Intermediate Microeconomics-I

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

Course Objectives:

 

The objectives of this course are –

 

  1. To acquaint the students with various concepts of Consumer Theory.
  2. To provide the conceptual clarity related to the concepts of Production and Costs.
  3. To introduce the students with the topic of market in a perfectly competitive situation.

 

Course Outcomes (COs):

Course

 Outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Paper Code

Paper Title

ECO 311

Intermediate Microeconomics-I

CO32: Understand the optimizing behaviour of consumers in terms of cardinal utility, ordinal utility and revealed preference.

CO33: Acquire knowledge of the concepts of production and costs in the short run and long run.

CO34: Learn about the market structure – perfect competition.

Approach in teaching: Interactive Lectures, Discussion,  Case studies.

 

Learning activities for the students:

Presentations, Assignments and Group discussions.

Class activity, Assignments and  Semester end examinations.

 

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.

 

Note- The workbook by Varian and Bergstrom may be used for problems.

 

Academic Session: