Intermediate Microeconomics - II

Paper Code: 
ECO 411
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course is a sequel to Intermediate Microeconomics I. The emphasis will be on giving conceptual clarity to the student coupled with the use of mathematical tools and reasoning. It covers general equilibrium and welfare, imperfect markets and topics under information economics.

12.00
Unit I: 
General Equilibrium

Equilibrium and efficiency under pure exchange and production.

12.00
Unit II: 
Welfare economics

Aggregation of preferences; Social Welfare Functions; Welfare Maximization; Individualistic Social Welfare Functions

12.00
Unit III: 
Monopoly and Monopolistic competition

Monopoly; pricing with market power; price discrimination; peak-load pricing; two-part tariff; Monopolistic competition.

12.00
Unit IV: 
Oligopoly

Oligopoly; game theory and competitive strategy.

12.00
Unit V: 
Market Failure

Externalities; public goods and markets with asymmetric information.

Essential Readings: 

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

Academic Session: 
2019-20
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