Inference – Problems in non-experimental science – Criteria for model specification.
Consumer behaviour – Derivation of demand functions and theoretical restrictions –
Specification and estimation of demand functions – Elasticities – Engel curve.
Producer’s behaviour: Specification and estimation of production function – CobbDouglas, Translog and CES production function – Measurement of partial and total factor
Identification – Market model – Simple Keynesian model – Estimation and testing.
Economic forecasting – Methods of forecasting – Limitations.
Application of econometric tool in verification of selected economic topics – Wagner’s
law of public expenditure – Various methods of estimation of elasticities in taxation –
Demand for money – Inflation–output trade off – Export led growth strategy hypothesis –
Inter-relationship between fertility rate, work participation rate and family planning adoption.
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