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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 […]