Microeconomics: Theory & Applications is designed as a postgraduate course that teaches economic theory involving entities such as consumers and firms and how these economic agents interact within the social institution called market. This is one of the courses that students take in their 1st semester coursework in M.S./M.A. economics program. For students registered in M.Com./M.B.A. program, Microeconomics may be the only course they take in economics, and it provides a solid foundation for economic thinking that can be useful throughout their professional careers. This particular course is designed in such a way that it will provide a foundation for applied studies in economics, business, or public policy. That’s why this course has devoted some lectures on quantitative techniques which are useful in applied work. On the successful completion of this course, you will be able to use basic microeconomic theory and quantitative techniques to provide solution to a number of real-life business and policy questions.
INTENDED AUDIENCE : Students of Economics, Commerce, or Management degree programs.PRE-REQUISITES : Knowledge of Calculus (High school level) and Microsoft Excel.INDUSTRY SUPPORT : Any industry that would like to educate their staff on basics of Economics.
Week 1- Introduction to economic analysis, Market mechanism, Basic differential calculusWeek 2- Utility, Marshallian theory of consumer behaviour, Basic mathematical optimizationWeek 3- Modern theory of consumer behaviour (Part I)Week 4- Modern theory of consumer behaviour (Part II)Week 5- Modern theory of consumer behaviour (Part III)Week 6- Theory of productionWeek 7- Theory of costWeek 8- Perfect competition, equilibrium of a competitive firm and a competitive industryWeek 9- Welfare analysis of market, Governmental intervention in market, MonopolyWeek 10- Imperfect competition: Monopoly, DuopolyWeek 11- Externality problem, Linear programming as a tool for resource allocation problemWeek 12- Linear programming, Regression analysis as a tool for applied economists