Micro Economy

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Economic Theory: Nature and technique. Micro and macroeconomics. Static
dynamic andcomparative static analysis. Positive and normative economics. Theory of consumer‟s behavior:
Utility analysis. Indifference curve analysis, Consumer‟s equilibrium, Price substitution and
Income effect. Normal inferior and gutter goods
Production Function :Law of variable proportions. Three stages of production Iso quant and iso -cost, optimum factor combination. Law of returns and returns to scale
Marginal productivity theory of distribution factor pricing under perfect and imperfect
competition in labour market. Ricardina theory of rent. Modern theory of rent and quasi -rent
Classical theory of interest, liquidity preference theory of interest. Risk and uncertainty theory of
profit.

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