KUK - LMS

Syllabus

MODULE NO / UNIT	COURSE SYLLABUS CONTENTS OF MODULE	NOTES
Course Code: M-ECOC- 001 Course Name: Micro Economic Analysis-I
1	Theory of Demand and Consumer Behaviour Indifference curve approach and its applications (The leisure-income trade-off, Evaluation of alternative government policies, IC and theory of exchange); Price, Income and Substitution effects (Hicks and Slutsky); Revealed Preference Theory; The Consumer’s Surplus (Marshall and Hicks) and its applications; Elasticity of demand (theoretical aspects and empirical estimation) and Elasticity of Supply; Revision of Demand theory by Hicks; Linear Expenditure System. Reading List ● Baumol, W.J. (1982). Economic Theory and Operations Analysis. Prentice Hall of India, New Delhi. ● Green, H.A.G. (1971). Consumer Theory .Penguin, Harmondsworth. ● Henderson & Quandt (1980). Microeconomic Theory: A Mathematical Approach. McGraw Hill, New Delhi. ● Koutsoyiannis, A. (1979). Modern Microeconomics (2nd Edition).Macmillan Press, London. ● Salvatore, D. (2009). Microeconomics-Theory and Applications. Oxford University Press.
2	Theory of Production and Costs Production function (properties of Cobb Douglas and CES); Laws of production(variable proportions and returns to scale with the help of iso-quants); Technical Progress and production function; Equilibrium of the single product firm; Theories of costs and various cost curves– traditional and modern; Analysis of economies of scale. Reading List ● Da Costa, G.C. (1980). Production, Prices and Distribution. Tata McGraw Hill, New Delhi. ● Healthfields and Wibe (1987). An Introduction to Cost and Production Functions. Macmillan, London. ● Hirshleifer, J. & Glazer, A. (1997). Price Theory and Applications. Prentice Hall of India, New Delhi. ● Koutsoyiannis, A. (1979). Modern Microeconomics (2nd Edition). Macmillan Press, London. ● Varian, H. (2003). Intermediate Microeconomics. East-West Press.
3	Markets and Equilibrium Perfect competition – Short and long term equilibrium of the firm and industry; Dynamic changes and industry equilibrium; Monopoly – short run and long run equilibrium; Price discrimination; Monopolistic competition - Chamberlin’s approach to equilibrium of the firm. Reading List ● Archibald, G.C. (Ed.) (1971). Theory of the Firm. Penguin, Harmondsworth. ● Koutsoyiannis, A. (1979). Modern Microeconomics (2nd Edition). Macmillan Press, London. ● Varian, H. (2003). Intermediate Microeconomics. East-West Press.
4	Non-Collusive Models Cournot; Bertrand; Stackelberg; Chamberlin; Kinked-demand curve. Collusive Models Cartels (Joint profit maximization and market sharing); Price leadership models (Low cost firm, Dominant firm and Barometric price leader). Reading List ● Koutsoyiannis, A. (1979). Modern Microeconomics (2nd Edition). Macmillan Press, London. ● Pindyck R. & Rubinfeld, D. (2018). Microeconomics (9th Edition). Pearson. ● Varian, H. (2003). Intermediate Microeconomics. East-West Press.