* * * * * * * * * * 2

(GATT) (WTO)

(Wealth of Nations) 5

(International Trade) 12

Physical Sciences Social Sciences 16

Honesty is the best policy Econometrics 17

I. II III 1. Gould, J.P. and Ferguson, C.E : Micro Economic Theory 2. Samuelson P.A& Norhaus W.D : Economics 3. Jhingan, M.L. : Advancd Economic Theory 4.Dewett, K.K : Moderen Economic Theory 5. Ahuja, H.L : Principles of Micro Economics 19

* * * * 21 (Choice ) (Watson) (Hague) (Spencer and Seigelman) (Wilson Darr)

(Oppurtunity Cost) 22 (Marginal Principle ) ( Principle of Time Element) (Discount Law)

(Equi-Marginal Law ) (A,B,C) (A,B,C) (A,B,C) 23

(Operational Research) (Decission Making Theory), 24

( Operational Research ) (Lenear Programming), (Inverntary Model), (Game Theroy) 25

I. II. III. 1. Brigham, Eugene. F. and Pappas, James. L. : Managerial Economics 2. Seo, K.K : Managerial Economics 3. Sivayya, K.V. Rao and Rao V.S.P : Managerial Economics 4. Chopra, P.N : Business Economics 28

* * * * 30

D = f ( P, Y, P r, t ) D = P = P r = Y = Y, P r, t D = f(p) 31

X Y A B C D E F 32

I D OY OM. OY 1 OM 1 OY 11 OM 11 A) 34

B) A) B) Dc ( Sloping Downwards to Right ). 35

( Income Effect ) (Real Income ) ( Substitution Effect ) 36

I II. III. 1) Watson : Price Theory and Its Uses 2) K.K. Dewett. : Modern Economic Theory 3) M.L. Jhigan : Advanced Economic Theory 4) P.A. Samuelson : Economics 5) Stonier and Hague : Micro Economic Theory 6) G.E. Ferguson : Micro Economic Theory 7) R.G.D. Allen : Mathematical Analysis for Economists 8) R.A. Bilas : Micro Economic Theory 38

* * * * 40

H.H. 42

n (n-1) n 43

Y X X X 44

a, b, c a P a, b P b, C Pc. Mu a, Mu b, Mu c Mua Pa Mu b Pb Mu c Pc Mu n P, P, P a b c a, b, c Mu = a a Mu = b b Mu = c c AB A, B A B A,B A B A A B A A B B B A B A 47

A B X A, B Y A,B Mu A, Mu B A,B OM A ON B OM of A + ON of B 48

"The Pure Theories of Domestic Values" 49

OX OY QT OS OSQR OP OS OSRP OSRQ, OSRP OSQR - OSRP PQR 51

I. II. III. 1. R.A. Bilas : Micro Economic Theory 2. M.L. Jhingan : Advanced Economic Theory 3. G.E. Ferguson : Economics 4. K.K. Dewett : Modern Economic Theory : 54

T.V. * * * * 56

( ) = oa ob oa oa 1 ob ob 1 oa-oa 1 aa 1 bb 1 ob 1 -ob ob ob oa oa 1 1 ob oa bb aa1 1 ob oa b a b oa ob oa ob a 57

' ' x OX OY DD OX Y 0 58

OX OY Oa oa 1 1 DD a a 1 b b 1 a a 1 b b 1 ( >1) 1 59

DD a a 1 b b 1 (aa 1 ) (bb 1 ) ( <1) =1 60

Y q p x100 x100 q p q p 61

1 x100 20 5 0.5 4 x100 40 10 ( 1) 5 100 100 5 2.5 1 4 100 40 10 2 100 5 4 100 10 40 40 1 1 x, y 62

ox oy MN x, y oa ob, oa 1 ob 1 = 1 1 1 BB OB 1 AA or OA BB QS, AA RQ, OA RB, OB AR QS RB RQS, RBN OB RQ QS=BN, RQ=RB, QS=BN BN RB BN, OB OB RB BN OB RN, RM RN RM I R R IV 1 1 R III 1 R II 0 63

R AB R 1, R 11, R 111, R IV R R R R R I II III IV RN RM I R N I R M R R II 3Cm 3Cm 6 0 1 N 0 0 M 6 II R R R R III III IV N 5 1 M 1 IV N M 1 5 1 1 1 1 64

ox oy DD oa ob oa 1, ob 1 1 bb ob ob 1 aa oa oa 1 1 > < 65

x y x Y x, y y x y x y x x, y y x y x y x 66

T.V. 67

0 1 1 1 69

I II. III. Joel Dean : Managerial Economics Sundaram K.P.M. : Business Economics Dewett K.K. : Advanced Economic Theory Ahuja H.L. : Principles of Micro Economics 70

* * * * * 71

* * 72

P = f ( L, C, N, T) P = L = C = N = T = 76

N N n-1 77

X R R OX 79

X Y ABCD A B B C C D 80

I. II. III. 1. Alfred Marshall : Principles of Economics 2. Stonier and Hague : A Text Book of Economic Theory 3. G.E. Ferguson : Economics 4. M.L. Jhingan : Advanced Economic Theory : 84

* * * * 86

Fixed Costs n 87

Variable Costs n = n n-1 88

A (TFC) A X (TVC) (TC) Y (A) 89

( AFC ), ( AFC ) 'U' ( AC ) (AVC ) 'U' AVC ( MC ) (B) (A) (B) 90

SAC 1, SAC 2, SAC 3, SAC 4 LAC M 1, M 2, M 3, M 4 P 1, P 2, P 3, P 4 A, B, C, D LAC SAC, SAC 2, SAC 3 OM 3 OP 3 U 92

I. II. 1. Watson. D.S : Price Theory and Its Uses 2. K.K. Dewett : Modern Economic Theory 3. Ahuja H.L. : Advanced Economic Theory 4. Jhingan M.L. : Advanced Economic Theory : 93

* * * * 94

* * 95

S x = f (P x, T, P y... P n, F 1, F 2,... F n ) S x = x P x = x T = P y... P n F 1, F 2...F n = = S x = f (p x ) 96

OX OY SS 97

s Q Q P P P = Q = P s = Q= Q P Q P ΔQ Q P ΔP 98

A B C D E X Y 99

Y A) oa oa 1 ob X B) ob ob 1 1 s C aa 1 bb 1. 1 s D) aa 1 bb 1 1 s E) aa 1 bb 1 100

(>1) (<1) 101

I. 102

II. 1. Dean Joel : Managerial Economics 2. Sundaram, K.P.M : Business Economics 3. Dewett, K.K : Advanced Economic Theory 4. Ahuja, H.L. : Principles of Micro Economics 103

* * * * 105

X Y MPS DD E OP. DD D 1 D 1 OP OP 1 DD D 2 D 2 OP OP 2 MPS DD D 1 D 1 MPS, D 1 D 1 E 1 P 1 MPS SRS E 2 OP OP 2 OM 1 OM 2 OP 2 OP 1 OM 2 OM 1 108

DD D 1 D 1 LRS D 1 D 1, LRS E 3 OP 3 OM 3. OP 3 OP 1 OP 2 OM 3 OM 1 OM 2 109

I II 1. Stonier & Hague : AText Book of Economic Theory 2. P.N. Chopra : Business Economics 111

* * * * (Liftwitch) (Mrs. Joan Robinson) 113

(MC=MR) 114

AR = MR = X Y (AR) (MR) AR MR X (SMC), (MR) Q MC, MR Q OPQM OSRM OPQM OSRM = PQRS = 115

X Y Q SMC MR Q (SAC) (AR) OM, OP. OPQM OSRM PQRS OSRM OPQM PQRS 116

X Y Q OM PQ 117

X Y DD SS E E OP, OM 118

DD D 1 D 1 S S E 1 OP OP 1 OM OM 1 DD D 2 D 2 E 2 OP OP 2 OM OM 2 SS S 1 S 1 E 1 OP OP 1 SS S 2 S 2 E 2 OP OP 2 119

D 1 D 1 = S 1 S 1 E 1. OM OM 1 E 2 ( D 2 D 2 = S 2 S 2 ). X 120

I. II. III. 1. Dean Joel : Managerial Economics 2. Stonier & Hague : A Text Book of Economic Theory 121

122 A.C.

* * * * * * * * Mc Connel 124

MC = MR AR 125

X Y MC MR AC AR MC, MR E OM QM OP AC AR QR OPQM - OSRM = PQRS = OM OP OM OM 126

A B C 11.2(A) MC MR 'E' OPQM OSRM PQRS (OPQM- OSRM) B AC = MC X MC, MR E OMPQ, OMSE, PQSE. C MC MR 'E' MC MR 'E' 'E' OPQM OSRM PQRS (OPQM - OSRM) 127

(Personal Discrimination) (Place Discrimination ) (Dumping) (Trade Discrimination) 128

A B C A B C 'A' MR 1 D 1 A 'B' MR 2 D 2 B A OP 1, 'B' OP 2 (MR 1 + MR 2 ) C AMR OM (OM 1 + OM 2 ) OM A OM 1 OP B OM 2 OP 2 129

A.C A.C. (Kinds of Monopoly) 130

AR, MR AR, MR X AR, MR A B A) B 132

(AR) = (MR) X AR, MR MC, MR MC, MR AR A B MC, MR 'Q' OM OP MC, MR 'E' OM AR 'Q' QM OP. 133

A Q B E R E.H. 134

a b c Sales Promotion Excess Capacity MC MR 135

SAR SMR SAR SMR SAC SMC SMC SMR E OM, OP. OPQM OSRM QR OM PQRS A B A B 136

A SMC = SMR E OM OP. OP OPQM B SMC = SMR OM, OP. OS, OP. SP QR OPQM OSRM. B PQRS OPQM - OSRM = PQRS = LMC LMR LAC LAR LMC LMR E OM OP LAC, LAR 137

Q Q LAC Excess Capacity Oligoi Poleein Oligoi Poleein 138

Cartels 139

Sweezy DKD 1 DK KD 1 DK KD 1 K B C MC MR 'E' OM OP 140

AR, MR A.C. E.H. I 141

II. III. 1. Stonier & Hague : A Text Book of Economic Theory 2. Dean Joel : Managerial Economics 3. P.N. Chopra : Business Economics 142

(TPP) (TRP) N (APP) (ARP) (MPP) (MRP) N (N-1) N (N-1) 146

APP MPP MRP=MPPxP ARP (APP x P) A OX Y SS, DD Q OM OM QM A B 147

(B) X OY ARP MRP MRP ARP E WW W 1 W 1 MRP E 1 E 1 L 1 E 148

X Y SS DD SS, DD "E" "OW" OW KÍ~ ` Ç Ok. L ^ ì~ } ä ½ " Í` Ç#O OW OW 1 W 1 K 1 W 1 P 1 OW OW 2 W 2 P 2 W 2 K 2 OW 2 OW 150

I. II. 1. Stonier and Hague - A Text Book of Economic Theory 2. J.S. Bain - Pricing, Employment and Distribution 3. G.J. Stigler - Production and Distribution Theories 4. K.K. Dewett - Advanced Economic Theory - 152

* * * * * 153

(A) (Inferior Land) B A 155

C,D,E D E ( No Rent Land ) ( Maginal Land ) ( Diffrential Surplus) ( Superior Land ) A,B,C,D,E A B B C E ( Intensive Cultivation ) ( Marginal Product ) A B C D E A B C D E 156

A = B = E = (Marginal Land) ( Marginal Dose) E (No-Rent Land ) A, B, C A (Minimum Average Cost) (Equilibrium ) A,B,C A B C A B C 157

OP A OM OMRS OMPQ A PQRS B OM 1 R 1 S 1 OM 1 P 1 Q 1, B OM 1 P 1 Q 1 A C OM 11 P 11 Q 11. A,B C 158

ƒ q Á~ò ö~mì @O Ð13.2 Õ= èox MS Y DD 'E' OR D 1 D 1 OR 1 D 2 D 2 OR 2 160

DD OR D 1 D 1 OR 1 D 2 D 2 OR 2 = = 161

SM PL DD OP D 1 D 1 OP 1 PEE 1 P 1 D 1 D 1 OM OM 1 OP 1 OP 163

ƒ q : : : : I. II. III. 1. John Robinson : Economics of Imperfect Competition 2. Marshall, Alfred : Principles of Economics 3. Stonier and Hague : A Text Book of Economic Theory : 165

* * * * 166

* * * * * 167

(TPP) (TRP) N (APP) (ARP) (MPP) (MRP) N (N-1) 172

APP MPP ARP (APP x P) MRP=MPPxP A OX Y SS, DD Q OM OM QM A B X OY ARP 173

MRP MRP ARP E WW W 1 W 1 MRP E 1 E 1 L 1 E 174

A B 175

A B A MRP W W 2 N N 2 B W W 2 OM OM 2 A A B B 176

A B S 1 S 1 A OW OW 1, OW 2, OW 3 OM 1, OM 3, OM 4, OM 5 OM 4 OM 2 OW 3 B SS 1 177

DD SS E OW OM 178

ON, OW. OW, NN 1 179

J.S. 180

I. II. III. 1. Stonier and Hagne : A Text Book of Economic Theory 2. J.S. Bain : Pricing, Employment and Distribution 3. G.J. Sigler : Production and Distribution Theories 4. K.K. Dewett : Advanced Economic Theory 181

* * * * * 182

* * * * X Y 183

(Real Theory of Interest) 186

X Y SS DD 'E' OM OR. 'E' 'E' 187

X Y LS 189

LD LS LD 190

E OR The General Theory of Employment, Interest and Money 191

X Y X X Y MS Y 193

LPC SM R Oi LPC LPC1 Oi1 194

IS (Interest and Saving), LM (Liquidity Preference and Money Supply) IS IS 195

X Y R 1, R 2, R 3, R 4, R 5 IS LM LM X Y LM IS LM IS LM 196

IS, LM P P ON, OR IS-LM 197

I. IS, LM II. III. 1. Benham : Economics 2. Meyers : Elements of Modern Economics 3. Knight F.H. : Risk, Uncertinity and Profit Economics 4. Stonier and Hague : A Text Book of Economic Theory 198

* * * * 199

* * 200

F.B. 203

J.B. Clark F.B. 206

I II. 1. Seligman : Economics 2. Manshall : Elements of Economics. 3. Dewett K.K. : Advanced Economic Theory 207

* * * * * * * 209

(Expansion) (Prospecity) 212

(Recession) (Depression) (Recovery) 213

214 (sun spots)

J.R. Hicks " A Contribution in the Thoery of Trade Cycle" 216

(K) x y AB CD EF 217

, MPC Lorgbag 218

I. II. III. Paul A. Samuelson : Economics 2. Haberler : Prosperity and Depression 3. Hamberg : Business Cycles 4. A.H. Hansen : A Guide to Keynes 5. : 221

* * * * * * 222

(Production) (Distribution) Consumption (Product Method) 227

(Intermediary goods) (Final Product) Net income From international trade) (+ or -) (National Income by Industrial Origin) (Money value) (Income Method) (Income from self-employed person). 228

(Expenditure Method) 229

(economic value ) (money value) (queer results) (Capital Formation ) (Parent coneerns ) ( index numbers) (Sacrifice and effort) (real cost of producing the output) 231

I (G) : 232

(identities) ( Double entry book) 233

(cso) 235

I II III. 1. Alfred Marshall : Principles of Economics 2. J.R. Hicks : Social Frame work 3. Paul A Samuelson : Economics of Welfare 237

* * * * * 238

I. II. 1. B.O. Soderston : International Economics. 2. DavidYoung : International Economics. 3. Stephen Eric : International Economics. 244

* * * * * * * 246

(Absolute Cost Advantage Theory) 247

80 90.67. 120 100 90 80 120 249 90 100

A, B X, Y X Y A B A X B B Y A A X B Y A, B A B X, Y. X Y 252

XX X YY Y PQ A ST B A PQ, XX E YY F B ST, XX G Y ST ST KR YY H B Y Y A A X B X A Y B X (Terms of Trade) 253

(Net Barter Terms of Trade) T c T c P x P y P x m o 1 ( Px1 Pm 1 Px1 Pm 1 P P x m Pxo Pmo Pxo Pmo 254

255 (Gross Barter Terms of Trade) Qm Tg Qx Tg Qm 1 Qx Qm Qx 1 1 Qmo Qxo Tg ( Income Terms of Trade) Ty Tc Qx Px Pm Ty Qx Px. Qx Pm Tc Qx Px Py Ty 1 Ty 0 ( Ty 1 < Tyo) (Single Factoral Terms of Trade) (Tc),

256 Ts =Tc. Fx = Px Pm Fx Px Tc Pm Px. Fx Pm Ts Fx Ts 1 >Ts o T 1 <To (Double Factoral Terms of Trade ) Td Tc Fx Fm Tc Px Fx. Pm Fm Px Pm Td fx fm Td 1 > Td 0 Td 1 < Td 0 (Real Cost Terms of Trade)

Tr = Ts Rx Ts Px Pm. Fx Px. Fx. Rx Pm Tr Rx Tr 1 > Tr 0 Tr < Tro (Utility Terms of Trade) 257 Tu =Tr. u = P Px. Fx. R x. U x Pm Tu Tr Tr. Fx. Rx Pm Tu 1 > Tu 0 Tu 1 < Tu 0 (Receprocal Demand)

I. II. III. 1. Sodersteon B.O. : International Economics 2. Enke & salera : International Economics 3. David Young : International Economics 4. Mithani D.M. : International Economics : 260

( Recent Trade Policy ) ( Trade Agreements ) ( Trade Agreements ) ( Bilateral Trade Agreements ) ( Multiple Trade Agreements) 261

* * * * * * * * 262

I II III IV V ( EXIM Policy ) 263

(Liberalised Exange Rate Management System-LERMS) 264

(State Trading Corporation) (Minerals and Metals Trading Corporation) (Cashew Corporation of India), ( Tea Trading Corporation of India ) + 265

GATT, WTO, UNCTAD ECAFE, OPEC 266

I. II. 267

III. 1. Soderston B.O. : International Economics 2. Enke & Salera : International Economics 3. Mithani D.M. : International Economics 4. Ruddar Dutt and Sundaram : Indian Economy : 268

* * * * (Balance of Payments Account) 270

(Curreny Account ) (Capital Account) ( Gold Account) 271

274 A B B B A B

Government of India, Economic Survey, 2000-2001. 278

I. II. III. 1. Soderston.B.O : International Economics 2. DavidYoung : International Economics 3. Enke and Salera : International Economics 4.. Mithani D.M : International Economics 280

(GATT), (WTO) (GATT) (WTO) WTO WTO WTO WTO GATT, WTO 281

(WTO) * GATT * * * * * * TRIPS, TRIMS * WTO * WTO * * GATT, WTO (IMF) (IBRD) (GATT) (World Trade rganisation) WTO ( General Agreement on Trade and 282 Tariff (GATT ))

( International Monetory Fund ) ( International Bank for Reconstruction and Development ) ( International Trade Organisation ) ( GATT ) ( GATT ) ( Clause ) 283

284 TRIPS, TRIMS, MFA ( Most Favoured Nation Clause )

( Sponsor ) ( Interests ) 285

( Travel ) ( Textiles and clothing ) (Cotton ) TRIMS ( Trade Related Investment Measures ) ( Dunkel Draft ) ( Market Access ) Textiles and Clothing ) ( TRIPS ) ( TRIMS ) 286

(World Trade Organisation ) ( World Trade Organisarion (WTO)) GATT WTO WTO. 287

WTO WTO 288

WTO WTO WTO WTO WTO (Sustainable Development ) WTO WTO WTO WTO ( IMF ), ( IBRD ), Coherence WTO TRIPS 289

290 ( WTO ) WTO ( Clause ) ( Multi Fibre Agreement ) ( TRIPS ) ( TRIMS ) TRIMS TRIMS

(Customers) ( GATT ) ( WTO ) WTO TRIPS GATT GATT WTO WTO WTO WTO WTO 291

TRIPS TRIMS (Trade Related Intellectual Property Rights) (Trade Related Investment Measures) I. ( GATT ) ( WTO ) II. GATT GATT, WTO III. GATT TRIPS 1. Soderston B.O. : International Economics 2. David Young : International Economics 3. Enke and Salora : International Economics 4. Mithani D.M. : International Economics : 292