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SYLLABUS

Microeconomics Theory

Objectives
• The objective of this course is to acquaint students with the basic structure of Microeconomic Theory. The course will enable
students to analyse problems in the key areas using appropriate tools. This will equip the students to take managerial decision in
context of microeconomic developments.

Sr. No. Topic

Introduction to Microeconomics, Partial vs. General Equilibrium analysis, Cardinal
1 Utility theory, Ordinal Utility Analysis, Revealed Preference theory

Indifference curve analysis, Theory of Demand and elasticity of demand, Recent

2 Developments in theory of Demand
Producer Behaviour: Theory of Production, Theory of Cost and Revenue, Production

3 Economics, Traditional and Modern theories of costs: Derivation of Cost functions from
Production functions

Price and Output Determination – I: Perfect Competition, Price and Output
4 Determination – II Imperfect Competition- Monopoly, Monopolistic Competition

Theories of Oligopoly: Definition and nature, Cournot Model , Kinked Demand Curve

5
Bain’s Limit Pricing theory, Marginalism and Average Cost Pricing theory, Baumol’s

6 Sales Maximization hypothesis.
Distribution: Classical Theories: Ricardo, Marxian, Macro Theories: Ricardian,

7 Marxian, Kalecki’s theories
Welfare Economics: Pareto Optimality conditions in Production, Consumption and

Exchange, Market Failure due to externalities in Production, Pigou’s solution to taxes
8 and services, Social Welfare Function

General Equilibrium: Partial and General Equilibrium Approaches, Production without
9 Consumption

Economics of Uncertainty: Choice in Uncertain Situations, Insurance Choice and Risk,

10 Economics of Information