Coming soon
Microeconomic Theory-II
To acquaint the students with the process of price and output determination in market, factor price determination and welface analysis.
Monopoly: Short run and long run equilibrium, price discrimination, Inter-temporal Price Discrimination, and Peak Load Pricing, Two part Tariff, welfare aspect of Monopoly, monopoly control and regulation, Bilateral Monopoly. Monopolistic competition: Equilibrium of the firm and the group; excess capacity under monopolistic competition.
Non-collusive models of Oligopoly: Cournot, Bertrand, Chamberlin, Paul M. Sweezy and Stakelberg; Collusive oligopoly: Cartels and Price Leadership; Game theory: Cooperative and non-cooperative games, Dominant strategy and Nash Equilibrium.
Full cost pricing rule-Hall & Hitch; Bain’s limit pricing theory; Baumol’s sales revenue maximization model; Marris’s model of managerial enterprise; Williamson’s model of managerial discretion.
Marginal productivity theory of Distribution; Factor Pricing under perfect and imperfect markets; Price of fixed factors: Rent & Quasi Rent; Product Exhaustion Theorem; Wage Differential; Collective Bargaining; Elasticity of factor demand.
Pareto optimality, New welfare economics, Social Welfare Function, First and Second Theorem of Welfare Economics, Market failure- Public Goods and externalities, Theory of second best, Arrow's Impossibility Theorem.
