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 

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, 2014.

References: 

1.      Nicholson, W. and Snyder, C. M., Intermediate Microeconomics and Its Applications, South-Western, 13th Edition, 2009.

2.      Nicholson, W. and Snyder, C. M., Microeconomic Theory: Basic Principles and Extensions, 10th ed., Cengage, 10th Edition, 2014.

3.      Kreps, A Course in Microeconomic Theory, Princeton University Press, 1992.

Academic Session: 
2022-23
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