Intermediate Microeconomics

·         Preferences – consumers’ preferences, assumptions about preferences, indifference curves, examples of preferences, well behaved preferences, MRS

·         Utility – cardinal & ordinal approaches, utility function, examples of utility functions, Cobb Douglas preferences, MU and MRS

·         Budget constraint – meaning, budget set, properties of budget set, price line,  changes in price line; tax, subsidies and rationing

·         Choice – meaning, optimal choice, consumer demand: some examples, estimating utility functions, choosing taxes

·         Demand – normal and inferior goods, ordinary goods and Giffin goods, PCC and demand curve, ICC and Engel curve, substitutes and complements, inverse demand function

·         Technology – concepts of output & input and production function

·         Isoquants – meaning and characteristics

·         Production with one and more variable inputs

·         Returns to scale

·         Costs and cost curves in the short run and long run, cost functions

·         Perfect competition-equilibrium of the firm and the industry in short-run and long-run

        Monopoly-  pricing with market power; price discrimination; peak-load pricing, two-part tariff, effect of various taxes, comparison with perfect competition

·         Monopolistic competition- Characteristics, product differentiation, equilibrium of firm

·         Oligopoly- Quantity leadership, Price leadership, Simultaneous price determination

           Simultaneous quantity determination

·         Factor price determination under perfect competition and under imperfect competition, monopolistic exploitation

·         Monopsony

·         Analysis of backward bending supply curve of labour

·         Upstream and downstream monopolies