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Microeconomics –I [1]

Paper Code: 
ECO 301
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

To acquaint the students with the methodology and approach of Microeconomics; and to understand the behaviour of an economic agent, namely a consumer and a producer in a comparative static and partial equilibrium framework.

9.00
Unit I: 
Cardinal Utility Analysis
  • Utility : Meaning & measurability
  • Total and Marginal utility;
  • Law of diminishing marginal utility;
  • Consumer’s equilibrium – law of equi-marginal utility.
  • Consumer’s surplus – Marshallian Concept.
9.00
Unit II: 
Ordinal Utility Analysis
  • Indifference curves : Characteristics, MRS
  • Budget line : Slope & shift
  • Consumer’s equilibrium.
9.00
Unit III: 
Topics on Consumer Behaviour
  • Income consumption curve, Price consumption curve
  • Price, substitution and income effect: Normal, Inferior and Giffen Goods (Hicksian Approach);
  • Engel’s Curve : Derivation of Engel’s curve & demand curve from IC analysis
  • Elasticity of demand: Price, Income and Cross – meaning & measurement;
9.00
Unit IV: 
Theory of Production I
  • Short Run production Function
  • Total, average and marginal product curves; interrelationships
  • Law of returns to variable factor
  • Stages of Production and Rational production decision
9.00
Unit V: 
Theory of Production II
  • Long Run production Function
  • Isoquants ,Iso-cost and Producer’s equilibrium;
  • Expansion Path and Ridge Lines;
  • Law of Returns to scale
Essential Readings: 
  1. Ahuja,H.L. Modern Microeconomics: Theory & Applications , S. Chand & Company, New Delhi.
References: 
  1. Gould, J.P. and C.F., Ferguson, Microeconomic Theory, All India Traveler Book Sellers, Delhi.
  1. Koutsoyiannis, A. , Modern Microeconomics, Macmillan.
  1. Varian, H.R. , Intermediate Microeconomics: A Modern Approach, East-west Press, New Delhi.
  2. Stonier, A.W. and D.C. Hague, A Textbook of Economics Theory, ELBS and Longman Group, London.
Academic Session: 
2019-20 [2]

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[1] https://economics.iisuniv.ac.in/courses/subjects/microeconomics-%E2%80%93i
[2] https://economics.iisuniv.ac.in/academic-session/2019-20