Paper code: EC-4501/4101

Paper Title: Microeconomics - II

Syllabus modified in the 11th BOS
Fulfils criteria: Basic knowledge of economics
Paper level: 2
Nature: Core
Credits: 4
3 + 1 lectures per week
Course Description:
Course Objective/s:
Course Outcomes: 1) Application of the concepts learnt in level 1 in economic theory
2) Learn to evaluate consumers’ and producers’ behaviour in the context of economic rationality.
3) Learn to establish links between economic theory and actual behaviour of consumers and
producers.
%
chang
e
Unit 1: Concepts of productivity: Total, average and marginal Book:
Factor productivity, Marginal productivity theory of 1. Principles
Pricing- I distribution, Euler’s theorem and Product exhaustion of Economics
problem or adding up problem, by Mankiw,
CENGAGE
pub.
2. Advanced
Economic
Theory by H
L Ahuja S.
CHAND,
pub.
Unit 2: Collective bargaining theory, Wage determination in
Factor perfect competition and monopoly, Ricardian and
Pricing -2 modern theory of rent and quasi rent. Theories of Profit.

Unit 3: Concept of general and economic welfare, Pigou’s

Welfare welfare economics, Pareto’s concept of welfare and
Economics optimality, Kaldor-Hicks Welfare Criterion, Scitovsky
Paradox, Samuelson’s theory, Bergson’s social welfare
function, Welfare effect of direct and indirect taxes,
Subsidies versus Lump-sum income grant.

Unit 4: Introduction, value of information, asymmetry

Information information and hidden information, markets with
Economics asymmetric information: signalling, adverse selection,
and Game moral hazard. Asymmetric information in labor market:
Theory efficiency wage theory. Game theory: cooperatives and
 non-cooperative games, prisoner’s dilemma and zero
sum game.

Total % Topics reshuffled from old syllabus 30%

change
References 1. Advanced Economic Theory by H L Ahuja S.
CHAND, pub.
2. Ahuja, H,L. (2016), Principles of Microeconomics
3. Mankiw, G. (2012), Principles of Economics (6th
edition)
4. Salvatore, D. (2003), Microeconomics, Schaum’s
Outline (4th edition)
5. Pindyck, R., & Rubinfeld, D. (2017) Microeconomics
(8th edition)

Paper code: EC-4502/4102

Paper Title: Development: A socio-economic perspective - II
New syllabus Introduced from 11th BOS
Fulfils criteria: Skills of analysing the socio-economic environment of a nation’s development
Paper level: 2
Nature : Core Economics
Credits: 4
4 lectures per week (Teacher’s presence must in all 4)
Course Description: This paper is designed to understand the socio-economics aspects of
development some development theories must be clarified to understand Indian Economy better.
Course Objective/s: The objective is to improve the socio-economic reasoning
Course Outcomes:
● Students will understand the difference between the growth and the development.
● Students will understand the difference between the developed and the developing
countries.
● Students will be able to reason the solutions of the policy deficiencies in India.

% change
Unit 1 Population growth and Economic Book:
Development: Cause, Consequences and Todaro
Controversies
The Basic Issue: Population Growth and the
Quality of Life, Population Growth: Past, Present,
and Future, The Demographic Transition, The
Causes of High Fertility in Developing Countries:
The Malthusian and Household Models, The
consequences of High Fertility: Some conflicting
Perspective,
Some Policy Approaches
Unit 2 Urbanization and Rural-Urban Migration:
Theory and Policy
Urbanization: Trends and Living Conditions,
The Role of Cities, The Urban Giantism Problem,
The Urban Informal Sector,
Migration and Development, Towards an
Economic Theory of Rural-Urban Migration
Unit 3 Human Capital: Education and Health in
Economic Development
The Central Roles of Education and Health
Investing in Education and Health: The Human
Capital Approach
Child Labour
The Gender Gap: Discrimination in Education and
Health
Educational Systems and Development
Health Measurement and Disease Burden
Health, Productivity, and Policy
Unemployment in Developing countries: Causes
and Nature
(Development Economics – HL Ahuja)
Measurement of Surplus Labour or
Unemployment in Developing Countries
(Development Economics – HL Ahuja)
Unemployment and Poverty Distinguished
(Development Economics – HL Ahuja)
Unit 4 Agricultural Transformation and Rural
Development
The imperative of Agricultural Progress and Rural
Development, Agricultural Growth: Past Progress
and Current Challenges, The Structure of Agrarian
Systems in the Developing World, The important
Role of Women, The Microeconomics of Farmer
Behaviour and Agricultural Development, Core
requirements of a Strategy of Agricultural and
Rural Development
Total % change 100% NEW
References 1. Todaro, M. P., & Smith, S. C.
(2009). Economic development. Pearson
education.
2. Ahuja, H. L. (2016). Development economics.
S. Chand Publishing.

Paper code: EC-4503 (EA)

Paper Title: Mathematical Economic-1
Fulfils criteria: Application of Maths
Paper level: 1
Nature: Core Economics
Credits: 4
4 lectures per week (Teacher’s presence must in all 4)
Course Outcomes:
1) Revise the basic concepts of Mathematics useful in formulation and interpretation of economic
theory.
2) Use of tools of mathematics and statistics to interpret and analyze economic theory.
3) Modelling of economic theory.
3) Helpful to create models for research.
4) Analyze the scientific significance of economic theories.
%
Change
Unit 1 Theory of Consumer Behaviour Book:
Mathematical treatment of cardinal utility theory, Fundamental
Utility function, Indifference curve and Marginal Methods of
Rate of Substitution, MRS and marginal utility, Mathematical
Budget constraint, Mathematical derivation of Economics
consumer’s equilibrium, Derivation of demand by Chiang &
curve. Wainwright
Unit 2 Theory of production Book:
Production function, Isoquant and Isocost, Producer’s Fundamental
Equilibrium: Cost minimization for a given output Methods of
and Output maximization with a given cost, Mathematical
Derivation of the long-run cost function, Elasticity of Economics
output, Cobb-Douglas production function, by Chiang &
Properties of Cobb-Douglas production function, Wainwright
Euler’s theorem, and CES production function

Unit Price Determination Book:

3 Profit function, Price determination in different Fundamental
markets: Perfect Competition, Monopoly, Price Methods of
discrimination and Elasticity of demand, Consumer’s Mathematical
 surplus and producer’s surplus, effects of tax on price Economics
and output in market. by Chiang &
Wainwright
Unit 4 Game Theory Book:
Concept of duopoly and game theory, models of Fundamental
duopoly: Cournot, Bertrand and Stackleberg, concept Methods of
of reaction curves, Prisoners’ dilemma, concept of Mathematical
dominant strategy and Nash equilibrium, zero sum Economics
game and battle of sexes, repeated games and grim by Chiang &
trigger strategy and tit for tat strategy. Wainwright

Total % Change Nil

References 1. Chiang and Wainwright (2017), Fundamental

methods of Mathematical Economics
2. Dowling, T,E., (2011), Schaum's Outline of
Introduction to Mathematical Economics, 3rd
Edition
3. Bose, D., (2015), An introduction to
Mathematical Economics
4. Allen, R,G,D,. (2008), Mathematical Analysis for
Economics
5. Sydsaeter (2002), Mathematics of Economic
Analysis
6. Roser, Mike., (2003), Basic Mathematics for
Economists

Paper code: EC-4503(EB)

Paper Title: Understanding the Regional Economic Development aspects of the state of Gujarat
New syllabus Introduced from 11th BOS
Fulfils criteria: Understanding the development of one’s own state
Paper level: 1
Nature: Core economics
Credits: 4
4 lectures per week (Teacher’s presence must in all 4)
Course Description: After studying regional economics this paper aims to discuss some aspects of
the economics development of Gujarat.
Course Objective/s: Make the students analyse the development of Indian states.
Course Outcomes:
1) Students will be able to understand the importance of regional economics, specifically Gujarat
Economy.
2) They will be able to identify the issues and various policies in Gujarat
3) They will be able to get an overall economic picture of Gujarat.

%
change
Unit 1 Rural sector of Gujarat: Book:
Major crops, Productivity, Fertility Zones, Irrigation
and Agricultural credit, Agricultural infrastructure
(Warehousing, Transport), Measures taken by the
govt. for the sector.

Unit 2 Industrial sector of Gujarat:

Small, Medium, Large, Industrial dispersion –
concentration in Gujarat, Measures taken by the govt.
for the sector.

Unit 3 Service Sector of Gujarat:

Major service competencies of Gujarat, Measures
taken by the govt. for the sector,

Unit 4 Infrastructure development of Gujarat

Ports, SEZs, State highways

Total % change 40%

References