- Name of the Textbook: सूक्ष्म अर्थशास्त्र (Micro Economics
- Author(s): Dr. J.C. Pant, Dr. J.P. Mishra
- Publisher: Sahitya Bhawan Publications
- Language: Hindi
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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.