Attendance

Course Started on 7th August,2023

Completed on 16th February,2024

Question Papers

2024 Session website link

Group A: Microeconomic Theory 

Old Question Papers

Syllabus

Unit -1. Introduction to Economic Theory 

Economic and Non-Economic activities, Basic Economic Issues and Problems, Distinction between Microeconomics and Macroeconomics. 

Concept of Demand. Demand Law and Demand Curve. Exceptions to the law of Demand. Concept of Supply Curve. The market mechanism. Changes in market equilibrium. 

Elasticities of demand – price, income and cross elasticities – relation between price elasticity of demand, price and marginal revenue – relation between price elasticity and total expenditure. 

Concept of Equilibrium.

Notes/Readings

1. Technical session - Notes 1, Notes2

2. Economic and Non-Economic activities

3. Defining Economics and Subject matter of Economics

4. Basic Economic Issues and Problem

5. Demand Part-1

6. Demand Part-2

7. Supply and Market Equilibrium

8. Comparative static analysis- Md and Ms

9. Concept of Elasticity

10. Demand Theorems 

11. Revenue

12.  Relationship b/w AR,MR,e, TE

Class tasks

MJ-101 Class task 1.1 submission link     , submit by 10 am, 24th Aug,2023 

MJ-101  Class task 1.2  submission link  ,  submit by 10 pm, 9th Sep,2023

MJ-101 Unit 1 Complete notes submission link  , submit by 10 pm,  24th Sep, 2023  

MJ-101 Unit 1  summary notes submission link , submit by 10 pm, 1st Oct, 2023                                 

Unit-2. Theory of Demand Utility: 

Concept and Measurement Issues. Cardinal and Ordinal Utility. 

The Marshallian Approach: Equilibrium of the consumer – Derivation of demand curve. Concept of consumer’s surplus. 

Concept of Budget line, taxes and subsidy implication on Budget line, Preferences- strong,weak and Indifference.

Indifference curve approach: indifference curve and its properties, The pathological cases, the equilibrium of the consumer – Price consumption curve and income consumption curve – Price effect – Income effect – Substitution effect – Slutsky’s equation – Derivation of demand curve. Giffen’s Paradox. Bandwagon effect – Snob effect – Veblen effect. Relationship between Compensated demand curve and ordinary demand curve. 

Lecture 1- Cardinal utility analysis

MJ-101 Cardinal utility analysis Class task submit by 26th Nov,2023

MJ-101 Ordinal utility analysis Class task Part-1 submit by  10 pm, 10th Dec, 2023

Unit -3. Theory of Production and Cost. 

Production function: the neo-classical production function – relation between total, average and marginal productivities – law of variable proportions – the fixed coefficient production function and variable coefficient production function. 

Iso- quant and Iso-cost line, definition and properties, economic region of production, marginal rate of technical substitution, elasticity of substitution, equilibrium of the producer - constrained output maximization and constrained cost minimization, expansion path, returns to scale. . 

Cost function: different concepts of costs, short run cost analysis and long run cost analysis – relation between the expansion path and cost function – total, average and marginal cost curves – long run cost curves as envelope of short run cost curves.

Notes- Derivation of LMC and Expansion path

Group B: Macroeconomic Theory

Previous Year Question Paper- old sets, 2017, 2018, 2020,  2021, 2022 

Syllabus

Unit -4. Basic Macroeconomic Issues and Accounts

• Scope and nature of Macro Economics with emphasis on macroeconomic problems and policies – Targets & Instruments of macroeconomic policies. Closed economy and open economy.

• Definition, Concepts and Measurement of GNP, NNP, GDP, NDP, NI, DI – The flow of product method and the flow of expenditure method; Concept of GNP deflator.

• Interrelation between measures of National Income in the absence and presence of Governmental sector and International Transactions

• The Accounting Identity of Saving and Investment

• Scope of using National Income as a measure of Economic Welfare.

Notes

1. Introduction to Macroeconomics-Notes

2. Defining National Income -Notes

3. National Income –Additional Notes

4. GDP AND Deflator Concept

5. Interrelation between different Sectors of the Economy

6. Circular Flow of Income Part 1 

7.  Circular flow of Income Part 2

8. Comparing three NI Methods and Explanation of Income Method -Notes ,  Additional reading of Income Method

9. Value Added Method 

10. Expenditure Method 

11. GDP and Welfare

MJ 101 Class task 2 - Submit by 10 pm, 4th Oct, 2023

MJ 101 Class task 2.1 Summary- Submit by 10th Oct,2023

Unit -5. The Classical System

• The Classical view of Macro Economics in respect of the determination of Employment, Output and Prices.

• The classical quantity theory of money and its criticism; The Classical Theory of Rate of Interest - Loanable fund theory.

• Say’s Law and Walras’ law - The Dichotomy between the real and monetary sectors- Neutrality of money.

Notes and Videos

1. Introductory Notes

2. Classical Model - Assumptions Notes , Video 

3. Classical Model-Output and Employment Determination -Notes

4. Role of AD in the Classical Model- Notes

5. Determination of roi in the Classical Model - Notes

6. Determinants Factors of Output and Employment - Notes

7. Say's law of market- Notes

8. The Neutrality of Money and Classical Dichotomy -Notes

9. QTM- Complete Notes ,  Video-1, Video-2

10. Loanable Fund Theoy-Notes, Video1, Video2 

MJ-101 Class task-3 submit by 10 pm, 28th Oct, 2023

Unit -6 The Simple Keynesian Model of Income Determination

• Keynesian Consumption Function and its properties – Factors affecting Consumption Expenditure – Saving Function & its properties

• Determination of National Income – nature of equilibrium – unemployment, full employment and inflation – stability of equilibrium

• Comparative static analysis – the Multiplier analysis with and without government sector – Investment Multiplier, Government Expenditure Multiplier, Balanced Budget Multiplier; Limitations of the multiplier analysis. The Paradox of Thrift.

1. Introduction to Keynesian theory of Employment and Output - Notes

2.   Consumption and Saving Function and its Properties -Notes

3.  Concepts related to determination of N.I in the short run - Notes 

4. Determination of NI in the short run - Notes

5. Balance Budget Multiplier - Notes

Group B: References/ Suggested Readings

1. Soumyen Sikdar: Principles of Macroeconomics, OUP.

2. Dornbusch, Fischer and Startz: Macroeconomics, 12th Edition. McGraw Hill Education India.

3.William H. Branson: Macroeconomic Theory and Policy, 2nd Edition, Universal Book Stall, New Delhi.

4. G, Ackley: Macroeconomic Theory. The MacMillian Company.

5. N. Gregory Mankiw and Mark P. Taylor: Macroeconomics, 4th Edition, Cengage Learning (India).

6. Richard T. Froyen: Macroeconomics Theories and Policies, 12th Edition, Pearson Education India.

7. Abel, Bernanke and Croushore: Macroeconomics, 8th Edition, Pearson.

8. Olivier Blanchard: Macroeconomics, 7th Edition, Pearson Education India.

9. R. Jha – Macroeconomics for Developing Countries (2nd edition), Routledge.

10. L, Harris: Monetary Theory: McGraw-Hill

11. Errol D’Souza: Macroeconomics, Pearson Education