Syllabus
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Course Code: M-BECOC- 001 Course Name: Micro Economic Analysis-I |
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| MODULE NO / UNIT | COURSE SYLLABUS CONTENTS OF MODULE | NOTES |
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| 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, J.M. & Quandt, R.E. (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. |
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| 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. |
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| 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. |
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| 4 | Non-collusive models- Cournot; Bertrand; Stackleberg; 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. |
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