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PART- I
PAPER- I: MICROECONOMICS I Full Marks 50

1. INTRODUCTION: Nature and scope, scarcity and choice, concepts of demand and supply, impact of changes in demand and supply, price system as an economic mechanism.

2. CONSUMER BEHAVIOUR: Assumptions on preference ordering, indifference curve, budget constraint and consumer’s equilibrium, substitution effect (Hicks & Slutsky) and income effect, ordinary and compensated demand curves, inferior goods and Giffen goods, price consumption and income curves, derivation of labour supply and intertemporal choice, (saving and borrowing), Revealed Preference – the weak axiom and substitution effect.

3. DEMAND AND SUPPLY: Demand function, supply function, market equilibrium, stability of equilibrium, elasticities of demand and supply, consumer’s and producer’s surplus, burden of indirect taxes and subsidies, price and quantity controls, minimum wage, import tariff and quota.

4. PRODUCTION AND COST : Production function, total, average and marginal products, isoquants and economic regions of production, cost minimization and expansion path, elasticity of substitution, economies of scale, Cobb Douglas, fixed coefficient and CES functions, short run and long run costs.

REFERRENCES: - Maddala-Miller Pindyck-Rubinfeld Varian (Intermediate) Ferguson-Gould Kutsoyanis (Modern Microeconomics)

PAPER – II: MACROECONOMICS I

Full Marks - 50

1. NATIONAL INCOME ACCOUNTING: Methods of calculating national income, national income as a measure of economic welfare and other concepts.

2. THE ECONOMY IN THE SHORT RUN: Simple Keynesian Model, Static Multiplier, IS-LM analysis, fiscal and monetary policy.

3. THE ECONOMY IN THE LONG RUN: The

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