KUK - LMS

Syllabus

MODULE NO / UNIT	COURSE SYLLABUS CONTENTS OF MODULE	NOTES
Course Code: M-BECOE -034 Course Name: Group - I Quantitative Economics) - Mathematical Economics-I
1	Topics in Consumer Behavior Types of utility functions; Ordinal utility maximization; Demand functions- ordinary and compensated; Slutsky equation- income, substitution, and price effects; Consumer surplus; Elasticity of demand; Linear expenditure systems; Indirect utility function. Reading List • Allen, R.G.D. (1972). Mathematical Economics. Macmillan, London. • Allen R.G.D. (2002). Mathematical Analysis for Economists. Macmillan Press and ELBS, London. • Chiang, A.C.(2006). Fundamental Methods of Mathematical Economics. McGraw Hill, New York. • Chung, J.W. (1994). Utility and Production: Theory and Applications. Basil Blackwell, London. • Henderson, J. M. & Quandt, R.E. (2003). Microeconomic Theory: A Mathematical Approach. McGraw Hill, New Delhi. • Koutsoyiannis, A. (1979). Modern Microeconomics. Macmillan Press, London.
2	Production Function Analysis Production functions and their properties (CD, CES, Translog); Elasticity of factor substitution and curvature of iso-quants; Producer’s equilibrium; Duality in cost and production functions; Growth Accounting Equation; Methods for measuring productivity and efficiency. Reading List • Chiang, A.C. (1999). Elements of Dynamic Optimization. Waveland Press Inc., Long Grove, Illinois. • Henderson, J. M. & Quandt, R.E. (2003). Microeconomic Theory: A Mathematical Approach. McGraw Hill, New Delhi. • Koutsoyiannis, A. (1979). Modern Microeconomics. Macmillan Press, London.
3	Market Equilibrium Product and factor market equilibrium; Existence, uniqueness and stability of equilibrium; Static stability; Dynamic stability-lagged adjustment and continuous adjustment; Dynamic equilibrium with lagged adjustment; Monopoly, monopsony and monopolistic competition. Reading List • Chiang, A.C. (2006). Fundamental Methods of Mathematical Economics. McGraw Hill, New York. • Henderson, J. M. & Quandt, R.E. (2003). Microeconomic Theory: A Mathematical Approach. McGraw Hill, New Delhi. • Koutsoyiannis, A. (1979). Modern Microeconomics. Macmillan Press, London.
4	Classical Oligopoly and Managerial Theories of Firm Duopoly and oligopoly: Cournot’s Model; Stackelberg’s model; Kinked demand curve; Joint profit maximization; Price leadership model; Bilateral monopoly; Baumol’s, Willamson’s, and Marris’s models of firm. Reading List • Alhabeeb, M.J. & Joe Moffitt, L. (2014). Managerial Economics: A Mathematical Approach. John Wiley & Sons. • Henderson, J. M. & Quandt, R.E. (2003). Microeconomic Theory: A Mathematical Approach. McGraw Hill, New Delhi. • Koutsoyiannis, A. (1979). Modern Microeconomics. Macmillan Press, London. • Lancaster, K. (2012). Mathematical Economics. Dover Publications Inc., New York.