BCOM103 Micro Economics GGSIPU B.COM 1st Sem Notes

Unit 1 [Book]  
Basic Concepts: Concepts of Economics VIEW
Macro Vs Micro Economics VIEW
Meaning and Scope of Micro Economics VIEW
Basic Problems of an Economy and Application of Economic Theories in Decision Making VIEW
Marginalism, Incrementalism VIEW
Market forces and equilibrium VIEW
Unit 2 [Book]  
Consumer Behavior and Elasticity of Demand VIEW
Theory of Demand and supply VIEW
Elasticity of demand Concept, Importance VIEW
Income Elasticity of demand VIEW
Price Elasticity of demand VIEW
Factors influencing elasticity of demand VIEW
Demand forecasting Meaning, Need, Importance, Approaches and Techniques VIEW
Analysis of consumer behavior: VIEW
Cardinal Utility VIEW
Marginal Utility VIEW VIEW
Ordinal utility VIEW
Income consumption curve and Engle curve VIEW
Price Consumption curve and derivation of Demand curve, Income and Substitution VIEW
Effect of a price change VIEW
Consumer Surplus VIEW
Revealed Preference theory VIEW
Unit 3 [Book]  
Theory of Production and cost VIEW
Factors of Production, Production Function Concept VIEW
Fixed and Variable Factors VIEW
Law of Variable proportions, Assumptions, Limitations and Significance Long Run Production Function VIEW
Isoquant curves Definition, General properties, VIEW
Marginal rate of technical substitution economic region of production VIEW
Iso-cost lines optimal combination of resources VIEW
the expansion path VIEW
Law of returns to scale through Iso-Quants VIEW
Cost of production VIEW
Explicit costs, Implicit costs VIEW
Opportunity costs of production VIEW
Derivation of short run and long run cost curves VIEW
Economies and diseconomies of Scale and the Shape to the long run average cost VIEW
Unit 4 [Book]  
Pricing & Market: Theory of Pricing-cost plus pricing, Target pricing, marginal cost pricing, Going rate pricing VIEW
Concept of different types of Competitive Conditions of the market:  
Monopoly VIEW
Oligopoly VIEW
Perfect competition VIEW
Price Determination and equilibrium of firm in different market situations VIEW

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