Economics at Zero Marginal Cost

 

 

Unit – II Theories of Growth : Harrod-Domar growth model; Solow's growth theory; Theories of endogenous growth with special reference to Romer’s model; Kuznet’s inverted-U Hypothesis. The Harrod–Domar Growth Model Solow Neoclassical Growth Model Theories of endogenous growth with special reference to Romer’s model Kuznet’s inverted-U Hypothesis

 

 

Unit 1: Micro Economics Theory of Consumer Behaviour • Cardinal utility vs. ordinal utility approach • Law of diminishing marginal utility • Indifference curve analysis (IC, budget line, MRS, consumer equilibrium) • Revealed preference theory • Income and substitution effects (Hicks vs. Slutsky decomposition) Theory of Production and Costs • Production function: short-run and long-run • Isoquants, isocosts, MRTS • Returns to scale & returns to a factor • Cost concepts: accounting vs economic cost • Short-run and long-run cost curves, economies and diseconomies of scale Decision Making under Uncertainty • Expected utility theory • Risk aversion, risk preference, risk neutrality • Stochastic dominance • Certainty equivalent & risk premium Game Theory – Non-Cooperative Games • Strategic form games, Nash equilibrium • Dominant strategies • Mixed strategy equilibrium • Prisoner’s dilemma, coordination games Market Structures • Perfect competitio...

 

Subject: ECONOMICS Code No.: 01 Unit-1 : Micro Economics Theory of Consumer Behaviour Theory of Production and Costs Decision making under uncertainty Attitude towards Risk Game Theory – Non Cooperative games Market Structures, competitive and non-competitive equilibria and their efficiency properties Factor Pricing General Equilibrium Analysis Efficiency Criteria: Pareto-Optimality, Kaldor – Hicks and Wealth Maximization Welfare Economics: Fundamental Theorems , Social Welfare Function Asymmetric Information: Adverse Selection and Moral Hazard Unit-2 : Macro Economics National Income: Concepts and Measurement Determination of output and employment: Classical & Keynesian Approach Consumption Function Investment Function Multiplier and Accelerator Demand for Money Supply of Money IS – LM Model Approach Inflation and Phillips Curve Analysis Business Cycles Monetary and Fiscal Policy Rational Expectation Hypothesis and its critique Unit- 3 : Statistics and Econometrics Probability The...

What is Integration by Partial Fractions? Integration by partial fractions is a method used to evaluate integrals of rational functions (fractions where numerator and denominator are polynomials). The idea is to decompose a complicated rational function into simpler fractions that are easier to integrate. Example: Numerical Problems: