become familiar with basic microeconomic concepts and understand how prices are formed in the market.
understand microeconomic concepts such as demand, supply, utility, externalities, public goods and regulation.
understand how microeconomic equilibrium is achieved through supply and demand.
become familiar with the operation of different types of markets.
understand how monopolistic, oligopolistic, and perfectly competitive markets work.
understand the effects of the government's involvement in the market.
understand how markets faiures are solved.
Mode of Delivery
Face to face
Prerequisites
No
Recommended Optional Programme Components
No recommended optional programme components.
Course Description
Economics is the study of the use of scarce resources to satisfy unlimited human wants. In this course, we study how these scarce resources are allocated within the market (or price) system. Within this system, we consider the actions and the interactions of decision-making units: the consumers and the producers. In this course, students will be introduced to simple, abstract models of behaviour of the economics agents. Using these models, we will analyze the outcomes when these agents interact in the marketplace. We will understand and learn the basic and important principles of microeconomics that have far ranging and important applications in business, industry, government as well as in our day to day life. It is primarily a theory course that gives an analytical understanding and insight into many of the choices we make as an individual, firm, government or other stakeholders. We will derive some powerful analytical tools and concepts out of this course that will enable us to assess and analyze the world around us from the perspective of an economist.
Course Contents
WEEK
TOPICS
1st Week
Economics: Foundations and Models
2nd Week
Trade-offs, Comparative Advantage and the Market System
3rd Week
Interaction of Demand and Supply
4th Week
Elasticity
5th Week
Economic Efficiency
6th Week
Externalities
7th Week
Midterm
8th Week
Review
9th Week
Consumer Choice
10th Week
Technology, Production and Costs
11th Week
Firms in Perfectly Competitive Markets
12th Week
Monopolistic Competition
13th Week
Oligopoly
14th Week
Monopoly
Recommended or Required Reading
Case, K.E., Fair, O.C. and Oster, S.M. Principles of Economics, Pearson, 2017.
Hubbard, R.G., and O'Brien A. Economics, Pearson, 2013.
Planned Learning Activities and Teaching Methods
Lecture
Discussion
Assessment Methods and Criteria
Quantity
Percentage (%)
Mid-term
1
40
Attendance
1
10
Total(%)
50
Contribution of In-term Studies to Overall Grade(%)
50
Contribution of Final Examination to Overall Grade(%)
