Overview

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In economics, especially in microeconomics, it discusses the laws of demand and how it relates to day-to-day life of an individual. It also describes the production and the different forms of costs related to it. In microeconomics, it explains about the different forms of market and also of price discrimination.The main objectives of this course are to enable the learners to explain about the theory of demand and also to discuss about the Cardinal Utility theory and the Indifference Curve theory, to describe about production and costs and also the different forms of market and price discrimination.After successful completion of the course, the learners are able to explain about the Cardinal Utility theory and the Indifference Curve theory, to describe about production and costs and also the different forms of market and price discrimination.This course is divided into four units comprising 40 modules. Each module will include descriptive videos, text materials, glossary, FAQ's, reading references, quizzes and assignments.

Syllabus

WEEK 1:

1.1 Theory of Demand

1.2 Law of Diminishing Marginal Utility
2. Demand for complementary and substitute goods
3. Budget constraint or budget line

WEEK 2:

4.1 Indifference Curves Theory

4.2 Marshallian Cardinal Utility Vs Indifference Curve Analysis
5. Application and uses of Indifference curve
6. Income effect, substitution effect and price effect

WEEK 3:

7.1 Revealed Preference Hypothesis

7.2 Deriving Demand Theorem from Revealed Preference Hypothesis
8. Derivation of Indifference curve through Revealed Preference Hypothesis
9. Deriving Law of demand by the method of compensating variation

WEEK 4:

10. Deriving Law of demand by cost difference method

11.1 Derivation of Market Demand

11.2 Elasticities of Demand- Market Demand
12. Methods of measuring elasticity of demand

WEEK 5:

13. Supply and law of supply
14. Elasticity of Supply.
15. Elasticity of substitution
16. Total Revenue, Average Revenue and Marginal Revenue

WEEK 6:

17. Slutsky Equation
18. Consumer's Surplus
19. Application of consumer surplus
20. Buying and Selling

WEEK 7:

21. Choice under Risks and Inter-Temporal Choice
22. Theory of Production
23. Production Function for a Single product
24. Laws of Diminishing Marginal Return

WEEK 8:

25. Isoquants
26. Technological Progress and the Production Function
27. Equilibrium of the firm
28. Derivation of output subject to a cost constraint

WEEK 9:

29. Minimisation of a cost for a given level of output
30. Production Function of a Multi-Product Firm
31. Returns to Scale
32. Traditional Theory of Cost - The long run cost analysis

WEEK 10:

33. Traditional Theory of Cost- The short run cost analysis
34. Modern theory of cost
35. Economies of Scale
36. Assumptions of Perfect Competition

WEEK 11:

37.1 Short run equilibrium of the firm and industry

37.2 Long run equilibrium of the firm and industry
38. Concept of supply curve in Perfect competition

39.1 Assumptions of the Monopoly market

39.2 Short run equilibrium of the Monopolist

39.3 Long run equilibrium of the Monopolist

WEEK 12:

40. Price and output under Bilateral Monopoly.
41. Measurement of the degree of Monopoly power
42. Assumptions of Monopolistic Competition
43. Assumption of Price Discrimination

WEEK 13:

44. Effects of Price Discrimination
45. Price Discrimination and Elasticity of demand
46. Equilibrium of the firm under Monopolistic Competition
47. Group equilibrium under Monopolistic Competition

WEEK 14:

48. Comparison between Perfect Competition, Monopolistic Competition and Economic Efficiency.
49. Product Differentiation and the Demand Curve
50. Price and output determination under collusive oligopoly
51. Cournot's Duopoly Model

WEEK 15:

52. The Kinked Demand Curve Theory of Oligopoloy
53. Non-Price Competition: Selling Cost & Advertising
54. Cost plus (on make-up) pricing theory
55. Classical models of oligopoly – Bertred ‘s Duopoly model, Edgeworth’s Duopoly model, Chamberlin’s Duopoly model and Stackelberg model