Microeconomics

PRE-REQUISITES: Knowledge of Calculus (High school level) and Microsoft Excel.

INTENDED AUDIENCE: Students of Economics, Commerce, or Management degree programs.

INDUSTRIES APPLICABLE TO: Any industry that would like to educate their staff on the basics of Economics.

COURSE OUTLINE: Microeconomics: Theory & Applications is designed as a postgraduate 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 is one of the courses that students take in their 1st semester coursework in M.S./M.A. economics program. For students registered in M.Com./M.B.A. program, Microeconomics may be the only course they take in economics, and it provides a solid foundation for economic thinking that can be useful throughout their professional careers. This particular course is designed in such a way that it will provide a foundation for applied studies in economics, business, or public policy. That’s why this course has devoted some lectures on quantitative techniques which are useful in applied work. On the successful completion of this course, you will be able to use basic microeconomic theory and quantitative techniques to provide solutions to a number of real-life business and policy questions.

Intro - An Introduction to Microeconomics - Prof Vimal Kumar.
Lecture-01 What is Economics ?.
Lecture-02 Resources, Wants & Scarcity.
Lecture-03 Allocation, Command, Market and Mixed Economy.
Lecture-04 Individual.
Lecture-05 Rationality, Self Interest and Optimization.
Lecture-06 Branches of Economics.
Lecture-07 Introduction to Demand & Supply.
Lecture-08 Demand.
Lecture-09 Demand:Effect of Substitutes and Complements.
Lecture-10 Market Demand Function.
Lecture-11 Factors Affecting Demand.
Lecture-12 Supply and Market Supply.
Lecture-13 Supply: Effect of Substitutes and Complements.
Lecture-14 Factors Affecting Supply.
Lecture-15 Market Equilibrium.
Lecture-16 Few Examples.
Lecture-17 Application: Price Control.
Lecture-18 Consumer Surplus.
Lecture-19 Producer Surplus.
Lecture-20 Total Surplus.
Lecture-21 Effect of Price Control on Surplus.
Lecture-22 Implications of Market Equilibrium.
Lecture-23 Price Elasticity of Demand.
Lecture-24 Elastic, Inelastic and Unit- elastic Demand.
Lecture-25 Perfectly Elastic and Perfectly Inelastic Demand.
Lecture-26 More on Elasticity.
Lecture-27 Factors Affecting Price Elasticity of Demand.
Lecture-28 Effect of Taxation.
Lecture-29 Tax Imposed on Seller.
Lecture-30 Incidence of Tax.
Lecture-31 Incidence of Tax: Four Extremes.
Lecture-32 Incidence of Tax: Effect on Surplus.
Lecture-33 Towards Consumer Theory.
Lecture-34 Budget Line and Budget Set.
Lecture-35 Factors Affecting the Budget Line.
Lecture-36 Few Examples of Changes in Budget Line.
Lecture-37 Consumption Set.
Lecture-38 Convexity of Consumption Set.
Lecture-39 Describing Utility.
Lecture-40 Some Axioms.
Lecture-41 Preferences as a Mathematical Construct.
Lecture-42 Rationality in Real Life Vs. Rationality in Economics.
Lecture-43 More on Three Axioms of Rationality.
Lecture-44 Defining Utility Function.
Lecture-45 Ordinal Vs. Cardinal Utility.
Lecture-46 Properties of Preferences: Continuity.
Lecture-47 Indifference Set.
Lecture-48 Indifference Curve.
Lecture-49 Behavioural Assumption: More is Better.
Lecture-50 Properties of Preferences: Convexity.
Lecture-51 Marginal Rate of Substitution (MRS).
Lecture-52 DMRS and Convexity: Example.
Lecture-53 Summary.
Lecture-54 Utility Maximization.
Lecture-55 Utility Maximization: tangency criterion.
Lecture-56 More on Utility Maximization.
Lecture-57 Utility Maximization: Example.
Lecture-58 Example Revisited.
Lecture-59 Marginal Utility Vs. Marginal Rate of Substitution (MRS).
Lecture-60 Perfect Substitutes.
Lecture-61 Perfect Complements.
Lecture-62 An Example with Quasi Linear Preferences.
Lecture-63 Demand Revisited.
Lecture-64 Effect of Income on Quantity Demanded.
Lecture-65 Effect of Change in Price.
Lecture-66 Substitution Effect and Income Effect.
Lecture-67 Giffen Good.
Lecture-68 Expenditure Minimization as a Dual Problem of Utility Maximization.
Lecture-69 Marshallian and Hicksian Demand Function.
Lecture-70 Slutsky Equation.
Lecture-71 An Application: Subsidy Vs. Direct Benefit Transfer.
Lecture-72 Towards Producer Theory.
Lecture-73 Technology or Production Function.
Lecture-74 Isoquants.
Lecture-75 Few Axioms Related to Technology.
Lecture-76 Axioms/ Assumptions Continued.
Lecture-77 Production in Short Run.
Lecture-78 Average and Marginal Product of Labour (APL & MPL).
Lecture-79 More on APL and MPL.
Lecture-80 Law of Diminishing Marginal Returns.
Lecture-81 Production in Long Run.
Lecture-82 MRTS: Few Examples.
Lecture-83 Decreasing MRTS.
Lecture-84 Elasticity of Substitution.
Lecture-85 Returns to Scale.
Lecture-86 Elasticity of Scale.
Lecture-87 Economic Terminology: Opportunity Cost.
Lecture-88 Economic Terminology: Sunk Cost.
Lecture-89 Economic Terminology: Economic Profit and Accounting Profit.
Lecture-90 Diminishing Marginal Product Vs. DMRTS.
Lecture-91 Returns to Scale through Graphs.
Lecture-92 Cost in Long Run.
Lecture-93 Cost Minimization.
Lecture-94 Cost Minimization: Few Examples.
Lecture-95 Cost Minimization: Cobb-Douglas Production Function.
Lecture-96 More on Cost Minimization.
Lecture-97 Cost Function in the Long Run.
Lecture-98 Cost in Short Run: TC, FC and VC.
Lecture-99 Cost in Short Run: MC.
Lecture-100 Shape of Cost Curves.
Lecture-101 Factor Demand Function.
Lecture-102 Output Expansion Path.
Lecture-103 Cost Revisited: Quasi Fixed Cost.
Lecture-104 Cobb-Douglas Function: Cost and Returns to Scale.
Lecture-105 Short Run Vs. Long Run Cost Minimization.
Lecture-106 Short Run Vs. Long Run Cost Minimization Through Graphs.
Lecture-107 LRAC Vs. SRAC.
Lecture-108 Short Run Marginal Cost Vs. Long Run Marginal Cost.
Lecture-109 Profit Maximization.
Lecture-110 Marginal Revenue.
Lecture-111 Profit Maximization in Short Run Through Graphs.
Lecture-112 Profit Maximization in Short Run Through Algebra and Calculus.
Lecture-113 Market Environment.
Lecture-114 Perfectly Competitive Market.
Lecture-115 Supply Curve.
Lecture-116 An example obtaining the short run supply function.
Lecture-118 Profit maximization implies cost minimization.
Lecture-119 Producer’s Surplus Revisited.
Lecture-120 Profit Maximization and Returns to Scale.
Lecture-121 Short Run Supply Vs. Long Run Supply.
Lecture-122 Long Run Equilibrium and Supply Function.
Lecture-123 Introduction to Monopoly.
Lecture-124 Marginal Revenue of the Monopolist.
Lecture-125 Monopoly: Price Elasticity of the Demand and MR.
Lecture-126 Profit Maximization for the Monopolist.
Lecture-127 Inverse Elasticity Pricing Rule.
Lecture-128 Profit Maximization for the Monopolist through Graph.
Lecture-129 No Supply Function for Monopoly.
Lecture-130 Monopoly: Comparative Statics.
Lecture-131 Imposition of the Tax on the Monopolist.
Lecture-132 Welfare Effects of Monopoly Pricing.
Lecture-133 Price Discrimination.
Lecture-136 Introduction to Oligopoly.
Lecture-134 Monopoly: Example.
Lecture-135 Responses from Policy Makers.
Lecture-137 Nash Equilibrium.
Lecture-138 Cournot Model of Duopoly.
Lecture-139 Stackelberg Model of Duopoly.
Lecture-140 Bertrand Model of Duopoly.
Lecture-141 Market Environment: Comparison Table.