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.
Equilibrium and efficiency under pure exchange and production.
Aggregation of preferences; Social Welfare Functions; Welfare Maximization; Individualistic Social Welfare Functions
Monopoly; pricing with market power; price discrimination; peak-load pricing; two-part tariff; Monopolistic competition.
Oligopoly; game theory and competitive strategy.
Externalities; public goods and markets with asymmetric information.
Hal R. Varian, Intermediate Microeconomics, a Modern Approach, W.W. Norton and Company/Affiliated East-West Press ,8th Edition, 2010.
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.