1️⃣ Micro Economics | Important MCQs for LU Entrance Exam 2025 | BA, BCom, MCom|| Lucknow University

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📚 Microeconomics – Lucknow University Syllabus Overview (B.Com, B.A., M.Com)
🎓 For B.Com (Bachelor of Commerce)
🔑 Core Topics:
Basic Concepts:

Definition, scope and importance of microeconomics

Positive vs normative economics

Demand and Supply:

Law of demand and determinants

Elasticity of demand (price, income, cross)

Law of supply and its determinants

Consumer Behavior:

Utility analysis (cardinal and ordinal)

Indifference curve analysis

Production and Costs:

Law of variable proportions

Isoquants and returns to scale

Cost curves: short run and long run

Market Structures:

Perfect competition

Monopoly

Monopolistic competition

Oligopoly (basic understanding)

Price and Output Determination

📌 Level: Introductory (10+2 based but with practical orientation)
🎓 For B.A. (Bachelor of Arts – Economics)
🔑 Core Topics:
Introduction to Microeconomics:

Nature and scope

Micro vs macroeconomics

Consumer Behavior:

Law of diminishing marginal utility

Indifference curves, budget line

Theory of Production:

Short-run vs long-run production functions

Cost and Revenue:

Types of costs: fixed, variable, total, marginal, average

Revenue concepts

Market Forms and Pricing:

Price determination under different markets

Factor pricing (wage, rent, interest, profit)

Welfare Economics (basic)

📌 Level: Conceptual understanding with emphasis on graphical analysis


Revealed preference theory

Consumer equilibrium with indifference curve analysis

Theory of Firm:

Revenue maximization, sales maximization

Profit maximization under uncertainty

Production and Cost Analysis:

Cobb-Douglas production function

Economies of scale

Cost minimization

Price Determination:

Price-output decisions under various markets

Game theory (introductory)

Market Failures and Government Intervention

Welfare Economics:

Pareto optimality

Social welfare functions



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