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Module 1: 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 2: 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; The paradox of value; Leisure and the Optimal Allocation of Time
Module 3: Theory of Production, 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 4: Decisions of the Firm
Perfect and Imperfect Market: Perfect competition and Pareto optimality; Sources of imperfect competition; Economic Costs of Imperfect Competition; Public Policies on Imperfect Competition
Module 5: Market Failure and Inefficiency
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
Suggested Text Books
| Geetika, Ghosh. P. & Roy Choudhury. P., ‘Managerial Economics’, Tata McGraw Hill Education Pvt Ltd, New Delhi  | 
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| 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 | 
| Introduction to Managerial Economics
 Presentation:Introduction to ME  | 
https://www.youtube.com/watch?v=PHe0bXAIuk0&feature=youtu.be
| Scarcity and Efficiency: The Twin Themes of Economics
 Presentation: Scarcity and Efficiency  | 
The Three Problems of Economic Organization
Presentation: The Three Problems of Economic Organization
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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
Assignment 2: Assess demand and supply of tourism in the wake of COVID-19
Elasticity of Demand and supply
Presentation: Elasticity-Supply and Demand-Applications
https://www.youtube.com/watch?v=VhKI8cOaYLI&feature=emb_logo
| Elasticity and Revenue | 
Presentation: Elasticity and Revenue
https://www.coursera.org/lecture/microeconomics/1-1-introduction-to-elasticity-FZ1T7
| 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 | 
| Applications of Demand and Supply to Major Economic Issues | 
Presentation: Applications of Elasticity to Major Economic Issues
https://hbr.org/2020/03/understanding-the-economic-shock-of-coronavirus
Caselet 1: Two Ways to reduce quantity of smoking Demanded
| The Production Function -Total Product, Average Product and Marginal Product
 Presentation:Production Theory  | 
https://courses.lumenlearning.com/wmopen-microeconomics/chapter/the-production-function/
|  Long Run Production
 Presentation: LR production  | 
https://www.coursera.org/lecture/microeconomics/1-1-introduction-to-production-3aY0G
| The Law of Diminishing Returns | 
Game: The Tennis Ball
| Technological Change and production function | 
http://TED Talkhttps://www.ted.com/talks/tyler_alvarado_introducing_the_future_of_manufacturing
| Empirical Estimates of the Aggregate Production Function
 Presentation: https://slideplayer.com/slide/7659382/  | 
| Total Cost: Fixed and Variable
 Presentation: Total Cost- Fixed and Variable  | 
https://www.coursera.org/learn/microeconomics/lecture/SrpE5/3-1-fixed-variable-and-total-costs
| The Relation between Average Cost and Marginal Cost
 Presentation: The Relation between Average Cost and  | 
https://www.coursera.org/learn/microeconomics/lecture/SJI5U/3-3-cost-curves
| Diminishing Returns and U-Shaped Cost Curves
 Presentation: Diminishing Returns and U-Shaped Cost Curves https://www.youtube.com/watch?time_continue=15&v=JdCgu1sOPDo&feature=emb_logo  | 
| Transaction Costs, Opportunity Cost and Markets | 
Presentation: Opportunity Cost and Markets
Book Review 2: Good Economics for Hard Times: Abhijeet Banerjee and Esther Duflo
| Perfect competition and Pareto optimality | 
Presentation: Perfect competition and Pareto optimality
|  Sources and Economic costs of imperfect competition
 Presentation: Economic Costs of Imperfect Competition  | 
https://www.investopedia.com/terms/i/imperfect_competition.asp
|   Public Policies on Imperfect Competition
 Presentation: Public Policies on Imperfect Competition  | 
https://www.youtube.com/watch?v=lZfbZDK0hLw&list=PL336C870BEAD3B58B&index=33
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| 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_ | 
| Market Inefficiency with Externalities | 
Presentation: Market Inefficiency with Externalities
| Book Review 3: The Future of the Commons: Beyond Market Failure & Government Regulations-Elinor Ostrom | 
| Analysis of Inefficiency | 
Presentation: Market Inefficiency with Externalities
https://www.youtube.com/watch?v=yC5R9WPId0s&list=PL336C870BEAD3B58B&index=40
| Valuing Damages and Policies to Correct Externalities | 
Presentation: Valuing Damages and Policies to Correct Externalities
| Assignment 4: Students need to pick up one negative externality and come up with ideas to correct them | 
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		                        “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 […]