Syllabus (ECONOMICS)

Course Type: ME-2

Semester: 2

Course Code: BECOMEB12T

Course Title: Microeconomics

(L-P-Tu): 3-0-1

Credit: 4

Practical/Theory: Theory

Course Objective:

Learning Outcome: Course Objective: To give basic ideas of general micro economics. The minor paper will create interest among the learners to understand basic microeconomic units Course Specific Outcome: The learners will enjoy the course with understanding of performance

1. Introduction to Economics: (5)

Why study economics? Scope and Method of Economics; Scarcity and Efficiency; Basic Questions of Economics

2. Demand and Supply: (15)

1. Elementary theory of demand: Determinants of household demand, market demand, and shifts in the market demand curve
2. Elementary theory of supply: Factors influencing supply, derivation of the supply curve, and shifts in the supply curve
3. The elementary theory of market price: Determination of equilibrium price in a competitive market; The effect of shifts in demand and supply; Consumer surplus, Elasticity

3. The Households: (10)

The consumption decision - budget constraint, consumption and income and price changes, demand for all other goods and price changes; income and substitution effects; Price consumption curve, income consumption curve.

4. Cost and Revenue: (10)

Total, marginal and average cost; Opportunity Cost; Revenue curves in perfect and imperfect market

5. Market Structure: (10)

Equilibrium in the Perfect Competition; Monopoly; Monopolistic Competition.

6. Distribution Theory: (10)

Land and Rent; Labour and Wages; Capital and Interest; Entrepreneur and Profit.

Reading References:

► Dominick Salvatore, 2003, Microeconomics, Oxford University Press.

►Jogendranarayan Mitra, 2010, Undergraduate Microeconomics, New Central Book Agency, Kolkata.

►Karl E. Case and Ray C. Fair, 2007, Principles of Economics, Pearson Education Inc., 8^th Edition.
► N. G. Mankiw, 2007, Economics: Principles and Applications, India edition by South Western, 4^th Edition.
► Joseph E. Stiglitz and Carl E. Walsh, 2007, Economics, W.W. Norton & Company, 4^th Edition.
► Samuelson and Nordhaus, Economics, McGraw Hill.

►Sampat Mukherjee and Debes Mukherjee, 2011, Samakalin Arthabidya, New Central Book Agency.

►Debasis Mazumder, 2011, Byastigoto-O-Samastigoto Arthaniti, ABS Publishing House.