| Part A: Statistics for Economics |
Unit 1: Introduction |
• Meaning, scope, functions, and importance of statistics in Economics |
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Unit 2: Collection, Organisation, and Presentation of Data |
• Sources of data: primary and secondary • Sampling concepts • Methods of data collection • Important secondary data sources: Census of India and National Sample Survey Organisation • Meaning and types of variables • Frequency distribution • Tabular and diagrammatic presentation of data (bar diagrams, pie diagrams, histograms, polygons, Ogives, time series graphs) |
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Unit 3: Statistical Tools and Interpretation |
• Measures of Central Tendency (Arithmetic mean, median, mode) • Correlation and its measures (Karl Pearson’s method, Spearman’s rank correlation) • Introduction to Index Numbers (wholesale price index, consumer price index, index of industrial production) • Inflation and index numbers |
| Part B: Introductory Microeconomics |
Unit 4: Introduction |
• Microeconomics vs. macroeconomics • Positive and normative economics • Understanding an economy • Central economic problems • Production possibility frontier and opportunity cost |
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Unit 5: Consumer’s Equilibrium and Demand |
• Consumer’s equilibrium and utility • Law of diminishing marginal utility • Conditions of consumer’s equilibrium using marginal utility analysis • Indifference curve analysis • Demand, market demand, determinants of demand, demand curve, price elasticity of demand |
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Unit 6: Producer Behaviour and Supply |
• Production function (short-run and long-run) • Total, average, and marginal product • Returns to a factor • Costs (total, fixed, variable, average, marginal) • Revenue (total, average, marginal) • Producer’s equilibrium • Supply, market supply, determinants of supply, supply curve, price elasticity of supply |
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Unit 7: Forms of Market and Price Determination under Perfect Competition |
• Features of perfect competition • Market equilibrium • Effects of shifts in demand and supply • Applications of demand and supply (price ceiling, price floor) |