Microeconomics

 Unit 1: Introduction

a. Classification of Economics

b. Economics as the study of Scarcity, Choice and Opportunites

c. Basic Issues of Economics

d. Economics as a Positive and Normative Science

Unit 2: The Market Forces of Demand and Supply

a. Demand, it's Types and Determinants

b. Demand Function and Equation

c. Law of Demand

d. Law of Supply

e. Supply and it's Determinant

f. Supply Function and Equation

g. Demand Curve, it's Movement and Shift

h. Supply Curve, it's Movement and Shift

i. Market Equilibrium or Interaction between Demand and Supply

Unit 3: Elasticity and it's Application

a. Price Elasticity of Demand and it's Types

b. Methods of Measurement of Price Elasticity

Unit 4: Theory of Consumer Behavior

a. Utility and it's Types

b. Law of Diminishing Marginal Utility

c. Indifference Curve and it's Properties

d. Consumer Equilibrium

Unit 5: Theory of Production

a. Production and it's Function

b. Total Product, Average Product and Marginal Product

c. Isoquant Curve and it's Properties

d. Marginal Rate of Technical Substitution

e. Law of Variable Proportion

f. Producer Equilibrium

g. Law of Returns to Scale

Unit 6: The Cost of Production

a. Short-Run Cost and it's Types

b. Average Cost and Marginal Cost

c. Derivation of Short- Run Average Cost: ATC, AVC and AFC

d. Long-Run Cost Curve

Unit 7: Theory of Firms

a. Perfect Competition and Price and Output Determination under it

b. Monopoly Market and Price and Output Determination under it

c. Similarities and Differences between Perfect Competition and Monopoly Market

d. Monopolistic Competition and Price and Output Determination under it

Unit 8: Market Failure, Government Intervention and Externalities

a. Goods and it's Types

b. Market Failure and it's Causes

c. Government Intervention and it's Effects

d. Externalities and it's Types