– Introduction: What is Economics? Scope and subject matter of Economics, scarcity and efficiency, free goods vs. economic goods, microeconomics vs. macroeconomics, different economic systems (market economy, command economy, mixed economies), Key problems of economic organization (what, how, whom), Revolution of microeconomics, The production possibility frontier: (definition, derivation of PPF, productive efficiency, and various economic processes)
– Basic elements of demand: What is demand? Law of demand, demand function, factors affecting the demand, demand schedule, demand curve, shifts in demand, movements along the demand curve.
– Basic elements of supply: What is supply? Law of supply, supply function factors affecting the supply, supply schedule, supply curve, shifts in supply, movements along the supply curve.
– Market: Supply and demand interaction: market equilibrium
– Elasticity of demand: Definition, its types and measurements, factors affecting elasticity of demand, relationship between elasticity of demand and revenue generation.
– The theory of consumer behavior:Marshallian demand theory: Basic assumptions, law of diminishing marginal utility, law of equi marginal utility, consumer equilibrium, derivation of demand curve through Marshallian Approach.
– Indifference curve approach: Basic assumptions, law of diminishing marginal rate of substitution, indifference curve, indifference map, budget line, consumer equilibrium, PCC, ICC
– The theory of firms: Production function, factors of production, total product, marginal product, average product, law of diminishing marginal product. Returns to scale,
– The theory of costs: Concepts of costs, fixed cost and variable cost, derivation of short run and long run cost curves (TC, MC, AC, AVC, TVC, TFC), Relation between different types of cost curves
– Market structure: Definition and characteristics of different markets
– Perfect competition: Behavior of a competitive firm, short run equilibrium of a firm in the competitive market, Long run equilibrium, industry supply curve, break-even point, shut down point
– Monopoly market: Behavior of a monopolist, mark-up pricing, short run and long run equilibrium of a monopolist, consumer and producer surplus, dead weight loss of monopoly

1. Samuelson, P.A. and Nordhaus, W D., Economic,18th edition, Irwin/McGraw-Hill, 2004.
Suggested References:
2. Mankiw, N.G. Principles of Economics, 4th Edition, Thomson, 2007
3. Baumol, W. and Blinder, A., Economics: Principles and Policy, Harcourt Brace Jovanovich.
4. Pindyck, R.S. and Rubinfeld, D.L. Microeconomics, 5th Edition, Prentice-Hall, 2003