General meet up Session - 28th August, 2025
Orientation Session- 6th September, 2025
Group A: Microeconomic Theory
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.
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
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.
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
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.
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.
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
Continuous Assessment (Internal Exam): 30 Marks
1. Attendance - 10 marks
attending less than 60 % - 0 marks
attending at least 60% but less than 75% - 6 marks
Students with over 75% but less than 90% attendance - 8 marks
With 90% attendance and more - 10 marks
2. Class Tasks/Homework and Presentation - 10 marks
Unit 1 and 4 - 1 marks each x 1 = 2 marks
Unit 2,3,5,6 - 2marks each x 4 = 8 marks
3. Exam- Subjective/Objective type - 10 marks
Internal Exam carries 10 marks
4. Incentive marks- 5 marks
Class participation, active involment in department activities, presentation etc
End Semester Examination: 70 Marks
The end semester examination shall be conducted based on written test.
Question Pattern: Students have to answer 2 questions carrying 10 marks out of given 4 questions
; 4 questions carrying 5 marks each out of given 8 questions;.
10 questions carrying 2 marks each out of given 16 questions;
Ten questions carrying 1 mark each out of given 16 questions.