UPMSP Intermediate Economics - Code 136 study plan

Define and distinguish the four core demand determinants (price, income, prices of related goods, tastes) and the five supply determinants, writing one original example of each from Indian markets

Derive and explain the law of demand and law of supply, stating all assumptions and exceptions (Giffen goods, speculation, veblen goods) in your own words

Draw and label movement along versus shift of demand and supply curves for six scenarios, and predict the direction of change in equilibrium price and quantity for each

Compute price elasticity of demand using both percentage and total-outlay methods across five numerical problems, and classify each result as elastic, inelastic, or unitary

State the relationship between marginal revenue, average revenue, and price elasticity of demand, and apply it to two simple numerical cases

Explain the law of variable proportions with a complete schedule and diagram, identifying the three stages and why a rational producer operates in stage two

Distinguish returns to a factor from returns to scale, and give two exam-style examples of each

Derive short-run cost curves (TFC, TVC, TC, AFC, AVC, AC, MC) from a single output table of eight rows and state why MC cuts AC at its minimum

Define producer's equilibrium under perfect competition using the MR = MC and MC-rising conditions, and solve three profit-maximisation numericals

Explain the concepts of total utility, marginal utility, and the law of diminishing marginal utility, and link diminishing MU to a downward-sloping demand curve

Draw indifference curves and a budget line, and explain consumer's equilibrium at the tangency point, including the meaning of the marginal rate of substitution

Tabulate the features of perfect competition, monopoly, monopolistic competition, and oligopoly across number of sellers, product differentiation, entry barriers, price control, and demand curve shape

Explain how a firm under perfect competition is a price taker and derive its AR and MR curves, contrasting this with a monopolist's downward-sloping AR and MR lying below AR

Explain price discrimination under monopoly, stating its conditions and two real-world illustrations

Describe equilibrium price and quantity determination under perfect competition using market demand and market supply, and analyse the effects of a price ceiling and price floor

Define the central problems of an economy (what, how, and for whom to produce) and explain the production possibility frontier, including opportunity cost and the meaning of points inside and outside the curve

Distinguish microeconomics from macroeconomics and positive from normative analysis with two original examples of each

Define GDP at market price, GNP, NDP, NNP, and NNP at factor cost, and convert between them using five numerical exercises involving depreciation, net factor income from abroad, and indirect taxes minus subsidies

Classify ten given items as intermediate or final goods and as factor or transfer income, justifying each classification in one sentence

Compute national income using both the value-added (product) method and the income method on a single set of data, and reconcile the two answers

Explain the expenditure method (C + I + G + NX) and identify which items are excluded, such as second-hand sales, transfer payments, and intermediate consumption

State the precautions required in each of the three methods and explain the problem of double counting

Define real versus nominal GDP, the GDP deflator, and per-capita income, and compute the deflator from a two-year data set

State the functions of money and explain the concepts of money supply (M1 to M4), high-powered money, and the money multiplier with a numerical example

Explain the credit-creation process by commercial banks using a step-by-step deposit-expansion table, and compute the total deposit multiplier from a given reserve ratio

Describe the functions of a central bank, distinguishing quantitative instruments (repo rate, CRR, SLR, open market operations) from qualitative instruments

Define aggregate demand, aggregate supply, consumption function, saving function, and the investment multiplier, and compute equilibrium income from C = a + bY and I

Explain the paradox of thrift and the concept of the deflationary and inflationary gap using a simple two-sector diagram

Solve five numericals on the multiplier and equilibrium output, and explain what happens to equilibrium when autonomous investment rises by a given amount

Define revenue receipts, capital receipts, revenue expenditure, and capital expenditure, and classify 12 budget items into the correct category

Distinguish revenue deficit, fiscal deficit, and primary deficit, state their formulas, and compute all three from a given budget table

Explain the objectives of government budget and the meaning of fiscal policy, including discretionary versus automatic stabilisers

Define balance of payments, distinguish the current account from the capital account, and classify 10 transactions into the correct account and sign

Explain the determination of the foreign exchange rate under a flexible system and distinguish depreciation from devaluation and appreciation from revaluation

Describe managed floating and the role of the central bank in intervening in the foreign exchange market, and explain how a change in the exchange rate affects exports and imports

Outline the main features of the Indian economy on the eve of independence across agriculture, industry, foreign trade, and infrastructure, and state three consequences of colonial rule

Summarise the goals and achievements of the five-year plans, and evaluate the shift from planning to the New Economic Policy of 1991 (liberalisation, privatisation, globalisation) with two arguments for and against

Describe the Green Revolution and its impact, and compare it with the strategy of the White Revolution in terms of inputs, institutions, and outcomes

Explain the role of agriculture, industry, and the service sector in India's growth, and identify the main issues in Indian agriculture such as small holdings, irrigation, and credit

Discuss poverty and human capital in India: the meaning of absolute poverty, the main estimation approaches, and the role of education and health in development

Describe the main features of India's foreign trade and the role of the public sector and small-scale industries in Indian development

Re-solve one numerical from each of national income, money and banking, income determination, government budget, and BoP under timed conditions (8 minutes each) and record your accuracy

Rewrite from memory the formulas for all national income aggregates, the three budget deficits, the money multiplier, and the investment multiplier, then verify against your notes

Complete two full-length mock papers under exam timing and mark them strictly, listing every wrong answer by domain

Re-study the two weakest domains identified from the mock analysis and produce a corrected note for each error type

Recite and write out the key definitions and diagrams from all ten domains in a single condensed revision sheet of no more than four pages