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May 11th, 2016, 11:21 AM
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Join Date: Mar 2012
Re: Principle of Economics DU

The syllabus of Principles of Microeconomics–I and Principles of Microeconomics–II of B.A. Economics program offered by University of Delhi are as follows:

Core Economics I: Principles of Microeconomics–I

Course Description

Course Outline
1. Introduction
a. Problem of scarcity and choice: scarcity, choice and opportunity cost; production
possibility frontier; economic systems.
b. Demand and supply: law of demand, determinants of demand, shifts of demand
versus movements along a demand curve, market demand, law of supply, determinants
of supply, shifts of supply versus movements along a supply curve, market supply,
market equilibrium.
c. Applications of demand and supply: price rationing, price floors, consumer
surplus, producer surplus.
d. Elasticity: price elasticity of demand, calculating elasticity, determinants of price
elasticity, other elasticities.
2. Consumer Theory
Budget constraint, concept of utility, diminishing marginal utility, Diamond-water
paradox, income and substitution effects; consumer choice: indifference curves,
derivation of demand curve from indifference curve and budget constraint.
3. Production and Costs
a. Production: behaviour of profit maximising firms, production process, production
functions, law of variable proportions, choice of technology, isoquant and isocost lines,
cost minimizing equlibrium condition.
b. Costs: costs in the short run, costs in the long run, revenue and profit
maximizations, minimizing losses, short run industry supply curve, economies and
diseconomies of scale, long run adjustments.
4. Perfect Competition
a. Assumptions: theory of a firm under perfect competition, demand and revenue;
equilibrium of the firm in the short run and long run; long run industry supply
curve: increasing, decreasing and constant cost industries.
b. Welfare: allocative efficiency under perfect competition.


Core Economics II: Principles of Microeconomics–II

Course Description

Course Outline
1. Market Structures
a. Theory of a Monopoly Firm
Concept of imperfect competition; short run and long run price and output decisions of
a monopoly firm; concept of a supply curve under monopoly; comparison of perfect
competition and monopoly, social cost of monopoly, price discrimination; remedies for
monopoly: Antitrust laws, natural monopoly.
b. Imperfect Competition
Monopolistic competition: Assumptions, SR & LR price and output
determinations under monopolistic competition, economic efficiency and resource
allocation; oligopoly: assumptions, oligopoly models, game theory, contestable
markets, role of government.
2. Consumer and Producer Theory
a. Consumer and Producer Theory in Action
Externalities, marginal cost pricing, internalising externalities, public goods; imperfect
information: adverse selection, moral hazard, social choice, government inefficiency.
b. Markets and Market Failure
Market adjustment to changes in demand, efficiency of perfect competition; sources
of market failure: imperfect markets, public goods, externalities, imperfect
information; evaluating the market mechanism.
3. Income Distribution and Factor pricing
Input markets: demand for inputs; labour markets, land markets, profit maximisation
condition in input markets, input demand curves, distribution of Income.
4. International Trade
Absolute advantage, comparative advantage, terms of trade, sources of comparative
advantage, trade barriers, free trade/ protectionism.


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