Intermediate Microeconomics-I

Paper Code: 
ECO 311
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 
  1. To acquaint the students with various theories of Consumer Behaviour.
  2. To examine the theory of production and costs in the short and long run.
  3. To understand  the working of  a perfectly competitive market

 

Course Outcomes (COs):

Course

 Outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Paper Code

Paper Title

ECO 311

Intermediate Microeconomics-I

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

CO33: Students will analyse the concepts of production and costs in the short run and long run.

CO34: Students will examine 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: 
2021-22
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