221-200 Micro Economics


221-200 Micro Economics 3(3-0-6)

Pre: None

Allocation of resources and distribution of income and wealth: i.e. concepts of utility, value, resource allocation, theory of consumer behavior, nature of demand and supply. Relationship of production, cost and supply function. Product pricing under competitive oligopolistic and monopolistic markets. Theory of income distribution, the limitation of market forces and appropriate form of policy.