Basic understanding of Microeconomics
Overview
This paper enable to have a better understanding of microeconomics. It helps the student to apply the concepts in real life.
Syllabus
Unit I -Introduction
Nature and Scope of Microeconomics-Concepts of microeconomics-Types of goods-Utility--cardinal utility-ordinal utility
Unit – II: Study of Markets
Demand-factors determining demand -exceptions of demad -types of demand-supply-market demand- market equilibrium
Unit-III- Measurement of Utility
Indifference curve-Properties-MRS-Isoquant-Isocost curves-MRTS-Expansion path
Unit-IV- Production
Cost curves and Revenue curves-short run and Long run curves-
Unit V-Markets
Meaning of markets-types of market-features of perfect competition, Price and output determination under perfect competition.
Books for study
- Douglas B. Bernheim and Michael D. Whinston. (2009). Microeconomics, Tata McGraw-Hill (India).
- Hal R. Varian (2010). Intermediate Microeconomics: A Modern Approach, W.W. Norton and Company/Affiliated East-West Press (India), 8th edition.
- Ahuja. H.L (2010). Advanced Economic Theory, S. Chand & Company Ltd. New Delhi.
- Joseph E. Stiglitz and Carl E. Walsh (2007). Economics, W.W. Norton & Company, Inc., New York, International Student Edition, 4th edition.
- Gregory N Mankiw (2007). Economics: Principles and Applications, India edition by South Western, a part of Cengage Learning, Cengage Learning India Private Limited, 4th edition.
Assignment:
Unit I- Identify the various types of goods that you use.
Unit-II-Calculate the demand and supply of a product at different prices and measure the market equilibrium price
Unit III- Calculate MRS and MRTS using assumed values
Unit IV- Calculate all the cost and revenue of a firm
Unit V – Mini Project