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Microeconomics –II [1]

Paper Code: 
ECO 401
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 
  1. To illustrate the process of determination of equilibrium price and output in different market situations; and
  2. To understand the concept used in factor pricing.
7.00
Unit I: 
Cost and Revenue
  • Short- run cost curves and their relationship;
  • Cost in the long- run: LAC and LMC;
  • Economies and diseconomies of scale;
  • Revenue: Total, average and marginal revenue and their relationships;
  • Relationship between TR, MR, AR and elasticity.
9.00
Unit II: 
Theory of Firm I
  • Equilibrium of the firm: TR - TC approach and MR - MC approach;
  • Perfect competition: Determination of price and output in the short and long run;
  • Monopoly: Determination of price and output in the short and long run.
9.00
Unit III: 
Theory of Firm II
  • Monopoly: Price discrimination, measure of monopoly power;
  • Monopolistic competition: determination of price and output in the short- and long- run, excess capacity;
  • Oligopoly: Basic concept of non-collusive and collusive oligopoly, Paul M. Sweezy model.
10.00
Unit IV: 
Factor Pricing I

Marginal Productivity Theory of Distribution:

  • Factor pricing in perfectly competitive markets;
  • Factor pricing in imperfectly competitive markets.

Interest :

  • Classical  & Keynesian Theories.
10.00
Unit V: 
Factor Pricing II

Rent:

  • Ricardian theory of rent;
  • Modern theory of rent;
  • Quasi rent.

Profit:

  • Innovation, risk and uncertainty theories.
Essential Readings: 
  1. H.L. Ahuja, Micro Economic Theory, S. Chand & Company, New Delhi.
  1. Seth, M.L., Microeconomics, Laxmi Narayan Agarwal, Agra.
References: 
  1. Gould J.P. and C.F. Ferguson, Micro Economic Theory, All India Traveler Book Sellers, Delhi.
  1. Koutsoyiannis, A. (1999), Modern Microeconomics, Macmillan.
  1. Varian, H.R. (2000), Intermediate Microeconomics: A Modern Approach, East-west Press, New Delhi.
  1. Lipsey, R.G. (Latest edition), An Introduction to positive Economics.
  1. Stonier, A.W. and D.C. Hague (1972), A Textbook of Economics Theory, ELBS and Longman Group, London.
Academic Session: 
2016-17 [2]

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[1] https://economics.iisuniv.ac.in/courses/subjects/microeconomics-%E2%80%93ii-1
[2] https://economics.iisuniv.ac.in/academic-session/2016-17