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# Pondicherry University MA Applied Economics Syllabus : pondiuni.edu.in

University : Pondicherry University
Announcement : Syllabus
Degree : MA
Subject : Applied Economics

## MA Applied Economics Syllabus :

ECON 411 : Micro Economics – I
Module 1 : An overview of demand theory
Revision of demand theory by Hicks; Revealed preference theory; Characteristics of goods approach; consumer’s choice involving risk; Indirect utility function (duality theory); Recent developments in demand analysis (pragmatic approach and linear expenditure systems);

Related : MBA Tourism Syllabus Pondicherry University : www.syllabus.gen.in/1303.html

Inter temporal consumption; Recent developments in demand; Neumann Morgenstern hypothesis – Savage hypothesis – Markowitz hypothesis – Bandwagon effect – Veblen effect – demand and supply equilibrium; Cob-web theorem; Lagged adjustment in inter-related markets.

Module 2 : Theory of Production
Production function –Short period and long period; Law of variable proportions and returns to scale; Isoquants – Least cost combination of inputs; Returns to factors; Economies of scale; Multi-product firm; Elasticity of substitution; Euler’s theorem;

Technical progress and production function; Cobb-Douglas, CES, VES and Translog production functions and their properties; Empirical work on production functions; Derivation of cost functions from production functions; Derived demand for factors.

Module 3 : Theory of Costs
Traditional and modern theories of costs – Empirical evidence – Linear Programming – Input Output analysis.

Module 4 : Price and Output Determination
Marginal analysis as an approach to price and output determination: Perfect competition – short run and long run equilibrium of the firm and industry – price and output determination – supply curve;

Monopoly – short run and long run equilibrium, price discrimination – welfare aspects – monopoly control and regulation;

Monopolistic competition – General and Chamberlin approaches to equilibrium, equilibrium of the firm and group with product differentiation and selling costs, excess capacity under monopolistic and imperfect competition, criticism of monopolistic competition;

Oligopoly – Non-collusive (Cournot, Bertrand, Edgeworth, Chamberlin, kinked demand curve and Stackelberg’s solution) and collusive (cartels and mergers, price leadership and basic point price system) models;

Price and output determination under monopsony and bilateral monopoly; Workable competition – Structure, conduct and performance norms.

Module 5 : Pricing
Pricing principle – Average cost pricing – Mark up rule price determination – Limit pricing theory – Full cost pricing.

ECON 412 : Macro Economics – I
Module 1 :
The origin and development of Macro Economics (Before Keynes, Keynesian revolution, and after Keynes).

Module 2 :
Consumption function hypothesis : Determinants of consumption – Kuznets’ consumption puzzle – Irving Fisher’s inter-temporal choice model – Relative income hypothesis – Permanent Income hypothesis – Life cycle hypothesis;

Investment function: Neo-classical theory of investment – Stock market and Tobin’s Q ratio – Neo-Keynesian theory of investment.

Module 3 :
One Sector Neo-classical and Keynesisan models : Quantity theory of money – Simple Keynesian model; IS-LM model: The interaction of Real and Monetary sectors of the economy – Keynesian version of the IS-LM model – Neo-classical version of the IS-LM model;

Fiscal and Monetary Policy analysis in an IS-LM model; IS-LM model with government sector – Policy analysis in a Keynesian model – Policy analysis in a Neo-Classical Model – Fiscal policy and crowding out – Ricardian Equivalence – The role and relative effectiveness of fiscal and monetary policy;

The aggregate supply and aggregate demand model: The Neo-classical three sector model – Pigou effect – The Keynesian three sector model – Keynes effect.

Module 4 :
Unemployment and the Labour market : The demand for labor – The supply of labour – Neoclassical labour market equilibrium – Keynesian labour market – Principle of effective demand – Under-employment equilibrium.

Module 5 :
An overview of open economy macro models : Monetarist model – Dual gap model – Demand constraint models – Structuralist model – North South models – Relevance to India.