1. What is Economics?



2. Microeconomics Vs Macroeconomics



3. Consumer Behavior Theory

a. Utility Theory (Cardinal theory)

i. Total and Marginal Utility

ii. Law of diminishing marginal utility

iii. Law of Equi-Marginal utility

iv. Limitations of the Utility theory

b. Indifference Theory (Ordinal theory)

i. Indifference Set and Indifference Curve

ii. Marginal Rate of Substitution

iii. Properties of ICs

iv. The Budget Line

v. Consumers’ Equilibrium by IC approach

vi. Shifts and rotation in the price line

vii. ICC and PCC

viii. Normal, Inferior and Giffen Goods representation on IC’s



4. Market Theory

a. Demand Analysis

i. Demand

ii. Law of Demand

iii. Changes in demand

iv. Case Study

b. Supply Analysis

i. Supply

ii. Law of supply

iii. Changes in supply

iv. Case Study

c. Application of Demand and Supply

i. Price Elasticity of Demand

ii. Income Elasticity of Demand

iii. Cross Elasticity of Demand

iv. Case Study

d. Market Equilibrium

e. Market Imperfections: Price Support and Price Ceiling

f. Case Study



5. Theory of Production

a. Production

b. Production Function

c. Law of Variable Proportions



6. Theory of Cost

a. Cost of Production

b. Types of Cost

c. Short Run Cost Curves

d. Long Run Cost Curves

e. Properties of Cost Curves



7. Market Structures

a. Perfect Competition

i. Definition

ii. Characteristics

iii. Revenue Curves

iv. Firms Equilibrium Situations

v. Normal Profit

vi. Supernormal Profit

vii. Loss

viii. Shut Down Point

ix. Long Run Equilibrium

x. Case Study

b. Monopoly

i. Definition

ii. Characteristics

iii. Revenue Curves

iv. Firms Equilibrium Situations

v. Normal Profit

vi. Supernormal Profit

vii. Loss

viii. Shut Down Point

ix. Long Run Equilibrium

x. Case Study

c. Monopolistic Competition

i. Definition

ii. Characteristics

iii. Revenue Curves

iv. Firms Equilibrium Situations

v. Normal Profit

vi. Supernormal Profit

vii. Loss

viii. Shut Down Point

ix. Long Run Equilibrium

x. Case Study



8. Marginal Productivity Theory



9. Liquidity Preference Theory