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Subject Syllabus

CB-205 - Fundamentals of Economics

CSBS · Semester 2

Course Modules

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The themes of microeconomics Elasticity of Supply, Elasticity of Demand Microeconomics versus Macroeconomics Behavior of firm and House hold

Supply Curves of Firms -- Demand Curves of Households Equilibrium and Comparative Statics (Shift of a Curve and Movement along the Curve)Welfare Analysis -- Consumers' and Producers' Surplus -- Price Ceilings and Price Floors

Axioms of Choice -- Budget Constraints and Indifference Curves Consumer's Equilibrium -- Effects of a Price Change, Income and Substitution Effects -- Derivation of a Demand Curve Applications -- Tax and Subsidies -- Intertemporal Consumption -- Suppliers' Income Effect

Production Function and Iso-quants -- Cost Minimization Cost Curves -- Total, Average and Marginal Costs -- Long Run and Short Run Costs Equilibrium of a Firm under Perfect Competition Monopoly and Monopolistic Competition

National Income and its Components -- GNP, NNP, GDP, NDP Consumption Function; Investment Simple Keynesian Model of Income Determination and the Keynesian Multiplier Government Sector -- Taxes and Subsidies

External Sector -- Exports and Imports Money -- Definitions; Demand for Money -- Transactionary and Speculative Demand Supply of Money -- Bank's Credit Creation Multiplier Integrating Money and Commodity Markets -- IS, LM Model Business Cycles and Stabilization -- Monetary and Fiscal Policy -- Central Bank and the Government The Classical Paradigm -- Price and Wage Rigidities -- Voluntary and Involuntary Unemployment