply equilibrium; Cobweb theorem; lagged adjustment in interrelated markets.

2. Theory of Production and Costs:

Production function - short period and long period; law of variable proportions and returns to scale; Isoquants - Least cost combination of inputs; Returns to factors; Economies of scale; Multi­product firm; Elasticity of substitution; Euler's theorem; Technical progress and production function; Cobb­ Douglas, CES, VES and Translog production functions and their properties; Empirical work on production functions; Traditional and modern theories of costs - Empirical evidence; Derivation of cost functions from production functions; derived demand for factors.

3. Price and Output Determination:

Marginal analysis as an approach to price and output determination: perfect competition - short run and long run equilibrium of the firm and industry, price and output determination, supply curve; Monopoly - short run and long run equilibrium, price discrimination, welfare aspects, monopoly control and regulation; Monopolistic competition - general and Chamberlin approaches to equilibrium, equilibrium of the firm and the group with product differentiation and selling costs, excess capacity under monopolistic and imperfect competition, criticism of monopolistic competition; Oligopoly — Non­ collusive (Cournot, Bertrand, Edgeworth, Chamberlin, kinked demand curve and Stackelberg's solution) and collusive (Cartels and mergers, price leadership and basing point price system) models; Price and output determination under monopsony and bilateral monopoly; Workable competition - Structure, conduct and performance norms.

4. Alternative Theories of the Firm :

Critical evaluation of marginal analysis; Baumol's sales revenue maximization model; Williamson's model of managerial discretion; Marris model of managerial enterprise; Full cost pricing rule; Bain's limit pricing theory and its recent developments including Sylos­Labini's Model; Behavioural model of the firm; Game theoretic models.

5. Distribution:

Neo­classical approach - Marginal productivity theory; Product exhaustion theorem; Elasticity of technical substitution, technical progress and factor shares; Theory of distribution in imperfect product and factor markets; Determination of rent, wages, interest and profit; Macro theories of distribution - Ricardian, Marxian, Kalecki and Kaldor's.

Did you like this resource? Share it with your friends and show your love!

Responses to "M.A. applied economics - micro economics- semester1 paper-1"

No responses found. Be the first to respond...


Post Comment:

  • Do not include your name, "with regards" etc in the comment. Write detailed comment, relevant to the topic.
  • No HTML formatting and links to other web sites are allowed.
  • This is a strictly moderated site. Absolutely no spam allowed.
  • Name:   Sign In to fill automatically.
    Email: (Will not be published, but required to validate comment)

    Type the numbers and letters shown on the left.

    Submit Article     Return to Article Index
    Win an apple watch by simply hitting any or all of the action items below! in Techulator Polls & Giveaways on LockerDome
    Awards & Gifts
    Active Members
    TodayLast 7 Daysmore...

    ISC Technologies, Kochi - India. © All Rights Reserved.