IGNOU BCOG 171 Principles of Micro Economics | Guess Paper | Important Question Answer | Bachelor of Commerce (BCOMG)  (Paperback, BMA Publication)

Introduction to Microeconomics: Definition and scope of microeconomics. Basic economic concepts: scarcity, choice, opportunity cost, and rational behavior. Demand and Supply: Law of demand and its determinants. Law of supply and its determinants. Market equilibrium and shifts in demand and supply curves. Price elasticity of demand and supply, including calculation and interpretation. Consumer Behavior: Utility theory and the concept of marginal utility. Budget constraint and consumer equilibrium. Indifference curve analysis and consumer choice. Production and Costs: Production function and its factors. Short-run and long-run production decisions. Cost concepts: fixed costs, variable costs, total costs, average costs, and marginal costs. Relationship between production and costs. Market Structures: Perfect competition: features, equilibrium, and efficiency. Monopoly: characteristics, pricing, and output decisions. Monopolistic competition and oligopoly: characteristics and behavior of firms. Factor Markets: Labor market: wage determination, factors affecting labor supply and demand. Capital market: interest rate determination, factors affecting capital supply and demand. Market Failures and Government Interventions: Externalities: positive and negative externalities, solutions. Public goods and common resources. Government policies to correct market failures: taxes, subsidies, regulation. Microeconomic Applications: Consumer surplus and producer surplus. Price controls: price ceilings and price floors. Minimum wage laws and their effects. Elasticity of taxation and tax incidence.