Still no participant
Still no reviews
COs | COURSE OUTCOMES | MAPPING COs WITH POs |
CO1 | Acquire the conceptual and theoretical knowledge of microeconomics which is relevant for evaluating economic behavior of an individual economic agent. | PO1 |
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, PO5, PO9 |
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, PO4 |
CO4 | Understand and appreciate the production dynamics – including cost, revenue and profit considerations and according frame policy to remove disequilibrium in market structure | PO6, PO7 |
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, PO10 |
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:
Reference Books:
Introduction to Managerial Economics
Presentation: Introduction micro |
https://www.youtube.com/watch?v=PHe0bXAIuk0&feature=youtu.be
Scarcity and Efficiency: The Twin Themes of Economics
Presentation: Scarcity and Efficiency
Circular Flow of an Economy
https://www.ted.com/talks/tim_jackson_an_economic_reality_check/transcript?language=en |
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
|
|
|
|
|
|
|
https://www.youtube.com/watch?v=wFrGhooQheU
|
https://www.youtube.com/watch?v=iOmDo5jLFw8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kalee Prasanna Pattanayak holds a masters degree in finance from NIILM centre for management studies. His professional career spans over 10 years into industry and academics. He has more than six years of experience in teaching, training and research. His teaching interests include areas like Economics, Agribusiness and Business Environment. Along with facilitating courses, he […]