Description

Microeconomics of Factor Pricing

Major : Mandatory

S.Y.B.Com.: Semester – III

Syllabus (As Per NEP 2020) w.e.f. the Academic Year 2025-26

Module 1 : Rent and Wages (15 hours)
♦ Introduction – Demand and Supply of Land – Meaning of Rent – Determination of Rent for Industrial and Office Spaces
♦ Characteristics of Labour – Demand for Labour – Supply of Labour – Equilibrium in Labour Market – Wage Determination
♦ Wage and Productivity – Efficiency Wage Theory – Causes of Wage Differences – Nominal and Real Wages – Role of Technology and Skills in Wage Determination

Module 2 : Interest and Profit (15 hours)
♦ Definition of Interest – Gross Interest and Net Interest – Natural Interest and Market Rate of Interest
♦ Liquidity Preference Theory – Modern Theory of Interest
♦ Meaning of Profit – Gross Profit and Net Profit – Normal Profit and Supernormal Profit – Innovation Theory – Risk Bearing Theory of Profit