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Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.Primary goal of microeconomics is to analyze the market mechanisms that establish relative prices among, goods and services and allocate limited resources among alternative uses. Microeconomics shows the conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results.While studying microeconomics, it focuses on the following topics like Economic problems, firms, individuals, growth, inflation, price, cost, taxes, demand, supply, Market, consumption, unemployment, various tiers of competition, labour, Government policies and so on….
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Course Layout:
Week – 1
1: Micro Economics2: A Partial Equilibrium Model3: Need of the study of economics or why study economics
Week – 2
4: Scarcity and choice5: Scope and methods of economics6: Economic problems
Week – 3
7: Question of what to produce8: Production possibilities curve9: Economic systemsWeek – 4
10: Consumption or Utility theories (Theories of consumer behavior)11: Indifference curve analysis12: Revealed preference theory13: Law of Demand schedule and demand curve
Week – 5
14: Demand Forecasting15: Elasticity and its application16: Law of Supply schedule and curve17: Production theories- Linear programming
Week – 6
18: Pricing And Pricing Techniques19: Markets and competition determinants of individual demand supply20: Pricing under competitive markets21-Consumers optimum choice
Week – 722 -Income and substitution effects23 -Labour supply and savings decision24 -Choice between leisure and consumption25 -Behaviour of profit maximising firms
Week – 8
26 -The production process27 -Short run costs and output decisions28 -Costs and output in the long run
Week – 9
29 -Monopoly and anti-trust policy30 -Government policies towards competition31- Perfect competition and imperfect completion32 -Price discrimination
Week – 10
33 -Labour and land markets34 -Basic concepts ; derived demand productivity of an output35 -Marginal productivity of labour, marginal revenue product36 -Demand of labour
Week – 11
37 -Input demand curves38 -Shifts in input demand curves39 -Competitive labour markets40 -Labour markets
