Students need to study:
- Benthamite Approach to Aggregate Welfare
- Optimum Resource Allocation and Welfare Maximization
- Assumption of Uniform Income
- Utility Function of Individuals
- Question of Income Distribution
- Issue of Interpersonal Comparisons of Utility Principles of Compensating Variation
- Hick's Four Consumer's Surpluses
- Concept of Consumer's Surplus
- Consumer's Surplus and Tax-Bounty Analysis
