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.

3.      To acquaint the students with the various concepts of market failures.

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, W.W. Norton and Company/Affiliated East-West Press ,8th Edition, 2010.

References: 

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

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

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

Academic Session: 
2022-23
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