Microeconomics (GATE XH) — GATE Humanities and Social Sciences (XH) P…
Theory of Consumer Behaviour: Cardinal Approach and Ordinal Approach; Consumer Preferences; Nature of the utility function; Marshallian and Hicksian demand functions; Duality Theorem. Slutsky equation and Comparative Statics. Homogeneous and Homothetic Utility Functions; Euler’s Theorem. The Theory of Revealed Preference: Weak Axiom of Revealed Preference and Strong Axiom of Revealed Preference, Theory of Production and Costs: Short-run and Long-run Analysis, Existence, Uniqueness and Stability of Market Equilibrium: Walrasian and Marshallian Stability Analysis. The Cobweb Model, Decision making under uncertainty and risk. Asymmetric Information: Adverse Selection and Moral Hazard. Theory of Agency costs. The Theory of Search, Non-Cooperative games: Constant sum game, Mixed Strategy & Pure Strategy, Bayesian Nash Equilibrium, SPNE, Perfect Bayesian Equilibria., Theory of Firm: Market Structures — Competitive and Non-competitive equilibria and their efficiency properties. Structure-Conduct-Performance Paradigm, Factor Pricing: Marginal productivity Theory of Distribution in Perfectly Competitive markets; Theory of Employment in Imperfectly Competitive Markets — Monopolistic Exploitation, General Equilibrium Analysis. Welfare Economics: Fundamental Theorems, Social Welfare Function. Efficiency Criteria: Pareto-Optimality.
- Exam: GATE Humanities and Social Sciences (XH)
- Section: XH1 Economics (60M, choose any one)