Intermediate Microeconomics-II

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

Course Objectives:

 

The objectives of this course are –

 

  1. To introduce the concepts of General equilibrium and Welfare economics to the students.
  2.  To provide a conceptual clarity to the students about the market structures and their competitive strategy.
  3. To acquaint the students with the various concepts of market failures.

 

 

Course Outcomes (COs):

Course

 Outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Paper Code

Paper Title

ECO 411

Intermediate Microeconomics-II

CO47: Gain knowledge about the concepts of general equilibrium, welfare economics and market failure.

CO48: Understand the working of market structures of monopoly, monopolistic competition and oligopoly.

 

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: 
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.

 

 

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

 

Academic Session: 
2020-21
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