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Paper-III … Economics(Compulsory) Unit-1: Nature and scope of economics, Utility analysis: ordinal and cardinal utilities, Law of demand and Elasticity of demand: meaning and measurement, Consumer equilibrium under indifference curve analysis. The production function: Laws of returns and returns to scale, Cost and Revenue: Average and marginal cost curves, Nature of short run and long run cost curves. Unit-2: Market Equilibrium: Prefect competition, Monopoly and Monopolistic Competition. Marginal Productivity Theories of Distribution, Wage determination, wage differential and collective bargaining, Rent: scarcity rent, differential rent and quasi-rent, Keynesian theory of interest, Innovation, risk and uncertainty theories of profit. Unit-3: National Income Accounting, Concepts of GNP, GDP, NDP and National Income and measurements, Other Indicators of Development: PQLI and HDI. Concept of Keynesian Multiplier, Balanced budget multiplier, Autonomous and Induced Investment and determination of Income. Unit-4: Commercial banking: Functions and objectives: Credit creation and Investment policy commercial banks. Central banking: Objectives and Functions, Role of Monetary policy, Credit control measures with special reference to Reserve Bank of India. Unit-5: Role of fiscal policy, Sources of Public Revenue: Incidence and burden of Tax, Characteristics of a good tax system, Trends of tax revenue of the Central and the State Governments in India, Growth of Public expenditure in India, Public debt in India, Types of Budget, Components of budget and their implications. _______ 8 ANNEXURE-II COMMERCE