Definition and Relevance; Positive
and Normative Economics; Scarcity; Opportunity Cost; Production Possibilities Frontier; Preliminary Introduction to Great Schools of Economic Thoughts: Classical, Neo-Classical, Keynesian, Marxist; Difference between Microeconomics and Macroeconomics.
Lecture and Assignment
Class-1
00:00
Class-2
00:00
Class-3
00:00
Chapter-2 The Modern Mixed Economy
Class-1
00:00
Class-2
00:00
Chapter-2 Demand, Supply and Equilibrium Analysis:
Law of Demand; Ceteris Paribus Assumption; Demand Equation; Shift of Demand Curve; Movement along the Demand Curve; Law of Supply; Supply Equation; Shift of Supply Curve; Movement along the Supply Curve; Market Equilibrium.
Lecture and
Assignment
Chapter-3 Market Regulation:
Price Ceiling, Price Floor, Quota, Tax; Consumer Surplus; Producer Surplus; Change in Consumer Surplus and Producer Surplus after Regulation. Lecture
Chapter-4 Elasticity:
Elasticity of Demand, Factors Affecting Elasticity of Demand; Price Elasticity; Determinants of Demand Elasticity;
Computation and Interpretation of Elasticity of Demand; Point Elasticity and Arc Elasticity of Demand; Income Elasticity and Cross Price Elasticity of Demand; Elasticity of Supply; Computation and Interpretation of Supply Elasticity; =>Determinants of Elasticity of Supply.
Chapter-5 Utility Theory:
The Utility Approach: Basic Assumptions of Utility Approach; Marginal, Average and Total Utility and their
Relationship; Marginal Utility and Price; Law of Diminishing Marginal Utility; Law of Equi-Marginal Utility; The Indifference Curve Approach; Basic Assumptions of IC Approach; Characteristics of Indifference Curve; Indifference Curve and Indifference Map; Budget Line and its Properties; Marginal Rate of Substitution and Price Ratio; Price Effect, Income Effect and Substitution Effect; Shape of the Demand Curve for Normal, Inferior and Giffen Commodity Types.
=> Lecture and Assignment
