Description
Topics Covered:
1. Consumer Behaviour
- Utility Functions
- Effects of changes in income and commodity price
- Demand Functions
- Slutsky equation
- Axiom of revealed preference
2. Producer Behaviour
- Cost functions
- Production Technology
- Profit maximization
- Firms and industry supply
3. Market Structure
- Perfect competition: partial and general competition equilibrium.
- Models of imperfect competition. Monopoly, oligopoly, contestable markets.
4. General Equilibrium and Welfare
- General equilibrium in exchange and production
- General equilibrium in production
- General equilibrium in consumption
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