Micro Economics
Teacher
Dr. Anjali Dash
Category
Core Courses
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Course Name : Micro Economics
Code(Credit): CUTM1184(3-0-1)
Course Objectives
- Develop a managerial economics perspective;
- Facilitate students understand different economic paradigms using Microeconomics concepts
- Acquire conceptual and theoretical knowledge of microeconomics in management perspective
- Understand and appreciate the tools of microeconomics and their applications
- Develop the ability to evolve business/management strategy using economic reasoning
- Appreciate the new challenges to business management in the internet age
- Appreciate the linkages between economics and the functional areas of business
Course Outcomes
| COS | COURSE OUTCOMES | MAPPING COS WITH POS (High-3; Medium-2; Low-1) |
| CO1 | Acquire the conceptual and theoretical knowledge of microeconomics which is relevant for evaluating economic behavior of an individual economic agent. | PO1(3) |
| CO2 | Demonstrate the use of microeconomic concepts like utility satisfying and maximizing traits of consumers, elasticity and opportunity cost in strategic planning; develop an economic perspective of business problems being a leader in future in digital economy | PO2(3) PO5(2) PO9(3) |
| CO3 | Evaluate and compare the various types of market structures and use them when planning price policy of a firm and industry and communicate ideas with the policy maker | PO3(3) PO4(1) |
| CO4 | Understand and appreciate the production dynamics – including cost, revenue and profit considerations and according frame policy to remove disequilibrium in market structure | PO6(3) PO7(2) |
| CO5 | Learn the optimization functions for both consumer and producer equilibrium; help to the students how to sustainable resources and utilised economic theory on their day to day life | PO8(3) PO10(3) |
Course Syllabus
Module: I The Central Concepts:
Logic of Economics: Scarcity and Efficiency: The Twin Themes of Economics; Three Problems of Economic Organization: Market, Command, and Mixed Economies, Society’s Technological Possibilities: Inputs and Outputs; The Production-Possibility Frontier: Applying the PPF to Society’s Choices;The Modern Mixed Economy: How Markets Solve the Three Economic Problems; Circular Flow of an Economy; The Invisible hand given by Classical Economists; The visible hand of the government given by modern Economists
Module: II Demand, Supply and its Applications:
Basic Elements of Supply and Demand: Forces behind the demand and supply curve; Shifts in demand and supply curve; Equilibrium of Supply and Demand; Price Rationing;Supply and Demand: Elasticity and Applications: Price Elasticity of Demand and Supply; Elasticity and Revenue; The Paradox of the Bumper Harvest; Applications to Major Economic Issues: Impact of a Tax on Price and Quantity; Minimum Floors and Maximum Ceilings;Demand and Consumer Behavior: Classical Utility Theory-Cardinal Utility; Neoclassical Utility Theory-Ordinal Utility Theory (Indifference Curve analysis; Income effect, Price effect; Substitution effect); The paradox of value; Leisure and the Optimal Allocation of Time
Module: III Theory of Production and Cost:
Theory of Production and Marginal Products: The Production Function; Total, Average, and Marginal Product; The Law of Diminishing Returns; Returns to Scale; Technological Change; Empirical Estimates of the Aggregate Production Function;Economic Analysis of Costs: Total Cost: Fixed and Variable; The Relation between Average Cost and Marginal Cost; The Link between Production and Costs; Diminishing Returns and U-Shaped Cost Curves; Choice of Inputs by the Firm; Marginal Products and the Least-Cost Rule; Transaction Cost, Opportunity Cost and Markets.
Module: IV: Decisions of the Firm, Market Failure and Inefficiency:
Perfect and Imperfect Market: Perfect competition and Pareto optimality; Sources of imperfect competition; Economic Costs of Imperfect Competition; Public Policies on Imperfect Competition
Economics of Risk and Uncertainty: The Economic Impacts of Speculation; Market Failures in Information; Moral Hazard and Adverse Selection;
Externalities: Market Inefficiency with Externalities; Analysis of Inefficiency; Valuing Damages and Policies to Correct Externalities
Text Book:
- Geetika, Ghosh. P. & Roy Choudhury. P., ‘Managerial Economics’, Tata McGraw Hill EducationPvt Ltd, New Delhi
Reference Books:
- Samuelson, Paul A. and Nordhaus, W.P., ‘Economics’, McGraw Hill, New York
- Pindyck, R.S., Rubinfeld D. L. and Mehta P. L., 'Microeconomics', Pearson Education
Session Plan
Session 1
| Introduction to Managerial Economics
Presentation: Introduction micro |
https://www.youtube.com/watch?v=PHe0bXAIuk0&feature=youtu.be
Session 2
| Scarcity and Efficiency: The Twin Themes of Economics
Presentation: Scarcity and Efficiency |
Session 5
|
Session 7-Project
Assignment 1: Identification of Govt Intervention in India in case of inefficiency, inequality and macro economic problems;
Book Review 1: The Great Unraveling: Losing Our Way in the New Century- Paul Krugman
Session 9
Assignment 2: Assess demand and supply of tourism in the wake of COVID-19
Session 10
Session 11
| Elasticity and Revenue |
Presentation: Elasticity and Revenue
https://www.coursera.org/lecture/microeconomics/1-1-introduction-to-elasticity-FZ1T7
Session 12
| Assignment 3: “How might a drought that destroys half of all farm crops be good for farmers? If such a drought is good for farmers, why don’t farmers destroy their own crops in the absence of a drought? farmers.” Illustrate this proposition using a supply-and demand diagram |
Session 13
| Applications of Demand and Supply to Major Economic Issues |
https://hbr.org/2020/03/understanding-the-economic-shock-of-coronavirus
Session 14
Caselet 1: Two Ways to reduce quantity of smoking Demanded
Session 17
| The Production Function -Total Product, Average Product and Marginal Product |
https://courses.lumenlearning.com/wmopen-microeconomics/chapter/the-production-function/
Session 18
Session 19
| The Law of Diminishing Returns |
Game: The Tennis Ball
Session 20
| Technological Change and production function |
http://TED Talkhttps://www.ted.com/talks/tyler_alvarado_introducing_the_future_of_manufacturing
Session 21
| Empirical Estimates of the Aggregate Production Function
Presentation: https://slideplayer.com/slide/7659382/ |
Session 22
| Total Cost: Fixed and Variable |
https://www.coursera.org/learn/microeconomics/lecture/SrpE5/3-1-fixed-variable-and-total-costs
Session 23
| The Relation between Average Cost and Marginal Cost |
https://www.coursera.org/learn/microeconomics/lecture/SJI5U/3-3-cost-curves
Session 24
| Diminishing Returns and U-Shaped Cost Curves
https://www.youtube.com/watch?time_continue=15&v=JdCgu1sOPDo&feature=emb_logo |
Session 25
| Choice of Inputs by the Firm |
Session 26
Session 27-Project
Book Review 2: Good Economics for Hard Times: Abhijeet Banerjee and Esther Duflo
Session 29
| Sources and Economic costs of imperfect competition |
https://www.investopedia.com/terms/i/imperfect_competition.asp
Session 30
| Public Policies on Imperfect Competition |
https://www.youtube.com/watch?v=lZfbZDK0hLw&list=PL336C870BEAD3B58B&index=33
Session 33
|
| Talk of Daniel Kahneman "What determines human decisions?" -https://www.ubs.com/microsites/nobel-perspectives/en/laureates/daniel-kahneman.html?05C0408D-86C3-0C4F-8062-84172F285097_pure_cup_C6FA3ED5_6D17_47D1_B6E2_F4B02CC905E0_ |
Session 35
| Market Inefficiency with Externalities |
Presentation: Market Inefficiency with Externalities
Session 36-Project
| Book Review 3: The Future of the Commons: Beyond Market Failure & Government Regulations-Elinor Ostrom |
Session 37
| Analysis of Inefficiency |
Presentation: Market Inefficiency with Externalities
https://www.youtube.com/watch?v=yC5R9WPId0s&list=PL336C870BEAD3B58B&index=40
Session 39
| Assignment 4: Students need to pick up one negative externality and come up with ideas to correct them |
Session 40
|
Session 41-Project
|
Session 42
|
Our Main Teachers
Dr. Anjali Dash is working as an Assistant Professor (Economics) at School of Management, Centurian University of Technology and Management, Bhubaneswar since August 2022. She was a Post-doctoral fellow at International Institute for Population Sciences (IIPS), Mumbai, 2017-2019. She hold Ph.D. degree in Economics from M.P. Institute of Social Science Research, Ujjain, M.P. and Mphil degree in Economics from Sambalpur University. Her interest is on teaching are: Health economics, Economietrics, Microeconomics, Mathematical economics, and Computer application for economic analysis, Statistics. Her research interest is on health economics, poverty, rural and tribal development, urban issues, education, ageing, migration, and employment. She is interested more in interdisciplinary research. She has more than 8 years of post PhD worked experience in research and teaching from various national organization such as Central University of Odisha, Koraput, Centre for Social Studies, Surat, Institute of Economic Growth (IEG), New Delhi, Samarthan Bhopal, Tata Institute of Social Sciences (TISS), Mumbai and Sambalpur University. She has proficient in analytical skill in large data like NSSO, NFHS and SAGE.
“We are what we repTeacherseatedly do. Excellence, therefore, is not an act but a habit” I have received my Ph.D. from the Department of HSS, Indian Institute of Technology (IIT) Kharagpur. Prior to my Ph.D., I also have degrees in M.Phil. in Economics (2007) and MA in Economics (2005), both from Ravenshaw University, Odisha. Throughout my […]