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    PGE51 Principles of Microeconomics Minutes

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    Anam Parveen

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    PGE51 Principles of Microeconomics Minutes

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    PGE51 Principles of Microeconomics Minutes

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    Anam Parveen

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    UNIVERSITY OF DELHI

    DELHI SCHOOL OF ECONOMICS


    DEPARTMENT OF ECONOMICS
    Minutes of the Meeting
    Subject: Bachelor of Arts (Programme)
    Course: PGE51 Principles of Microeconomics
    Date of Meeting: July 19,2021
    Venue: Online
    Chair: Prof. Uday Bhanu Sinha

    A meeting of the UG Course Committee was held on 19/07/2021. The meeting was attended by

    1. Deepika Kandpal, PGDAV College (Morning)


    2. Srishty Kasana, PGDAV College (Morning)
    3. Loveleen Gupta, Bharati College
    4. Henna Sikka, Delhi College of Arts and Commerce
    5. Parul Jain, Sri Aurobindo College (Morning)
    6. Pooja Sharma , Daulat Ram College
    7. Mr. Lalit Rajput ‐ Vivekananda college
    8. Pragya Shankar, Ram Lal Anand College
    9. Jai Ram Meena, Shaheed Bhagat Singh College
    10. Dr. Gunjan Agarwal, Lakshmibai College
    11. Dr. Supriti Mishra, Shyam Lal College
    12. Dr.Renu Sinha, Satyawati college (Morning)
    13. Ms. Hema Nagpal Sri Aurobindo College ( Morning )
    14. Pallavi Manchanda, SPM COLLEGE,
    15. Dr.Saraswati, from ARSD college
    16. Dr.Renu Sinha, Satyawati college (Morning)
    17. Swaran Lata Meena, ARSD College
    18. Shikha Solanki, Shaheed Bhagat Singh Evening College
    19. Dr Renu Kumari Verma, Motilal Nehru College Evening
    20. Dr. Supriti Mishra, Shyam Lal College
    21. Yogita Yadav, Sri Venkateswara College

    It was decided to follow Mankiw ‘s book as the primary text for this course.

    Reference:

    Mankiw, N.; Principles of Economics, 6th ed., Cengage Learning

    Unit 1 Introduction

    Problem of scarcity and choice: scarcity, choice and opportunity cost; production possibility frontier;
    economic systems.

    Demand and supply: law of demand, determinants of demand, shifts of demand versus movements
    along a demand curve, market demand, law of supply, determinants of supply, shifts of supply
    versus movements along a supply curve, market supply, market equilibrium.
    Applications of demand and supply: price rationing, price floors, consumer surplus, producer
    surplus.

    Elasticity: price elasticity of demand, calculating elasticity, determinants of price elasticity, other
    elasticities

    Reference: Chapter 1,2,4,5,6,7

    Unit 2 Consumer Theory

    Budget constraint, concept of utility, diminishing marginal utility, diamond‐water paradox, income
    and substitution effects; consumer choice: indifference curves, derivation of demand curve from
    indifference curve and budget constraint.

    Reference: Chapter 21

    Unit 3 Production and Costs

    Production: behaviour of profit maximising firms, production process, production functions, law of
    variable proportions, choice of technology, isoquant and isocost lines, cost minimising equlibrium
    condition.

    Costs: costs in the short run, costs in the long run, revenue and profit maximisation, minimising
    losses, short run industry supply curve, economies and diseconomies of scale, long run adjustments.

    Reference: Chapter 13

    Unit 4 Perfect Competition

    Assumptions: theory of a firm under perfect competition, demand and revenue; equilibrium of the
    firm in the short run and long run; long run industry supply curve: increasing, decreasing and
    constant cost industries.

    Welfare: allocative efficiency under perfect competition.

    Reference: Chapter 14

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