Micro Economics

Overview

This course in Micro Economics aims to teach students the fundamental concepts and methodologies of economics, including consumer equilibrium, supply and demand analysis, market structures, factor pricing theories, and fiscal and monetary policies. Students will learn about various economic models, cost curves, revenue curves, and equilibrium under different market conditions. The course utilizes lectures to explain key economic principles and mathematical methods, such as logarithmic functions. It is designed for individuals interested in gaining a comprehensive understanding of microeconomic theory and its practical applications.

Syllabus

Lecture 1 : Introduction to Economics.
Lecture 2 : Basics Concepts, Methodology and Assumption of Economics.
Law of Equi-Marginal and Indifference Curve.
Consumer's Equilibrium with Indifference Curves Analysis.
Consumer's Surplus.
Law of Supply and Elasticity of Supply.
Applicability and Significance of Returns to a Variable Factor.
Factors of Production.
Economies and Diseconomies of Scale.
Short Run and Long Run Cost Curve.
Revenue Curves and Market Structures.
Equilibrium of a Firm Price Determination Under Perfect Competition.
Equilibrium of a Firm and Industry under Perfect Competition.
Dynamic Changes and Industry Equilibrium under Perfect Competition.
Price Discrimination : Concept and Equilibrium under Monopoly.
Inefficiency Under Monopoly and Equilibrium Under Monopolistic Competition.
Selling Cost and Excess Capacity under Monopolistic Competition.
Comparison of Markets & Non-Collusive Oligopoly Models.
Average Cost Pricing.
Baumol's Theory of Sales Revenue Maximization.
Modern Theory of Rent.
Theories of Wages and Interest.
Models of Collusive Oligopoly.
Kinked Demand Curve Analysis under Oligopoly.
Advantages and Disadvantages of Free Trade.
Keynesian Thoery of Interest and Theory of Profit.
Modern Theory of Factor Pricing.
Scarcity, Choice and Central Problems.
Central Problems of Economics.
Price and Output Determination under Monopoly in the Long Run.
Demand Analysis -II.
Demand Analysis.
Supply Analysis.
Applications of Demand and Supply Analysis.
Elasticity of Demand : Concept and Measurement.
Mathematical Methods for Economics (Lecture 16) : Logarithmic Functions - I.
Mathematical Methods for Economics (Lecture 16) : Logarithmic Functions - II.
Fiscal Policy.
Instruments and Types of Fiscal Policy.
Monetary Policies - I.
What is Money ?.
Demand for and Supply for Money.