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MICRO ECONOMICS
Course Outcomes (COs):
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Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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On completion of this course, the students will be able to:
CO11: Students will explore the role of microeconomics in business decisions and interpret the role of Micro and Macro Economics in decision-making. Students will analyze the law of demand and supply and develop an understanding of various types of elasticity of demand and supply CO12: Students will examine the utility approach. Students will evaluate the concept of the indifference curve and budget line for making consumer choices in different situations. CO13: Students will evaluate the concept of production and cost analysis in different time periods and also examine the practical approach of cost analysis through various practical problems. CO14: Students will analyze the different market conditions taking the time element into consideration. Also able to interpret the market situation with real-world business trends. CO15: Students will analyze different factors of production and its pricing policy. Students can also examine the modern approaches to factor pricing. |
Approach in teaching: Interactive Lectures, Discussion, Tutorials, Practical cases Demonstration, Power point presentation. Learning activities for the students: Self learning assignments, Effective questions, Seminar presentation, Live practical problems analysis |
Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects |
Micro Economics: Meaning and Definition, Difference between Micro and Macro Economics. Role of Micro and Macro in Business policy decision making
Demand and Supply: Law of Demand, Determinants of Demand and Supply, expansion & contraction in Demand and Supply curve, Elasticity of Demand and Supply.
Utility Approach: Meaning, Characteristics of Utility. Measurement of Utility, Law of Diminishing Marginal Utility, Law of Equi-Marginal utility
Indifference curve Approach: Meaning, Properties of Indifference curves. Budget Line. Consumer Equilibrium- Price, income, and substitution effect.
Law of Production- Meaning of Production, Law of Variable Proportions, Returns to scale, Economies and Diseconomies of scale Equal product curves (Isoquants)
Cost Analysis: Short-run cost curves and Long run cost curves.
Revenue Analysis-Concept and types
Market: Classification and Features
Price and Output determination under Pure & Perfect Competition andMonopoly, Discriminating Monopoly, Monopolistic competition, and Oligopoly- Kinked demand curve
Factor Pricing: Marginal productivity theory of distribution: Assumptions, factor pricing under perfect competition & criticism,
Modern theory of distribution: demand & supply of factors of production, determination of factor price, Modern theory of wages, Rent, Interest and Profit.
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