View Economics View All Subject Product and Factor Market Topic-Wise Notes Objectives of Firm 1. Definition of Objectives of the Firm: Profit Maximisation, Sales Maximisation, Growth Maximisation Price and Output under Perfect Competition 1. Assumptions, The Nature of Demand and Marginal Revenue Curves under Perfect Competition 2. Short Run Equilibrium of the Firm 3. Long Run Equilibrium of the Firm and Industry 4. Shutdown Point 5. Short Run Supply Curve of the Firm and the Industry Price and Output under Monopoly Competition 1. Assumptions, Equilibrium of the Monopolist in the Short Run and Long Run 2. Allocative Efficiency and Dead Weight Loss 3. Measurement of Monopoly Power 4. Absence of Supply Curve Under Monopoly 5. Monopoly Comparison with Perfect Competition 6. Price Discrimination - Meaning, Possibility and Profitability 7. Price and Output determination under Price Discrimination Price and Output under Monopolistic Competition 1. Assumptions, Product Differentiation, Advertising (Selling Costs), Concepts of the 'Industry' and the 'Group' 2. The Nature of Demand and Marginal Revenue Curves under Monopolistic Competition 3. Price-Output Determination Under Monopolistic Competition Price and Output under Oligopoly Competition 1. Characteristics, Collusive Price Leadership (Low-Cost and Dominant Firm) 2. Non-Collusive Oligopoly - Cournot's Duopoly Model, The Kinked-Demand Model The Theory of Distribution 1. Personal Versus Functional Distribution 2. Marginal Productivity Theory of Distribution 3. Concepts of Productivity - Marginal Revenue Product (MRP) and Value of Marginal Product (VMP) 4. Determination of Factor Prices under Perfect Competition and Monopoly 5. The Adding Up Problem: Euler's Product Exhaustion Theorem Rent & Wage Determination 1. Ricardian Theory of Rent: Scarcity Rent and Differential Rent 2. Modern Theory of Rent 3. Quasi Rent 4. Modern Theory of Wages 5. Collective Bargaining and Wage Theory 6. Classical, Loanable Funds and Keynesian Theory of Interest (Liquidity Preference) 7. Schumpeter's Innovation Theory and Knight Theory of Profits Subjective Q&A Objectives of Firm 1. Definition of Objectives of the Firm: Profit Maximisation, Sales Maximisation, Growth Maximisation Price and Output under Perfect Competition 1. Assumptions, The Nature of Demand and Marginal Revenue Curves under Perfect Competition 2. Short Run Equilibrium of the Firm 3. Long Run Equilibrium of the Firm and Industry 4. Shutdown Point 5. Short Run Supply Curve of the Firm and the Industry Price and Output under Monopoly Competition 1. Assumptions, Equilibrium of the Monopolist in the Short Run and Long Run 2. Allocative Efficiency and Dead Weight Loss 3. Measurement of Monopoly Power 4. Absence of Supply Curve Under Monopoly 5. Monopoly Comparison with Perfect Competition 6. Price Discrimination - Meaning, Possibility and Profitability 7. Price and Output determination under Price Discrimination Price and Output under Monopolistic Competition 1. Assumptions, Product Differentiation, Advertising (Selling Costs), Concepts of the 'Industry' and the 'Group' 2. The Nature of Demand and Marginal Revenue Curves under Monopolistic Competition 3. Price-Output Determination Under Monopolistic Competition Price and Output under Oligopoly Competition 1. Characteristics, Collusive Price Leadership (Low-Cost and Dominant Firm) 2. Non-Collusive Oligopoly - Cournot's Duopoly Model, The Kinked-Demand Model The Theory of Distribution 1. Personal Versus Functional Distribution 2. Marginal Productivity Theory of Distribution 3. Concepts of Productivity - Marginal Revenue Product (MRP) and Value of Marginal Product (VMP) 4. Determination of Factor Prices under Perfect Competition and Monopoly 5. The Adding Up Problem: Euler's Product Exhaustion Theorem Rent & Wage Determination 1. Ricardian Theory of Rent: Scarcity Rent and Differential Rent 2. Modern Theory of Rent 3. Quasi Rent 4. Modern Theory of Wages 5. Collective Bargaining and Wage Theory 6. Classical, Loanable Funds and Keynesian Theory of Interest (Liquidity Preference) 7. Schumpeter's Innovation Theory and Knight Theory of Profits
