du sol eco. book

Department of Distance and Continuing Education
University of Delhi
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B.A.(Hons.) English/ B.A. (Hons.) Political Science / B.Com. (Hons.)
Semester-I
Course Credit-4
Generic Elective (GE-1)
PRINCIPLES OF
MICROECONOMICS-I
(Department of Economics)
As per the UGCF-2022 and National Education Policy 2020

, Editorial Board
Prof. J. Khuntia,
Prof. Anand Kumar, Dr. Bhawna Pandey,
Devender
Content Writers
Dr. Sarabjeet Kaur, Reena Bajaj,


Academic Coordinator
Deekshant Awasthi


© Department of Distance and Continuing Education


Ist edition: 2022
E-mail:


Published by:
Department of Distance and Continuing Education under
the aegis of Campus of Open Learning, University of Delhi

Printed by:
School of Open Learning, University of Delhi

, Corrections/Modifications/Suggestions proposed by Statutory Body, DU/Stakeholder/s in the Self
Learning Material (SLM) will be incorporated in the next edition. However, these
corrections/modifications/suggestions will be uploaded on the website https://sol.du.ac.in. Any
feedback or suggestions can be sent to the email-

, B.A.(Hons.) Economics Generic Elective (GE-I)
Principles of Microeconomics-I

INDEX

Sr.No. Name of Lesson Page No.
1. Lesson-1 Problem of Scarcity and Choice............................................................................. 1-12




hi
1.1. The Three Central Problems of An Economy




el
1.2 The Role of Price Mechanism




D
1.3 Role of Government




of
1.4 Opprtunity Cost and PPC
1.5 Understanding Economic Condition through PPC




ty
2. Lesson-2 Demand ................................................................................................................ 13-23




i
rs
2.1 Meaning of Demand




ve
2.2 Law of Demand
2.3 Market Demand Schedule and Curve ni
2.4 Reason for Downward Sloping Demand Curve
U
2.5 Exceptions to the Law of Demand
L,


2.6 Difference between Expansion and Contraction of Demand of a Commodity and
SO



Increase and Decrease in Demand of A Commodity

2.7 Learning Outcomes
L,
O




3. Lesson-3 Elasticity of Demand ........................................................................................... 24- 44
C




3.1 The Concept
E,




3.2 Measurement of Elasticity of Demand
3.3 Methods of Measurement
C




3.4 Factors Determining Elasticity of Demand for Different Goods
D




3.5 Cross Elasticity and Income Elasticity of Demand
D




3.6 Some Theorems about Elasticity of Demand
©




4. Lesson-4 Supply and Elasticity of Supply .......................................................................... 45-51
4.1 Meaning of Supply
4.2 Factors Determining the Supply
4.3 The Law of Supply
4.4 Change in Quantity Supply and Change in Supply