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