Course Outcomes
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Learning and teaching strategies |
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On completion of this course, the students will be able to: CO63: Construct introductory knowledge of micro and macroeconomics and understand the Interdependence on each other. CO64: Develop an ability to understand comprehend the mechanism of the concept of utility and indifference curve approach CO65: Analyze the concept of the law of demand and its elasticity and also know about the law of supply CO66: Evaluate how price and output determined under different market structures are working. CO67: Formulate an understanding and acquire knowledge about different concepts of cost and cost curves also learn the functionality of the law of productions. |
Interactive Lectures, Discussion, Tutorials, Reading assignments, White board teaching, Self learning assignments, Effective questions, Giving tasks |
Micro Economics
Utility Approach
· Meaning and Definition of Utility. Measurement of Utility. Total Utility and Marginal Utility. Law of Diminishing Marginal Utility.
Indifference curve Approach: Meaning, Properties of Indifference curves. Budget Line. Consumer Equilibrium- Price and income effect. Giffen’s Paradox
Law of Demand
Market
· Meaning, Characteristics of Market
Price and Output determination under: Perfect Competition and Imperfect competition. Discriminating Monopoly
Cost Analysis
· Real cost, Opportunity cost, Money cost, Explicit and Implicit cost. Short run cost curves long run curves.
Law of Production- Meaning of Production, Law of Variable Proportions and Returns to scale
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