Unit Syllabus No.

of Sessions

Unit 1: 1.1 Meaning, Nature and Scope of Business Explain the concept of opportunity costs.
Basic Economics - Micro and Macro;
Concepts 1.2 Basic Economic Problems; Wants and Give the difference between normative and positive
resources; Problem of choice; economics. Give examples
1.3 Production Possibility Frontier;
Opportunity cost; Explain the concept of production possibility frontier
1.4 Ten principles of economics: How
people make decisions, how people Explain: Meaning and scope of Economics.
interact and how the ea whole workhole
Define Micro economics. Explain the nature and scope of
works;
Micro-economics
1.5 Role of observations and theory in
economics - Role of assumptions- Role
of Economic models.

Unit 2: 2.1 Consumer, Concept of Utility, Marginal Explain the role of the price mechanism
Concepts Utility, Utility Optimization – Cardinal
of Approach, Ordinal Approach, Indifference Explain the concept of market equilibrium. How do changes
Demand Curves; in demand and supply affect it?
2.2 Consumer’s Preferences, Consumer’s
Budget Constraints, Consumer’s Choice, Explain the concepts of consumer and producer surplus.
Consumer’s Equilibrium, Changes in
equilibrium due to price changes & income Explain the concept of price ceiling and price floors.
changes;
What is elasticity of demand? What are the various
2.3 Demand, Types of Demand,
methods of computing elasticity of demand?
Determinants of Demand, Demand Curve
through the Cardinal Approach, Data on How are substitutes and complements explained through
consumer demand; Connecting individual
cross price elasticity of demand?
demand to market demand,
2.4 Income & Substitution effects, Giffen What is income elasticity of demand?
Goods, Price
2.5 Elasticity; Calculating Price Elasticity of What is a budget constraint? How does it determine the
Demand, Income Elasticity of Demand, opportunity set?
Cross-Price Elasticity of Demand.
What is utility? What are the two types of utility?

Explain consumer equilibrium through cardinal utility

approach for one good. Also explain it for many goods.

Derive the demand good from the cardinal utility approach.

Why does it slope downward?

Write down the assumptions for analysis based on

indifference curves (IC).

What is an Indifference map? What is the slope of an IC

represent?

Explain the impact of changing price of a good on consumer


Unit 3: 3.1 Laws of supply; Determinants of
Concepts Supply; Elasticity of Supply; Market supply
of and;
Supply
3.2 Expansion and increase; Contraction and
decrease of supply curve;
3.3 Consumer’s surplus (Marshall),
Producer surplus; Market efficiency-
Externalities and Market inefficiency;
3.4 Revenue Concepts - Total Revenue,
Marginal Revenue, Average Revenue and
their relationship;
3.5 Price Elasticity and Total Revenue,
Factors affecting Price Elasticity.
Unit 4: 1.1 Production function;
Theory 1.2 Law of Variable proportions; Laws of
of returns;
Producti 1.3 Producer’s Equilibrium with the help of
on and iso-quants and iso-cost lines;
Cost 1.4 Accounting Costs and Economic Costs;
Short Run Cost Analysis : Fixed,
equilibrium using Indifference Curves.
Draw the Indifference curves for normal goods,
complements, substitutes, bads and neutral goods.
Explain consumer equilibrium through ordinal utility
approach (Diagram, algebra and meaning). Derive the
demand curve.
Explain different types of Elasticity of demand.
Explain the various forms of price discrimination.
Write Law of Diminishing Marginal Utility with its
assumptions.
What are the key components of the laws of supply, and
what factors influence the elasticity of supply in a market?
How does the supply curve undergo expansion or
contraction, and what are the implications of these changes
on market dynamics?
Could you explain the concepts of consumer's surplus
(Marshall) and producer surplus, and how they contribute
to market efficiency or inefficiency, especially in the context
of externalities?
What is the relationship between total revenue, marginal
revenue, and average revenue in the context of revenue
concepts, and how do they impact overall market
dynamics?
In the realm of price elasticity, what factors play a
significant role, and how do they affect total revenue in a
market setting?
How is the short run defined in production?
Explain a production function
What constitutes a production function, and how does the
Law of Variable Proportions govern the laws of returns in
the production process?
 Variable and Total Cost Curves,
Average and Marginal Costs; Long Run
Cost Analysis :
1.5 Economies and Diseconomies of Scale
and Long Run Average and Marginal
Cost Curves.
Unit 5: 5.1 Features of Perfect Competition and
Market Monopoly;
Structure
5.2 Long-run Equilibrium of a Firm and
Industry under Perfect Competition and
Monopoly;
5.3 Features of Monopolistic Competition;
5.4 Features of Oligopoly; Price
Indeterminateness,
5.5 Cartel. Formation and Forms of Price
Leadership.
Can you elaborate on the attainment of producer's
equilibrium using iso-quants and iso-cost lines, shedding
light on the interplay between factors in production?
How do accounting costs differ from economic costs, and in
the short run, how are fixed, variable, total cost curves, as
well as average and marginal costs, analyzed?
In the long run, what insights can be gained from examining
economies and diseconomies of scale, and how do long-run
average and marginal cost curves contribute to our
understanding of production dynamics?
Short Note on:
Features of Oligopoly
Perfect Competition
Cartel Formation
Long-run Equilibrium
Distinctive Features Characterizing Perfect Competition
Remedies For Monopoly
Forms of Price Leadership
What are the distinctive features characterizing Perfect
Competition and Monopoly markets, and how do they
shape the behavior of firms within these structures?
In the context of Perfect Competition and Monopoly, what
are the dynamics of long-run equilibrium for both individual
firms and the industry as a whole?
Could you outline the key features of Monopolistic
Competition and elucidate how they differentiate this
market structure from others?
What are the defining characteristics of Oligopoly, and how
does the concept of price indeterminateness come into
play? Additionally, how are cartels formed, and what forms
of price leadership exist within an oligopolistic market?