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SrK I]lGJl;"8L4 E]H - Kachchh University

SrK I]lGJl;"8L4 E]H - Kachchh University

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Semester 1<br />

CEEC : 01: Terms of economics<br />

Unit – 1<br />

Economics Core Elective Course<br />

Definitions of economics-Adam Smith, Robbins, Marshall; normative; choice, demand, supply,<br />

equilibrium, price, value, asset, utility-cardinal and ordinal; indifference curve, Giffen good,<br />

price elasticity of demand and its types, cross elasticity of demand, consumer surplus<br />

Unit – 2<br />

Production function, iso-quants, returns to scale, economies of scale, concepts of cost functions,<br />

inter relations of costs<br />

Factors of production- land, capital labour entrepreneur; rent, scarcity rent, differential rent,<br />

quasi rent; interest, profit, innovation risk and uncertainty; wage<br />

Unit – 3<br />

Markets- perfect competition and its characteristics, monopoly and its characteristics, price<br />

discrimination, duo-poly, oligopoly.<br />

Unit – 4<br />

Welfare, Pareto optimality, value judgment, social welfare function<br />

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