Microeconomics (HUL212)
Credit
4.00 (L-T-P: 3-1-0)
Department / Center / School / Unit
Course Objectives
Micro versus macroeconomics. Theory of consumer behavior and demand. Consumer preferences. Indifference curve. Consumer equilibrium. Demand function. Income and substitution effects. The Slutsky equation. Market demand. Elasticities. Average and marginal revenue. Revealed preference theory of firm. Production functions. Law of variable proportions. Laws of return to scale. Isoquants. Input substitution. Equilibrium of the firm. Expansion path. Cost function. Theory of costs. Short Run and Long run costs. Shape of LAC. Economies and diseconomies of scale. Market equilibrium under perfect competition. Equilibrium under alternative forms of market. Monopoly: pure and discriminating. Monopolistic competition. oligopoly.