Economics – I Sem – Guru Nanak Khalsa College(GNKC)

GURU NANAK KHALSA COLLEGE

(A Multi-faculty Post Graduate Co-educational Minority Institution)

NAAC Accredited 'A' Grade Institution and UGC accredited Centre with Potential for Excellence

Yamuna Nagar - 135 001 (Haryana)

B.A. Part – I (ECONOMICS)

Semester-I

MICROECONOMICS – I

Time: 3 hours
Max. Marks 100
External: 80
Internal : 20

 

Note for Paper Setter:

  1. The question paper will consist of 10 questions out of which 5 questions in all are to be attempted.
  1. Question No. 1 and 2 are compulsory.
  1. Two questions (Q. No. 3 to Q. No. 10) will be set from each of the four units.
  1. No. 1 will be based on a Case Study followed by four short answer type questions (4 marks each).
  1. No. 2 will contain 5 multiple choice type questions (1 mark each) 5 matching type questions (1 mark each) and 3 very short answer questions (2 marks each). The question will be spread over the entire syllabus.
  1. All questions carry equal marks.

Note for Candidates:- Attempt 5 questions in all. Question No. 1 and 2 are compulsory. Attempt remaining three questions selecting one question each from any of the three units out of the four units. All questions carry equal marks.

 

UNIT-I

1.1.Economics: Definition, Nature, Scope

1.2.The Economic Problem : Scarcity and Choice, Functions of an Economic System,

1.3.Law of Demand

1.4.Elasticity of Demand: Concept, Types, Measurement, Determinants and Importance

 

UNIT -II

2.1     Concept of Utility

2.2     Cardinal Utility Analysis,

2.3     Law of Equi- Marginal Utility

2.4    Law of Diminishing Marginal Utility

2.5     Derivation of Demand Curve

2.6     Ordinal Utility Analysis

2.7     Indifference Curves Analysis

2.8     Consumer Equilibrium

2.9     Price, Income and Substitution Effects

2.10 Consumer Surplus

 

UNIT-III

3.1 Production Function & Product Curves

3.2 Law of Variable Proportions

3.3 Iso-quants & Iso-Lines

3.4 Returns to Scale

3.5 Economies & Diseconomies of Scale Internal & External

3.6 Supply Curve & Elasticity of Supply.

 

UNIT-IV

4.1. Cost Analysis: Concepts of Cost, Short Period Costs, Long Period Costs

4.2.Modern Theory of Costs.

4.3.Revenue: Total, Average and Marginal Revenue

4.4.Break Even Analysis and its Uses.

 

Suggested Readings:

  1. Gregory Mankiw’ “Principles of Economics”‘ South-Western College; 5th Edition(2008)
  1. E Stiglitz and G.E Walsh’ “Principles of Economics”, W.W Norton & Co. N.Y.

 

  1. G Paul Samuelson and Nordhaus’ “Economics”, Tata Mcgraw Hill Publishing Company, New Delhi. 18th Edition (2004)
  2. Lipsey and KA. Chrystal, Economics, Oxford University Press, Oxford(2007).
  1. Koutsoyiannis , Modern Microeconomics , Macmillan (Latest Edition).
  1. G Lipsey and KA. Chrystal, “Principles of Economics”, Oxford University Press ,Oxford(2002-03).
  2.  

  3. S Pindyck & D.L Rubinfeld: Microeconomics, Prentice Hall Series in Economics MATE (2005)
  4.  

  5. Walter Nicholsan’ ” Microeconomic Theory: Basic Principles and Extensions”,South Western College.South Western Publication(2007)
  6.  

  7. Hal R. Varian ” Intermediate Microeconomic: A modern Approach”, W.W Norton & Company,6th Edition (June 2002)
  8.  

  9. J Baumol & Alan S. Blinder, “Microeconomics: Principles and Policy” Thomson, India Edition. Ceneage Learning India Pvt Ltd(2006)