Semester Courses/Jadavpur University BA Economics Semester/EC-301
EC-301JU · Semester 3
Microeconomics — Semester 3
JU Semester 3 — Utility theory, Slutsky equation, revealed preference, duality, and theory of the firm.
Course Syllabus
- Cardinal utility; ordering and properties of ordinal utility
- Existence of utility functions; different utility functions and their properties
- Compensating and equivalent variation
- Slutsky equation
- Consumption-leisure choice and labour supply
- Revealed Preference Theory
- Duality approach: indirect utility function and expenditure function
- Roy's identity; Shephard's lemma
- Technology: general concept of production function
- Returns to factor and returns to scale; isoquants; diminishing rate of factor substitution
- Elasticity of substitution
- Fixed proportion, perfect substitute, Cobb-Douglas, and CES production functions
Reference Books
- Mas-Colell, A., Whinston, M. D., & Green, J. R. Microeconomic Theory. Oxford University Press.
- Varian, H. R. Intermediate Microeconomics. W.W. Norton & Company.
Who Will Teach You
S
Samkith Sir
SXC, ISI MSQe Topper
M
Mahima Ma'am
SRCC, DSE, NET Qualified
I
Insiya Ma'am
ISI, MSQe
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