Supremum

ECONOMICS SYLLABUS ECONOMICS SYLLABUS FOR IIT JAM   Microeconomics:- Consumer theory: Preference, utility and representation theorem, budget constraint, choice, demand (ordinary and compensated), Slutsky equations, choice under risk and uncertainty, revealed preference axioms Production, costs with perfectly competitive markets: Technology, isoquants, production with one and more variable inputs, returns to scale, short run and long run costs, cost curves in the short run and long run, perfect competition in markets General equilibrium and welfare: Equilibrium and efficiency under pure exchange and production, welfare economics, theorems of welfare economics Market structure: Monopoly, pricing with market power, price discrimination (first, second and third), monopolistic competition and oligopoly Game theory: Strategic form games, Nash equilibrium, mixed extension and mixed strategy Nash equilibrium, iterated elimination of dominated strategies, examples: Cournot, Bertrand duopolies,