Unit

Details

Part A: Statistics for Economics

Unit 1

Introduction

• What is Economics?

• Meaning, Scope, Functions and Importance of Statistics in Economics

Unit 2

Collection, Organisation and Presentation of Data

• Collection of Data: Sources of Data - Primary and Secondary; How Basic Data Is Collected With Concepts of Sampling; Methods of Collecting Data; Some Important Sources of Secondary Data: Census of India and National Sample Survey Organisation

• Organisation of Data: Meaning And Types Of Variables; Frequency Distribution.

• Presentation Of Data: Tabular Presentation And Diagrammatic Presentation Of Data: (I) Geometric Forms (Bar Diagrams And Pie Diagrams), (Ii) Frequency Diagrams (Histogram, Polygon And Ogive) And (Iii) Arithmetic Line Graphs (Time Series Graph).

Unit 3

Statistical Tools and Interpretation

• For all the numerical problems and solutions, the appropriate economic interpretation may be attempted. This means the students need to solve the problems and provide an interpretation for the results derived.
• Measures of Central Tendency: Arithmetic Mean, Median and Mode
• Correlation: meaning and properties, scatter diagram; measures of correlation - Karl Pearson's method (two variables ungrouped data), Spearman's rank correlation (Non-Repeated Ranks and Repeated Ranks).
• Introduction to Index Numbers: meaning, types - Wholesale Price Index, Consumer Price Index and index of industrial production, uses of index numbers; Inflation and Index Numbers, Simple Aggregative Method.

Part B: Introductory Microeconomics

Unit 4

Introduction

• Meaning of microeconomics and macroeconomics; positive and normative economics.

• What is an economy? Central problems of an economy: what, how and for whom to produce; concepts of Production Possibility Frontier and Opportunity Cost.

Unit 5

Consumer's Equilibrium and Demand

• Consumer's equilibrium- meaning of Utility, Marginal Utility, Law of Diminishing Marginal Utility, conditions of consumer's equilibrium using marginal utility analysis.

• Indifference curve analysis of consumer's equilibrium- the consumer's budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer's equilibrium.

• Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand - factors affecting price elasticity of demand; measurement of price elasticity of demand – percentage-change method and total expenditure method.

Unit 6

Producer Behaviour and Supply

• Meaning of Production Function – Short-Run and Long-Run

• Total Product, Average Product and Marginal Product

• Returns to a Factor

• Cost – Short run costs: Total Cost, Total Fixed Cost, Total Variable Cost; Average Cost, Average Fixed Cost, Average Variable Cost and Marginal Cost - meaning and their relationships.

• Revenue – Total Revenue, Average Revenue and Marginal Revenue - meaning and their relationship.

• Producer's Equilibrium - meaning and its conditions in terms of Marginal Revenue and Marginal Cost.

• Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply, measurement of price elasticity of supply - percentage-change method

Unit 7

Perfect Competition - Price Determination and Simple Applications.

• Perfect competition - Features: Determination of market equilibrium and effects of shifts in demand and supply. (Short Run Only)

• Simple Applications of Demand and Supply: Price ceiling, Price floor.

Units

Marks

Part A

Statistics for Economics

Introduction

15

Collection, Organisation and Presentation of Data

Statistical Tools and Interpretation

25

Total

40 marks

Part B

Introductory Microeconomics

Introduction

4

Consumer’s Equilibrium and Demand

14

Producer Behaviour and Supply

14

Forms of Market and Price Determination under perfect competition with simple applications

8

Total

40 marks

Part C

Project Work/ Internal Assessment

20 marks

Overall Total

100 marks