Page 1 :
B.A. (Honours) Economics, , , , , , Course Code: ECNHC101 Course Title: Introductory Microeconomics, Nature of the Course: Core Total Credit Assigned: 6, , Full marks: 100 (Internal Assessment-20 + —_ Distribution of Credit: 5 Lecture + 1 Tutorial, End Term-80), , Course Description:, , This course is designed to expose the students to the basic principles of microeconomic theory. The, , , , , , , , emphasis will be on thinking like an economist and the course will illustrate how microeconomic, concepts can be applied to analyze real-life situations., Units No of [No of | Marks, Lecture | Tutorial, hours __| hours, 1] Exploring the subject matter of Economics: 15 3 16, , Why study economics? Scope and method of economics;, Scarcity and choice; Types of Microeconomic Analysis,, Goals of Microeconomics- Growth and Efficiency; The, economic problems: the question of what to produce, how to, produce and how to distribute output; Economic models:, Verification and general features of economic models ; the, basic competitive model - prices, property rights and profits;, incentives and information; rationing; opportunity sets;, economic systems- Command, Free Market and Mixed;, reading and working with graphs, , , , , , , , , , 2 | Supply and Demand: How Markets Work, Markets and | 15 3 16, Welfar, Markets and competition; determinants of individual, emand/supply; demand/supply schedule and, cemand/supply curve; market versus _ individual, cemand/supply; shifts in the demand/supply curve, demand, and supply together; how prices allocate resources; elasticity, and its application; controls on prices; taxes and the costs of, taxation; consumer surplus; producer surplus and the, efficiency of the markets., , , , , , , , , , , , 3 _ | The Household Behaviour and Consumer’s Choice: 15 3 16, The consumption decision - budget constraint, consumption, and income/price changes, demand for all other goods and, price changes; description of preferences (representing, references with indifference curves); properties of, indifference curves; consumer's optimum choice; income and, substitution effects; labour supply and savings decision choice between leisure and consumption., , , , , , 4 | The Firm and Perfect Market Structure 15 3 16, Behaviour of profit maximizing firms and the production, frocess; short run costs and output decisions- Basic concepts,, , , , , , , , , , , , , , , , , , , , relationships, output decisions: revenues, costs and profit, maximization; costs and output in the long run, Long run, costs: economies and diseconomies of scale., , Imperfect Market Structure, , Monopoly and anti-trust policy; government policies, towards competition; imperfect competition., , , , 5 | Input Markets 15 3 16, Labour market - basic concepts (derived demand,, Productivity of an input, marginal productivity of labour,, marginal revenue product); Labour markets- Firm using only, one variable factor of Production- Labour, A firm employing, Two Variable Factors of Production in the Short and long, Run; Land market- Determination of Rent, Rent and the, value of Output produced on land, Firm’s profit-maximizing, condition in input markets, Input demand curves; shifts in, input demand curves; Resource Allocation and the Mix of, Output in Competitive Markets, Distribution of IncomeMarginal Productivity Theory; Competitive labour markets;, and labour markets and public policy., , , , , , , , , , , , Total 75 15 80