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CEC

Intermediate Microeconomics - II

CEC via Swayam

Overview

Intermediate-Microeconomics-2 constitutes one of the basic pillars of economics. This course is a sequel to Intermediate Microeconomics-I. In this course, the students are introduced to the long run dynamic issues like growth and technical progress. It also provides the micro-foundations to the various aggregative concepts used in the previous course. It studies the theoretical foundation of the economic behaviour of the economic units, i.e., consumers, business firms and resource owners.This course has 4 units . In Unit-1 we will study about General Equilibrium, in Unit-2 we will study about Market Structure, Game Theory, Efficiency and Welfare, in Unit 3 we will study about market failure, and in the last Unit i.e., Unit 4 we will study about Asymmetric Information.The main objectives of this course are to enable the learners to understand about the General equilibrium, Efficiency and Welfare, Market Failure and Asymmetric Information. After successful completion of the course, the learners will be able to explain about the General Equilibrium, Efficiency and Welfare. They will be able to explain about Asymmetric Information, Market Signalling and Moral Hazard.This course is divided into four units comprising 40 modules. Each module will include descriptive videos, text materials, glossary, FAQs, reading references, quizzes and assignments.

Syllabus

WEEK 1The Walrasian System-the two factors, two commodities, two consumersGeneral Equilibrium System( 2x2x2 model)Equilibrium and Efficiency Under Pure Exchange and ProductionStatic Properties of a General Equilibrium State

WEEK 2General Equilibrium and Allocation of ResourcesPrices of Commodities and FactorsFactor Ownership and Income DistributionWelfare Economics

WEEK 3Monopoly MarketPricing with Market PowerPrice DiscriminationPeak-load Pricing

WEEK 4Two-Part TariffMonopolistic CompetitionOligopolyGame Theory and Competitive Strategy

WEEK 5Overall EfficiencyCriteria of Social WelfarePareto Optimal CriterionMonopoly as an Obstacle to the Attainment of Pareto Optimality

WEEK 6The Kaldor-Hicks Compensation CriterionThe Bergson Criteria –Social Welfare FunctionWelfare Maximization and Perfect Competition
WEEK 7Externalities and Market FailuresExternalities and Public GoodsExternalities in Consumption
WEEK 8Positive and Negative ExternalitiesWays of Correcting Market FailureExternalities and Property Rights
WEEK 9Common Property ResourcesPublic Goods and EfficiencyPrivate Preference for Public Goods
WEEK 10Public Goods Versus Private GoodsGovernment Intervention and ExternalitiesPublic Goods and Market Failures
WEEK 11Free Riders’ ProblemPublic Goods and Pareto OptimalityInformation Problem
WEEK 12Markets with Asymmetric InformationImplication of Asymmetric InformationAdverse Selection
WEEK 13Quality UncertaintyMarket of LemonsMarket Signaling
WEEK 14A Model of Job Market SignalingGuaranties and WarrantiesMoral Hazard
WEEK 15Moral Hazard and Allocative EfficiencyThe Principal Agent Problem in Private EnterprisesThe Principal Agent Problem in Public Enterprises

Taught by

Jyoti Khumanthem

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