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Theory of Probability” written by Parimal Mukhopadhyay.(NCBA)
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Key Topics Covered:-
1. Microeconomics
This section deals with the economic behavior of individual decision-making units, such as consumers, workers, and business firms.
- Introduction to Microeconomics: Scarcity, choice, opportunity cost, and the central problems of an economy.
- Consumer Behaviour: Utility analysis (cardinal and ordinal approaches), indifference curves, consumer equilibrium, and individual demand curves.
- Demand and Supply: Law of demand, law of supply, market equilibrium, and determinants of demand/supply.
- Elasticity: Price, income, and cross-elasticity of demand, along with methods of measuring elasticity.
- Production and Costs: Production function, returns to a factor, laws of returns to scale, and short-run/long-run cost concepts.
- Market Structures: Price and output determination under perfect competition, monopoly, monopolistic competition, and basic oligopoly models.
2. Statistics for Economics
This section introduces qualitative and quantitative tools used to compile, present, analyze, and interpret economic data.
- Collection and Organisation of Data: Primary vs. secondary data, sampling techniques, and data organization through classification or tabulation.
- Presentation of Data: Geometric forms (bar diagrams, pie charts), histograms, ogives, and linear graphs.
- Measures of Central Tendency: Arithmetic mean, median, and mode.
- Measures of Dispersion: Absolute and relative dispersion, including range, quartile deviation, mean deviation, standard deviation, and Lorenz curves.
- Correlation and Regression: Karl Pearson’s coefficient of correlation, Spearman’s rank correlation, and introductory linear regression analysis.
- Index Numbers: Consumer price index, wholesale price index, inflation tracking, and methods of constructing index numbers (Laspeyres, Paasche, Fisher).
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