• Consumer Theory or Behavior: Demand, Utility, Indifference Curve, Revealed Preference Theory, Consumer Surplus
• Production Theory: Production Function, Law of Variable Proportions, Returns to Scale, Cost Function, types and concepts
• Price and Output determination in Market: Perfect and Monopoly, Price Discrimination, Monopolistic model
• General Equilibrium, Efficiency and Welfare: Equilibrium and efficiency under pure exchange and production; overall efficiency and welfare economics,
• Externality, Public goods and Asymmetric Information

Nash Equilibrium, SPNE, Duopoly and Oligopoly models.

• National Income Accounting
• Income and Output Determination: Aggregate Demand and Aggregate Supply, Effective Demand Principle, Classical and Keynesian Theory
• Demand and Supply of Money, Money Multiplier and High-Powered Money, Credit Creation, Role of Reserve Bank of India and Commercial Banks, Quantitative Theories of Money, Philip’s Curve
• Monetary and Fiscal Policy of India and its role
• Permanent, Relative and Life Cycle Hypothesis, determinants of business fixed investment; residential investment and inventory investment, Multiplier and Accelerator
• Open Economy Models: Mundell and Fleming Model (IS, LM and BP curve), Balance of Payments, exchange rate determination, Purchasing Power Parity

• Sets and Vector
• Functions of one and several real variables Single and Multi-variable optimization
• Integration of functions
• Difference & Differential equations
• Matrix & Determinants  
• Linear Programming Probability

• Mean, Mode, Median, Dispersion, Skewness, Quartile Deviation, Average Deviation, Standard Deviation
• Covariance & Correlation
• Probability & Probability distributions

• Sampling
• Simple Regression Model

Economic Growth: Harrod-Domra Model, Solow Model

International Trade Theories: Adam Smith, Ricardo, Heckscher-Ohlin model and New Trade Theories

• Public Economics: Public and Private Goods, Externalities, Budget, Deficits, Public Debt, Fiscal Federalism in India
• Taxation: its economic effects; dead weight loss and distortion, efficiency and equity considerations,
  tax incidence, optimal taxation.

• Macro Trends: National Income; population; occupational structure.
• Agriculture: Agrarian structure and land relations; agricultural markets and institutions – credit, commerce and technology; trends in performance and productivity; famines. Railways and Industry: Railways; the de-industrialization debate; evolution of entrepreneurial and industrial structure; nature of industrialization in the interwar period; constraints to industrial breakthrough; labor relations.
• Economy and State in the Imperial Context
• The imperial priorities and the Indian economy; drain of wealth; international trade, capital.
• Flows and the colonial economy – changes and continuities; government and fiscal policy