Intermediate Microeconomics-II

Paper Code: 
ECO 411
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 
  1. To comprehend the concepts of General equilibrium and Welfare economics.

 

2.  To examine the working of market structures of monopoly, monopolistic competition and oligopoly.

 

  1. 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: Students will interpret the concepts of general equilibrium, welfare economics and market failure.

CO48: Students will analyze 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: 
2021-22
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