Description

TABLE OF CONTENTS,UNIT 1 THEORY OF CONSUMER BEHAVIOUR,CARDINAL APPROACH,Law of Diminishing Marginal Utility:Law of Equi-marginal Utility,ORDINAL APPROACH:Budget line,Indifference Curves,Consumer Equilibrium through the Ordinal Approach:PAST PAPER QUESTIONS,UNIT 2 PRODUCTION AND COST,THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS):LEAST-COST INPUTS COMBINATION IN THE LONG RUN:ISOCOST AND ISOQUANT APPROACH:SCALE OF PRODUCTION AND RETURNS TO SCALE:SHORT-RUN COSTS:RELATIONSHIP BETWEEN SHORT-RUN COSTS & LAW OF DIMINISHING RETURNS,ECONOMIES AND DISECONOMIES OF SCALE:SMALL FIRMS:PAST PAPER QUESTIONS UNIT 3 RULES OF FIRM’S BEHAVIOUR,1 ECONOMIC THEORY OF PROFIT MAXIMIZATION,2 BUSINESS CONTINUITY RULES3 TYPES OF PROFITS,PAST PAPER QUESTIONS,UNIT 4 PERFECT COMPETITION,PRICE AND OUTPUT 

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