Consumer theory: Preference, utility, budget constraint, choice, demand, Slutsky equation, revealed preference axioms. Theory of production and cost: Production technology, isoquants, returns to scale, short run and long-run costs, cost curves. General equilibrium and welfare: Equilibrium, efficiency, welfare economics. Market structure: Perfect competition, monopoly, price discrimination, monopolistic competition, oligopoly. Game theory: Strategic form games, Nash equilibrium, mixed extension, Prisoner’s dilemma. Public goods and market failure: Externalities, public goods, asymmetric information.

National income accounting: Concepts, measurements, fiscal and foreign sector variables. Behavioural and technological functions: Consumption functions, investment functions, money demand and supply Business cycles and economic models: Classical model, Keynesian model, IS-LM Model, Hicks’ IS-LM synthesis, monetary and fiscal policies. Inflation and unemployment: Theories, measurement, causes, effects. Growth models: Harrod-Domar, Solow, Neo-classical growth models.

Probability theory: Sample space, events, random variables, probability distributions, expectation, variance, functions of random variables. Mathematical statistics: Random sampling, estimation, hypothesis testing, correlation, regression. Hypothesis testing: distributions of test statistics, testing hypotheses related to population parameters, Type I and Type II errors, the power of a test, tests for comparing parameters from two samples. Correlation and regression: Correlation and types of correlation, the nature of regression analysis, method of Ordinary Least Squares (OLS), CLRM assumptions, properties of OLS, goodness of fit, variance and covariance of OLS estimator

Indian economy before 1950: Transfer of tribute, deindustrialization. Planning and Indian development: Planning models, challenges. Indian economy after 1991: Balance of payments crisis, economic reforms. Banking, finance, and macroeconomic policies: Banking, financial sector reforms, fiscal and monetary policy, savings and investment. Inequalities in social development: Achievements, disparities between Indian States. Poverty: Methodology, issues in poverty estimation. India’s labour market: Unemployment, labour force participation rates.

Preliminaries and functions: Set theory, elementary functions, sequences and series, complex numbers. Differential calculus: Limits, continuity, differentiability, mean value theorems, partial differentiation, higher order derivatives, implicit function theorem. Integral calculus: Definite integrals, fundamental theorems, indefinite integrals. Differential equations, and difference equations: First order difference equations, first order differential equations. Linear algebra: Matrix representations, systems of linear equations, linear independence, determinants, eigenvectors and eigenvalues, symmetric matrices. Optimization: Local and global optima, multivariate optimization, constrained optimization, linear programming. Please note that this is a summarized version of the syllabus.