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    Meco

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    of 8

    Post Graduate Diploma in Management

    Tentative Course Outline


    PGD}I2024_26
    Course Name: Micro Economics
    (Core)

    Faculty: - Dr. Paroma Mitra Term: - f


    Area: - Economics Credit: -313

    Introduction: - This course on economic analysis is aimed at understanding interrelationships between


    prices, costs, production and market structure, in an integated m{ulner. These are generally considered
    independent of each other by most. The study of this course could help the future executives
    in
    determination of 'optimal' prices, costs and level of production and their interrelationships as well
    as the
    kind of market struchre the product(s) of firrn is operating in. This course also examines the optimal
    behavior of the finn in different type of market setup. The course would also have elaborate
    discussion
    about the logic and rationale of competition policy and regulatioq especially in the context ofpublic
    utilities
    like elechicity, telecommunications, transport etc.

    ln short, the course attempts to equip the aspiring rnanagers with an understanding of
    basic economic
    principles, theories which have an important beming on the managerial decision making process
    of a firm.
    An application of economic principles to business decision-making would be discussed and explained
    in
    the fust term. This is done by apPlylng microeconomic theory and quantitative methods to managerial
    decisions making about pricing, production and costs, profit maximization, aod govemmental
    restoaints.
    However, the differences in performance of different firms in the same markeyindusty are outside
    the
    domain ofthis course and would be dealt with later in the course on .Business strategy,.

    Learning Objective: -

    LOl. To familiarize the students with the basic concept of microeconomics.

    LO2. To impart knowledge on the demand and supply issue aad solve business problems. (related
    to LG3
    and LG5)

    LO3. To impart knowledge on the production and cost structure and help a business to take
    decision on
    cost optimization. (related to LG3 and LG5)

    Lo4. To understand the pricing and output decisions under various market structue. (related to
    LG3 and
    LG5)

    LO5. With the knowledge of Microeconomics student can solve probleors of Macroeconomics and
    International economics too. (related to LG2, LG3 and LG5)
    v

    -
    Intended Learning Outcome of Course (ILOs): -

    At the end of the course a student is expected to:

    COl. Learn demand curyes determination from a consumer behavior analysis.

    COz. Forecasting demand through various method which has huge application
    in business.
    CO3' Learn supply curye determination from producer behavior or cost behavior
    of a firm analysis.
    CO4. Learn how price determined in different structure of market

    CO5' Decision making skills and application of Microeconomics tools in different


    firm structures.
    Session Plan: -

    sL. Cases/Readings
    Topic Session's
    No

    1. Introduction 1
    . What is Economics?
    . Why managers should study Economics?
    . Microeconomics and Macroeconomics

    2. I
    I
    Demand and Supply Analysis )-<

    | ' Ho* price is determined with help of demand and Class Activities
    I . supply curves?
    | Demand function, Law of demand
    | 'Direct Demand schedule, Demand curve, Inverse
    Demand curve
    I . Movement
    |. along with demand curve
    | Change in demand or shift in demand
    . Determinants of Supply
    . Supply function,Law of supply
    . Supply Schedule, Supply Curve
    . Shift in Supply
    . Market Equilibrium
    . Assignments
    3. I)emand Estimation and Elasticities of
    6-8
    Demand
    . Demand Estimation
    . Demand Elasticity and its type Case Study: Hind Oil
    . Elasticity when demand is linear Industry: Demand
    . Elasticity when demand is non-linear Analysis(IvY Case)
    . Demand Revenue- Elasticity relationship
    -

    4. Iremand Analysis and forecasting


    9-10
    . Determinants of Demand Curve (how to Case Study: A-Cat CORp.:
    determine it) Forecasting (IVy
    . Analysis of estimation Demand Function Publishing)
    ,a)/
    (d
    v

    v
    . Smoothing technique: moving average,
    exponential smoothing, regression analysis
    and econometrics tools

    . Marginal Analysis
    . Constraint Optimization
    . Consumer behaviour theory. (Cardinal and
    Ordinal)

    Case study: Output


    Production Analysis and Inputrs Demand
    Elasticities in US
    . Production function: Short Manufacturing Industries
    and Long Run
    . Cost Function (Managerial Economics, by
    . Cost- output relationship Salvatore and Rastogi, 8th
    ed. pp277

    Determination of Price io Oiffer.nt ,rr.a.t * Article: Market Analysis oT


    Perfect competitive market Indian Telecom Mobile
    . Monopolisticcompetition Industry by Ashish V Singh
    . Oligopoly

    PROJECT PRBSENTATION

    Pedagory: - Theoretical lectures, Cases, Assignments and


    Games

    Counse Reading: -

    Prescribed Book

    Taylor M.p. , Microeconomics, Cengage, 56 Edition


    N._C.
    \,ta$iw
    Reference Books
    1. Koutsoyianni
    ,G-eetik4.ch9sh,
    Roy Choudhury: Managerial Eoonomios, MGH, 3d Edition
    2. s, Modern Micro iconomiis Macmillan press.
    3. Thomas, C.R and S. C. M*xice, Managerial Economics, the Mc Graw_Hill, gm
    4' salvatore, Dominick & Rastogi siaauitt , Manageriar t*noriii
    ed.
    prt*ipies and worrdwide
    Applic ations, Oxford 8e.
    1. !y."A"y, U*agerial Economics, Cengage,l2e
    6. Weigelt &Mansfield: Managerial Ecoioiiis,yiva, Ze.
    7. Pindyck, Robert & Rubinfeld ,Daniel: Microiconomics,pEl ge.
    8. Samuelson, Paul A. Microeco nomics,McCrraw Hill, l9e.
    9. Harford, Tim: The [Jndercover Economist, L&B
    10. Besanko, David, Mitoeconomics, WitiyiSe.

    Additional Readings
    ,0,., I t ' Other References and Case Study material prescribed in
    the class
    \r'

    v
    Evaluation with Weightage: -

    Item Total Marks Weightage Blooms taxonomy

    Mid term 30 30 LI,L2,L3,L4


    End term 30 30 LI,L2,L3,L4
    Quiz (4 quiz) 40 10 Ll,L3,L4
    Project >:30 30 Ll,L2,L3,L4,L5,L6

    Exam Pattern (open Book/closed Book): Not yet decided


    Duration of Exam (Mid rerm & End rerm): 2:30 Hrs to 3 FIrs
    special Instruction if any: Depends on question pattern
    [N.8: Lecture topics may be adiusted based on class progress throughout the trimester termJ
    J

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