Intermediate Microeconomics - I

Paper Code: 
ECO 311
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

The course is designed to provide a sound training in microeconomic theory to formally analyze the behaviour of individual agents. Since students are already familiar with the quantitative techniques in the previous semesters, mathematical tools are used to facilitate understanding of the basic concepts. This course looks at the behaviour of the consumer and the producer and also covers the behaviour of a competitive firm.

12.00
Unit I: 
Consumer Theory - I

Preference; utility; budget constraint; choice; demand.

12.00
Unit II: 
Consumer Theory - II

Slutsky equation; buying and selling; Revealed Preference. 

12.00
Unit III: 
Consumer Theory - III

Choice under risk and uncertainty; intertemporal choice.

12.00
Unit IV: 
Production and Costs

Technology; isoquants; production with one and more variable inputs; returns to scale. Short run and long run costs; cost curves in the short run and long run.  

12.00
Unit V: 
Perfect Competition

Perfect competition-equilibrium of the firm and the industry in short-run and long-run.

Essential Readings: 

Hal R. Varian, Intermediate Microeconomics, a Modern Approach, W.W. Norton and Company/Affiliated East-West Press (India), 8th edition, 2010. The workbook by Varian and Bergstrom may be used for problems.

Academic Session: 
2019-20
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