An Introduction to Microeconomics

Overview

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Microeconomics is the study of the allocation of scarce resources among individuals. Economic theories are based on the assumption that individuals as well as firms have well defined objectives; utility maximization for individuals and profit maximization for firms and they act systematically according to the incentives and constraints of their economic environment. It is this framework that allows the economist to gain a fundamental understanding of the human puzzle in an economic setting. This course in the fundamentals of economics covers consumer theory, producer theory as well as the market structures through which individuals and firms interact.INTENDED AUDIENCE : Undergraduate Economics Students, Professionals from other stream interested in learning EconomicsPREREQUISITES : Class 12 level mathsINDUSTRY SUPPORT : All Banking Enterprises

Syllabus

Week 1 : What is Economics, Demand, Supply, Equilibrium, Change in Supply and Demand, ElasticityWeek 2 : Comparative Statics, Consumer Theory, Preferences, Utility Maximization, Substitution and Income Effect, Fiffin GoodsWeek 3 : Compensated Demand, Producer Theory, Type of Firms, Production functions and Isoquants, Factor Substitutions, Return to Scale and Economies of ScaleWeek 4 : Cost Curves, Cost Functions, Cost Minimization, Profit Maximization, Market Structures, perfect and Imperfect MarketsWeek 5 : Perfectly competitive firm, Monopoly, Market Power, Price discrimination, Taxation, Introduction to Game TheoryWeek 6 : Cost CurvesWeek 7 : Market Environment 1,Perfectly Competitive Market,Short Run vs. Long RunWeek 8 : Equilibrium Analysis,Social Surplus,Dead weight LossWeek 9 : Market Environment 2- Monopoly,Profit MaximizationWeek 10: Price Discrimination,First Degree,Second Degree,Third DegreeWeek 11: Introduction to Game Theory,Nash EquilibriumWeek 12: Market Environment 3- Oligopoly,Cournot Game,Bertrand Game