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Hum1033 Micro-Economics TH 1.1 47 Hum1033 Microeconomics

This document outlines a microeconomics course, including its objectives, expected outcomes, modules, and evaluation methods. The course aims to help students understand microeconomics concepts and principles and apply them to analyze the economy. It consists of 8 modules covering topics like consumer behavior, production, costs, and market structures. Students will be evaluated through exams, quizzes, assignments and projects. The course is recommended to provide foundational knowledge in microeconomics.

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Vatsa Adarsh
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536 views2 pages

Hum1033 Micro-Economics TH 1.1 47 Hum1033 Microeconomics

This document outlines a microeconomics course, including its objectives, expected outcomes, modules, and evaluation methods. The course aims to help students understand microeconomics concepts and principles and apply them to analyze the economy. It consists of 8 modules covering topics like consumer behavior, production, costs, and market structures. Students will be evaluated through exams, quizzes, assignments and projects. The course is recommended to provide foundational knowledge in microeconomics.

Uploaded by

Vatsa Adarsh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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HUM1033 Microeconomics L T P J C

3 0 0 0 3
Pre-requisite Nil Syllabus version : 1.10

Course Objectives:
 To enable students understand Microeconomics concepts and principles

Expected Course Outcome:


 Ability to apply principles of Microeconomics to analyze and understand the economy

Student Learning Outcomes (SLO): 2, 9, 11, 12

Module:1 Introduction to Micro Economics 6 hours SLO: 2, 11

Subject matter of economics; micro versus macroeconomics, positive versus normative approaches; arts
versus science.

Module:2 Theory of Consumer behavior 6 hours SLO: 2, 9

Utility- ordinal versus cardinal- Law of Diminishing Marginal Utility- consumer equilibrium - Demand:
Law of Demand – determinants of demand – movement and shift in Demand; exception to law of
demand; Law of supply –market equilibrium.

Module:3 Elasticity of Demand and Supply 5 hours SLO: 2, 9

Elasticity of Demand: price, income and cross – Price elasticities; measurement of elasticity – Elasticity of
supply.

Module:4 Theory of Production 6 hours SLO: 2, 9

Production - Production Function: single input and multiple input cases– features of production - Law of
Variable Proportion – Law of Returns to Scale – input elasticity – isoquant and isocost line - producer
equilibrium.

Module:5 Theory of Cost and Revenue 6 hours SLO: 2, 9

Cost Functions - Types – Short Run – Long Run cost curves - relationship between AC and MC -
Revenue Functions – Types – relationship between AR and MR

Module:6 Market Structure 1 6 hours SLO: 9, 12

Perfect competition – Characteristics – price competitive strategies.

Module:7 Market Structure 2 6 hours SLO: 11, 12

Imperfect competition – monopolistic competition – monopoly – oligopoly – non – price competitive


strategies.

Module:8 Invited Talk: Contemporary Issues 4 hours SLO: 11, 12

Total Lecture hours: 45 hours


Text Book(s)
1. Varian H.R. (2015), “Intermediate Microeconomics: A Modern Approach”, East West Press Pvt.,
Ltd, New Delhi, Eighth Edition
Reference Books
1. Salvatore, D (2015), “Principles of Microeconomics”, Oxford University Press, UK, Fifth Edition
2. Keat, P, Young, P and Erfle, S.E (2013) , “Managerial Economics”, Pearson Higher Education,
USA, Seventh Edition
3. Salvatore, D. (2015), “Principles of Microeconomics”, Oxford University Press, UK, Fifth Edition
4. Dorman, P (2014), “Microeconomics – A Fresh Start”, Springer, Germany, First Edition
5. Nicholson, W and Snyder, C (2014), “Microeconomic Theory, Basic Principles and Extensions”,
Cengage Learning, USA, Eleventh Edition,
Mode of Evaluation: CAT, Quiz , Digital Assignments and Projects

Recommended by Board of Studies 12-08-2017


Approved by Academic Council No. 47 Date 05-10-2017

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