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

** University **: Pondicherry University

**: Syllabus**

__Announcement__**: MA**

__Degree__**: Applied Economics**

__Subject__** Home Page **: http://www.pondiuni.edu.in/

**: http://www.syllabus.gen.in/uploads/1308-Economics.pdf**

__Download Syllabus__## MA Applied Economics Syllabus :

** ECON 411 **:

__Micro Economics – I__**: An overview of demand theory**

__Module 1__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.