PUNJAB University Notes MA ECONOMICS
Re: PUNJAB University Notes MA Economics
Here I am uploading the M.A. Economics Parts I & II Examination syllabus. You can download syllabus after doing registration.
Instructions for the Paper-setters and candidates :
(i) The theory question paper will be of 80 marks and 20 marks will be for internal assessment.
(ii) For private candidates, who have not been assessed earlier for internal assessment, the marks secured
by them in theory paper will proportionately be increased to maximum marks of the paper in lieu of
The paper setter must put note (ii) in the question paper.
There shall be 9 questions in all. The first question is compulsory and shall be short answer type
containing 15 short questions spread over the whole syllabus to be answered in about 25 to 30 words each.
The candidates are required to attempt any 10 short answer type questions carrying 20 marks i.e. 2 marks of
each. Rest of the paper shall contain 4 units. Each unit shall have two questions and the candidates shall be
given internal choice of attempting one question from each Unit –4 in all. Each question will carry 15
Scope of Microeconomics. Methodology of economics as a positive science. Criteria for choosing among
alternative theories. Dynamic economic analysis and Cobweb theorem. Partial vs general equilibrium
analysis. Marshallian and Walrasian stability conditions.
Demand Analysis : Ordinal utility theory. Revealed preference theory. Market demand : Bandwagon and
Snob effects. Measures of consumer’s surplus. Markets and Asymmetric information : Quality uncertainty
and the market for lemons; Market Signaling : A simple model of job market signaling.
Neumann-Morgenstern method of measuring utility. Risk aversion and risk preference. Risk return
Production and Costs : Technology and production function. Cost minimising equilibrium and choice of
technique and scale. Effects of a change in factor price and elasticity of factor substitution. Expansion
path and derivation of long run cost curves. Homogeneous production functions and resultant shapes of
long run cost curves (a geometric exposition only). Sources of various economies and diseconomies of
scale. Economies of scope. Learning curve and production costs. Saucer shaped and L-shaped long run
average cost curves. Productivity curves of variable factors and derivation of short run cost curves.
Concept of idle capacity. Saucer shaped average variable cost curve. Relationship between short run and
long run cost curves. Multi-product firm equilibrium.
Perfect Competition : Welfare effects of price controls, price supports and production quotas. Classical
allocative efficiency due to perfect competition vs. production efficiency due to the emergence of important
Monopoly : Measurement, determinants and welfare effects of monopoly power. Price regulation. First,
second and third degree price discrimination. Inter-temporal price discrimination and peak load pricing.
Pricing under bilateral monopoly.
Monopolistic Competition : Group equilibrium. Selling costs equilibrium. Excess capacity and
Oligopoly : Definition and nature. Cournot’s model. Kinky demand curve model. Dominant firm and low
cost firm price leadership models. Stackelberg’s model. Collusion or Cartel model. Bain’s limit pricing
theory. Marginalism vs. Average cost pricing. Profit maximisation vs. Baumol’s sales maximisation
Game Theory : Definition, objectives and usefulness; Dominant strategy and Nash Equilibrium; Prisoner’s
Dilemma, Price and Non-price competition and Cartel Cheating; Repeated Games and Tit-for-Tat strategy.
Euler’s theorem. Inter-temporal consumption choice and Fisher’s theory of the rate of interest.
Welfare Economics : Pareto-optimality conditions in production, consumption and exchange. Efficiency of
perfect competition and inefficiency of imperfect competition. Market failure due to externalities in
production and Pigou’s solution of taxes and subsidies. Inter-personal comparisons of utility and the
compensation criteria. Utilitarian, Rawlsian and Bergson-Samuelson social welfare function and optimal
Answered By StudyChaCha
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Last edited by Vinodt; February 12th, 2014 at 04:53 PM.
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