1. MICRO ECONOMICS Unit 1: Theory
of Consumer Behavior · Demand Theory: Preference Based Approach under Choice under
Certainty · Revealed Preference Theory · Welfare Analysis and Aggregate Demand · Consumer Demand Theory: Choice
Under Uncertainty Unit 2: Theory of Firm Production and Cost · Theory of Production · Theory of Cost · Profit Function · Homogeneous, Homothetic, CES,
Cobb Douglas, Translog Production Function Unit 3: Market Structure · Monopoly · Monopolistic Competition · Oligopoly – Price Competition · Oligopoly – Quantity
Competition .
2. MACRO ECONOMICS Unit 1:
Classical Approach, Keynesian Approach and Monetarism · Determination of Price, Output
and Employment · Is-Lm Analysis-Aggregate Demand and Supply; · Is-Lm and the Neoclassical
Synthesis · The Short Run and Long Run Phillips Curve; · Expectation, Interest Rates and
Inflation; 2 · The Trade-off Between Inflation and Unemployment, · The Natural Rate of
Unemployment (NRU), · NRU and Full Employment, · Macroeconomic Policy. Unit 2: New Classical Macroeconomics and
New Keynesianism: · Main Features of the New Classical Macroeconomics, · Efficient Market Hypothesis, · Rational Expectation Model, · Lucas Supply Function, · Okun’s Law and Phillips Curve, · Reh and its Critique, · Keynesian Reappraisal School
(Clower, Leijonhufvud and Malinvaud) Unit 3: Imperfect Completion Approach · Inflation and Employment- Non
Accelerating Inflation Rate of Unemployment (NAIRU) and Natural Rate of
Unemployment, · Policy to Shift the Equilibrium Rate of Unemployment; · Supply Side Fiscal and Income
Policies, · The Effect of Policy on Actual Employment, · Crowding out Effect.
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