Course Outline

Course title: Microeconomics

Credits: 3 Course Status: Core Course Code: SMCC1110
Instructor: Dr. Shahid Bashir Email: shahid.bashir@mahindrauniversity.edu.in
Program:
BBA Applied Economics and Finance
Semester 1: August 8, 2024 – December 11, 2024
BBA Computational Business Analytics
BBA Digital Technologies
Office Hours for Students Monday – Tuesday (11:00 AM to 12:30 PM)

1. Course Structure:
Three lectures a week: Introduce concepts.
One tutorial session following the weekly lectures: Review concepts, solve problems, get extra help from
your tutorial instructor. Tutorials are an important part of this course and are structured to help you push
beyond the surface to achieve a higher order level of understanding.
The course is spread over one semester, i.e., 15 weeks. It involves 42 contact hours, i.e., three hours every
week. The total contact hours are divided into 28 hours of lectures and 14 hours of tutorials. Two lectures
and one tutorial will be held every week. Each lecture/tutorial will last one hour.

2. Course Description:
Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. The
course will introduce you to the basic tools of microeconomic theory necessary to analyze contemporary
economic problems and their proposed solutions. In particular, the role of price system in determining
production, consumption, and the distribution of income will be analysed. We will also develop and awareness
of the strengths and weaknesses of markets and the governments’ intervention in the market process. Students
will also be introduced to the use of microeconomic applications to address problems in current economic
policy throughout the semester.
At SoM-MU, this is the first course that undergraduates take in economics. For some, it may be the only
course they take in the subject apart from macroeconomics. The course provides a solid foundation for
economic analysis and thinking that can last throughout their education and subsequent professional careers.
For other students, it may provide a foundation for many years of study in economics, business, or related
fields.

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3. Course Objectives:
Microeconomics is designed as an undergraduate course that teaches economic theory involving entities such as
consumers and firms and how these economic agents interact within the social institution called market. This
course is designed in such a way that it will provide a foundation for applied studies in economics, business,
or public policy. That is why this course has devoted some lectures on application-based learning throughout
the semester. On the successful completion of this course, you will be able to use basic microeconomic theory
and quantitative techniques to provide solution to several real-life business and policy questions. This course
is a critical component for students preparing to enter the fields of consulting, finance, policy making,
government, consulting, strategic consulting, and tech fields.

4. Learning Outcomes:
The learning outcome is a balanced approach to the theory and application of economics concepts. In doing
so, we:
1) Analyse the role of the price system in determining production and consumption.
2) Compare the strengths and weakness of markets and the governments’ interventions in the market
process.
3) Evaluate contemporary economic problems and their proposed solutions using microeconomic
tools.
By the end of the course, students will be able to understand introductory microeconomic theory, analyse
consumer and producer behaviour, solve basic microeconomic problems, and use these techniques to evaluate
the effects of government policies on market efficiency and resource allocation. The emphasis will be on
thinking like an economist and the course will illustrate how microeconomic concepts can be applied to
analyse real-life scenarios.
5. Prerequisites: None
6. Pedagogy:
The course employs classroom lectures, tutorials, discussions, case studies, and games on a case-by-case basis.
Each student will be expected to prepare thoroughly and to participate actively in class discussion. The
teaching of course relies heavily on:
a) prescribed readings from the prescribed textbooks for the course; and
b) readings and homework assigned in class.
Considering the duration of the course, the background of the candidates, and the breadth of the subject on
hand, the topics and teaching pedagogy are carefully crafted by the instructor to ensure that students get a
bird’s eye view of the subject. Laptops should be used in class only for class activities as suggested by the
instructor.

7. Prescribed Textbook(s): Required and Recommended

Required Textbooks:
1. Case, K. E., Fair, R. C., & Oster, S. M. (2020). Principles of Microeconomics (13th ed.). Pearson.
2. Pindyck, R. S., & Rubinfeld, D. L. (2018). Microeconomics (9th ed.). Pearson.

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 Recommended Reference Textbooks:
1. Mankiw, G. N. (2022). Principles of Microeconomics (8th ed.). Cengage Learning India Pvt Ltd.
2. Mankiw, N. G., & Taylor, M. P. (2024). Microeconomics (5th ed.). Cengage Learning.
3. Salvatore, D. (2009). Principles of Microeconomics (5th ed.). Oxford University Press.
4. Besanko, D., & Braeutigam, R. R. (2020). Microeconomics (6th ed.). John Wiley & Sons.
5. Bade, R., & Parkin, M. (2015). Foundations of Microeconomics (7th ed.). Pearson.
6. Koutsoyiannis, A. (2023). Modern Microeconomics (2nd ed.). Bloomsbury.
7. Varian, H. R. (2014). Intermediate Microeconomics: A Modern Approach (9th ed.). W.W. Norton & Co.
8. Perloff, J. M. (2015). Microeconomics (7th ed.). Pearson.
9. Jain, T. R., & Ohri, V. K. (2023). Principles of Microeconomics. VK Global Publications Pvt Ltd.
10. Goolsbee, A., Levitt, S., & Syverson, C. (2016). Microeconomics (2nd ed.). Worth Publishers.
11. Samuelson, P. A., & Nordhaus, W. D. (2013). Microeconomics (19th ed.). McGraw-Hill Education.
8. Attendance Policy: Same as per guidelines provided by School of Management, Mahindra University.
Note that students with less than 75% overall attendance in the course will not be allowed to sit in the
major/minor exams.
9. Database/Software requirements (if applicable): None
10. Course Evaluation Criteria:
S. No. Component Weightage (%) Corresponding Learning Outcomes
1 Minor exam 30 1, 2 & 3
2 End semester exam (Major) 40 1, 2 & 3
3 In class quizzes 20 1, 2 & 3
4 Class participation 10 1, 2 & 3
Total 100

11. Grading:
As per the policy of Mahindra University - School of Management, a student will be graded on his/her
performance relative to other members of the class. A student can get any of the eight grades based on his/her
performance in the class. The grading scheme is as follows:

Marks (%) 90-100 80-89.98 70-79.98 60-69.98 50-59.98 45-49.98 40-44.98 0-39.98
Grade A+ A B+ B C+ C D F

The letter grades: A+, A, B+, B, C+, C and D are considered as passing grades; students who are awarded
any of these grades in a course, acquire the corresponding number of credits allotted to the course. The letter
grades F is considered as failing grade; students who are awarded this grade in the course, do not acquire the
corresponding number of credits allotted to the course; such students must take up a supplementary
examination to get a passing grade.

12. Class Participation:

The marks will be allocated as per the following criteria:
• Frequency of participation in classroom discussion/response to the questions.
• Percentage of attendance in the course.

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13. Doubt Clearing Sessions:
Students who face difficulties in understanding the course content can meet the instructor for help on every
Monday and Tuesday (11:00 AM to 12:30 PM). Note that these sessions are optional and do not carry marks
for attendance. Only those students who are struggling in the course need to attend such sessions.

14. Class Rules:

1) Come to class on time. Late entry to the class will not be allowed.
2) Use of cell phones is strictly prohibited during class. If you bring cell phones to class, keep them on
flight mode.
3) Laptops are acceptable if they are used for classroom discussions or activities as called forth by the
instructors.
4) All the students are expected to be active and involved during the whole class.
5) Prolonged side discussions will not be tolerated during class as they would distract others from the
learning. Anyone who persists in disrupting the class will be asked to leave the classroom immediately.
6) Compromise with the academic integrity while working on or submitting the assignments will not be
entertained.
7) All deadlines & schedule pertaining to CIA/assignment submission must be adhered to.
There will be no make-up exams, homework assignments, or extra-credit opportunities outside the
above-mentioned course evaluation components. It is expected that you conform to the above grading
protocols. If emergencies arise, it is expected that you meet the instructor during office hours or by
appointment via email to work-out a realignment of the grading protocol. There will be no realignment of the
grading protocol for any student unless it is due to an unforeseen emergency and adequately supported with
verifiable document proof.

15. Session wise details:

Week Lecture Topic Textbook Chapter

Module I: Introduction and Preliminaries
1 Introduction to Microeconomics Experiential
1
2 Foundational microeconomic concepts Chapter 1
3 Scarcity, choice, and opportunity cost Chapter 2
2
4 Production possibility frontier; Economic systems Chapter 2
Module II: Demand, Supply and Market Equilibrium
5 Concept of demand Chapter 3
3
6 Determinants and exceptions to the law of demand Chapter 3
7 Concept of supply; Determinants of supply Chapter 3
4
8 Determination of market equilibrium Chapter 3
9 Concepts of elasticity Chapter 5
5
10 Concepts of elasticity (Cont.) Chapter 5
Module III: Consumer Behaviour
6 11 Consumer choice and budget constraint Chapter 6

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 12 Concept of utility; Utility maximization rule Chapter 6
13 Indifference curves Chapter 6
7
14 Indifference curves (Cont.); Utility-maximizing equilibrium Chapter 6
Module IV: Theory of Production
15 The behaviour of profit-maximizing firms Chapter 7
8
16 Production process; Production functions Chapter 7
17 Production functions (Cont.); Isoquants Chapter 7
9
18 Isocosts; Finding least-cost combination Chapter 7
19 Costs in the short-run and their relationships Chapter 8
10
20 Long-run costs: Economies and diseconomies of scale Chapter 9
Module V: Market Structures and Equilibrium
21 Perfect competition Chapters 8 & 9
11
22 Monopoly Chapter 13
23 Degrees price discrimination Chapter 13
12
24 Monopolistic competition Chapter 15
25 Introduction to Game Theory Chapter 14
13
26 Introduction to Game Theory (Cont.) Chapter 14
27 Market failure Chapter 16
14
28 Preparatory lecture for final exam

Note: Given the length and breadth of the syllabus that needs to be covered, it is anticipated that some of
the tutorial hours will be converted as lecture hours or used for conducting quizzes. The attendance will be
made mandatory for such tutorial-converted-lecture hours.

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