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Unit I: Demand, Supply and Market equilibrium: individual demand, market demand, individual supply, market supply, market equilibrium; Elasticity of demand and supply: Price elasticity of demand, income elasticity of demand, cross price elasticity of demand, elasticity of supply; Theory of consumer behaviour: cardinal utility theory, ordinal utility theory(indifference curves, budget line, consumer choice, price effect, substitution effect, income effect for normal, inferior and giffen goods), revealed preference theory.
Unit II: Producer and optimal production choice: optimizing behaviour in short run (geometry of product curves, law of diminishing margin productivity, three stages of production), optimizing behaviour in long run (isoquants, isocost line, optimal combination of resources) Costs and scale: traditional theory of cost (short run and long run, geometry of cost curves, envelope curves), modern theory of cost (short run and long run), economies of scale, economies of scope.
Unit III: Theory of firm and market organization: perfect competition (basic features, short run equilibrium of firm/industry, long run equilibrium of firm/industry, effect of changes in demand, cost and imposition of taxes) ; monopoly (basic features, short run equilibrium, long run equilibrium, effect of changes in demand, cost and imposition of taxes, comparison with perfect competition, welfare cost of monopoly), price discrimination; monopolistic competition (basic features, demand and cost, short run equilibrium, long run equilibrium, excess capacity)
Unit IV: Factor market: demand for a factor by a firm under marginal productivity theory (perfect competition in the product market, monopoly in the product market), market demand for a factor, supply of labour, market supply of labour, factor market equilibrium.
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Readings:
University Press
Elasticities of demand and its types
https://www.youtube.com/watch?v=zpRhdwlr1m0
https://www.youtube.com/watch?v=dc7ZQwv-xLQ
Point elasticity and determinants of price elasticity
https://www.youtube.com/watch?v=zpRhdwlr1m0
Cardinal utility theory- Law of diminishing marginal utility
https://www.youtube.com/watch?v=YhqqWKw_OGs
Cardinal utility theory- Law of equi-marginal utility
Consumer's equilibrium through Indifference Curve
Project 1 - Impact of Covid 19 on Street Vendors
Introduction to Production- Optimal production choice
Law of Diminishing Marginal Productivity/Law of Variable Proportion
Project 1- Discussion and Review
Project 1- Discussion and Review
Project 1
Project 1
Laws of Returns to Scale/ Production function in the long run
Economies of Scale
Presentation on Project 1
Presentation on Project 1
Presentation on Project 1
Theory of Firm and Market- Market structure
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Dr. Bibhunandini Das is working as Associate Professor in Economics in the school of management, Centurion University of Technology and Management, Odisha. Dr Bibhunandini Das has obtained her PhD from the Centre for Development Studies, Jawaharlal Nehru University, New Delhi in 2015. Prior to joining CUTM, she has worked with Indian Institute of Public Health, […]
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