Micro Economics B.Com Ist Sem P-3rd Pareeksha Class Notes LU Latest Objective Pattern 2021

Micro Economics B.Com Ist Sem P-3rd Pareeksha Class Notes LU Latest Objective Pattern 2021

Publisher: Pareeksha Parakashan

Language: English

Description: Paper-3rd Micro Economics notes has been published strictly according to the syllabus of B.Com. Semester I of Lucknow University, Lucknow.

With the decay of communism and re-enthroning of the market economy, it has become even more important to understand the function of the market as a coordinating system described the economic theory as a ‘‘box of tools’’. For proper handling of our tools, we must learn how they function. This book fulfils these objectives. I have tried to present a clear and accurate picture of modern microeconomics. While doing this, relevant historical account has also been added so that the principles of modern economics are understood in their proper perspective.

One of the unique features of the book is a Chapter on Practical Problems on topics of Consumer Behaviour, Producer’s Behaviour and Cost of Production. Though the notes has been presented in the traditional format, the analysis covers all important recent developments.

Micro Economics Syllabus of B.Com. Semester I of Lucknow University, Lucknow.

Unit-I: Definition and concepts of Economics: Wealth, Welfare, Scarcity and Growth Oriented definitions, Concept of Scarcity, Optimum Utilization and Equilibrium, Various Forms of Equilibrium, Nature and Scope: Economics as a Science and Art, Normative and Positive Science, Relation with other subjects. Micro and Macro Economics. Inductive and Deductive methods of Economic Analysis.

Unit-II: Consumer Behaviour: Theory of Demand and its Elasticity; Definition, Types and Measurement of Elasticity. Concept and Types of Utility. Cardinal Approach; Law of Diminishing Marginal Utility, Law of Equi-diminishing Marginal Utility. Consumer Surplus. Ordinal Approach; Indifference Curves: Meaning, Assumptions, Indifference Map and Properties. Consumer Equilibrium, Price, Income and Substitution Effects-Hicks’ Approach. Practical Problems.

Unit-III: Producer’s Behaviour: Production and Factors of Production. Law of Production; Law of Variable Proportions and Return to Scale. Isoquant: Meaning, Assumptions and Properties. Isoquant Map. Producer’s Equilibrium through Isoquants. Practical Problems.

Unit-IV: Cost of Production: Meaning of Cost: Long-Run and Short-Run Cost. Implicit and Explicit Cost, Accounting and Economic Cost, Total Cost, Fixed Cost, Variable Cost, Average Cost, Average Fixed Cost, Average Variable Cost and Marginal Cost. Opportunity Cost. L-Shaped Cost Curve. Practical Problems.

Micro Economics Notes Contents:-

1. Definition and Concepts of Economics
2. Concept of Scarcity
3. Equilibrium and Optimum Utilization, Various Forms of Equilibrium
4. Nature and Scope of Economics
5. Relation of Economics with Other Subjects
6. Micro and Macro Economics
7. Methods of Economic Analysis (Deductive And Inductive)
8. Theory of Demand
9. Elasticity of Demand
10. Concept and Types of Utility
11. Theory of Consumer Behaviour: Cardinal Approach (Law of Diminishing Marginal Utility, Law of Equi-Marginal Utility)
12. Consumer’S Surplus
13. Theory of Consumer Behaviour: the Indifference Curve Analysis
14. Production and Factors of Production
15. Law of Production (Production Function, Law of Variable Proportions and Returns to Scale)
16. Law of Production: Isoquants and Producer’s Equilibrium
17. Cost Analysis
18. Practical Problems
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