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Economics (New)
Subject No. HS20001
I.
Introduction Nature and scope of Economics - role of wealth, welfare and optimization. Basic concepts - choice, utility, co~evenue, value, price, notion of equilibrium, demand and supply. . Market and its classifications. Demand consumer effects. Demand Demand Elasticity and Supply Analysis preferences and indifference curve analysis - substitution, income and price . and supply functions. and supply-curves, market equilibrium and their shifts. of demand and supply. and Cost
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Production
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Short - run production function and returns to a factor-average marginal relationship. Long - run production function and laws of returns to scale - role of technology. Two input one output model - Isoquant analysis. One input two output model ~Production possibility locus. Linear programming and economic analysis. Cost function and the cost structure of a firm in the short run. Long run cost function and cost structure - concept of ~cycle cost. Price Output Detertnination
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Perfect competition including shut-down and break-even points. Monopoly Monopolistic competition and product differentiation. Duopoly and oligopoly. Price discrimination. Capital Market and Investment Decisions
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Financing investments - ploughback.issuing new shares, bonds, convertibles, direct loans etcCost of capital- the debt, equity, and weighted cost. Investment criteria : Pay back, NDPV, [RR and Profitability index. Risk management-finite horizon method, discounting for risk, probability approach, sensitivirv.. analvsis and decision theorv. ., .,
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Outline of Welfare Economics Introduction to welfare economics - Pareto optirnaliry, choice and welfare. From individual to social welfare - Arrow's impossibility. Collective choice and social welfare - Sen's possibility to new impossibility.
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