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Admissions

It is a University which is committed to excellence and overall development of the student and one where talent is nurtured and honed in the best possible manner. Come, be a part of our never-ending journey of accomplishments and accolades.

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Placements

Excellent education not only imparts knowledge, but also paves the way for a promising and successful career. The Placement Cell at The IIS University has numerous success stories to narrate in this regard...

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Life@IIS Univ

Life @ IISU is nothing less than a kaleidoscope of myriad hues; complete with vibrant events and memorable occasions to cherish for a lifetime.

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Academics

Taking the age-old tradition of enlightenment through education forward, The IIS University - in its continuous pursuit of excellence - firmly believes that an institution’s academic profile determines its worth and value. Therefore, on offer are a wide variety of both conventional and contemporary programmes of study.

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Research

To stimulate curiosity and cater to the global needs of a dynamic education, The IIS University - since inception - has been promoting and encouraging research-based experiential learning among all its students.

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About Us

The IIS University, with its perfect amalgamation of innovation, inspiration and synergy, aims to be a model institution for students across disciplines and programmes.

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IIS Univ
  • Admissions

    It is a University which is committed to excellence and overall development of the student...

  • Placements

    Excellent education not only imparts knowledge, but also paves the way for...

  • Life@IIS Univ

    Life @ IISU is nothing less than a kaleidoscope of myriad hues; complete with...

  • Academics

    Taking the age-old tradition of enlightenment through education forward,...

  • Research

    To stimulate curiosity and cater to the global needs of a dynamic education,...

  • About Us

    The IIS University, with its perfect amalgamation of innovation, inspiration...

IIS (Deemed to be University)

Gurukul Marg, SFS, Mansarovar, Jaipur 302020, (Raj.) India

Phone:- +91-141-2400160-61, 2397906-07,

Fax: 2395494,2781158, Toll Free No.: 1800 180 7750

Microeconomic Theory – I | Economics

Microeconomic Theory – I

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Paper Code: 
ECO 121
Credits: 
04
Contact Hours: 
60.00
Objective: 

To acquaint the students with the behaviour of an economic agent, namely a consumer and a producer in a comparative static and partial equilibrium framework.

12.00
Unit I: 
Theory of Consumer Behaviour-I

Cardinal Utility Analysis; Indifference Curve Analysis, Goods, Bads and Neuters, Consumer’s Equilibrium, Corner Solution, Slutsky Equation-Price, Income and Substitution Effects (Normal, Inferior and Giffen goods), ICC Curve, PCC Curve, Demand Curve- Ordinary and Compensated, Engel Curve, Elasticity of demand.

12.00
Unit II: 
Theory of Consumer Behaviour-II

Network Externalities- Bandwagon, Snob and Veblen effects, Consumer Surplus- Marshall’s Measurement, Measurement of Consumer Surplus through Indifference Curve; Revealed Preference Hypothesis; Analysis of consumer behavior under risk and uncertainty; Asymmetric information, Behavioral Economics.
 

12.00
Unit III: 
Theory of Production

Production function – short run and long run; Law of variable proportions Isoquants and Isocost lines; Optimum Factor Combination, Expansion Path, Ridge Lines, returns to scale; Cobb-Douglas production function, Elasticity of Substitution, Euler's theorem , Technical Progress-Capital Deepening and Labour Deepening.

12.00
Unit IV: 
Theory of Cost

Cost Concepts, Short run and long run cost curves; Modern Theory of Cost, Economies of scale; Economies of Scope and Learning curve analysis.
 

12.00
Unit V: 
Price and Output Determination under Perfect Competition

Short run and long run equilibrium of the firm and industry, increasing, decreasing and constant cost industry, effects of taxes under perfect competition.

References: 
1. Koutsoyiannis, A., Modern Microeconomics, Macmillan.
2. Pindyck, Robert S. and Rubinfeld, Daniel L., Microeconomics, Pearson Education.
3. Varian, Hal R., Intermediate Microeconomics – A Modern Approach, W.W. Norton, New York.
4. Salvatore, Dominick, Microeconomics: Theory And Application, Oxford University Press.
Academic Session: 
2018-19
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