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Course Co-ordinated by IIT Kanpur
Coordinators
 
Dr. Vimal Kumar
IIT Kanpur

 

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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.

Week

Topics

1.

What is Economics, Demand, Supply, Equilibrium, Change in Supply and Demand, Elasticity

2.

Comparative Statics, Consumer Theory, Preferences, Utility Maximization, Substitution and Income Effect, Fiffin Goods

3.

Compensated Demand, Producer Theory, Type of Firms, Production functions and Isoquants, Factor Substitutions, Return to Scale and Economies of Scale

4.

Cost Curves, Cost Functions, Cost Minimization, Profit Maximization, Market Structures, perfect and Imperfect Markets

5.

Perfectly competitive firm, Monopoly, Market Power, Price discrimination, Taxation, Introduction to Game Theory

6.

Cost Curves

7.

Market Environment 1,Perfectly Competitive Market,Short Run vs. Long Run

8.

Equilibrium Analysis,Social Surplus,Dead weight Loss

9.

Market Environment 2- Monopoly,Profit Maximization

10.

Price Discrimination,First Degree,Second Degree,Third Degree

11.

Introduction to Game Theory,Nash Equilibrium

12.

Market Environment 3- Oligopoly,Cournot Game,Bertrand Game

Class 12 level maths


•    Robert S. Pindyk and D.L. Rubinfeld,Microeconomics, Edition: 6, Paperback (Special Indian Edition), Pearson Education India
•    Hal R. Varian, Intermediate Microeconomics : A Modern Approach,Edition 7, Paperback (Special Indian Edition), Affiliated East West.
•    R. Preston McAfee, Introduction to Economic Analysis, Freely available on http://www.mcafee.cc/Introecon/IEA2007.pdf licensed under the Creative Commons.
 
 

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