Course Description
Course Starting from 1st October 2024
Recorded Lectures
Past Year Paper & Solutions
Doubt Sessions
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Budget Line Basics
Cartel and Quantity War
Cost Curves
Monopoly Example
Perfect Compliment
Production Function Basics
MicroEconomics I Syllabus
Unit 1.1
Unit 1.2
Unit 1.3
Unit 1.4
Unit 1.5
Unit 1.1
Exploring the subject matter of Economics
- Scope and Method of Economics: Wants, Scarcity, Competing Ends and Choice – Defining Economics, Thinking like an economist: Basic Economics Questions, Households and firms, Demand and Supply, Basic concepts of Utility, basic concepts of production, Production function, Definition of Average and Marginal Product, Microeconomics and Macroeconomics, Normative Economics and Positive Economics.
- Principles of Microeconomics – principles of individual decision making and principles of economic interactions – trade off, opportunity cost, efficiency, marginal changes and cost-benefit, trade, market economy, property rights, market failure, externality, and market power.
- Interdependence and the Gains from Trade – production possibilities frontier and increasing costs, absolute and comparative advantage, comparative advantage and gains from trade.
Unit 1.2
Utility Theory
(Focus on intuitive explanation and diagrams. Learning to analyze without using calculus is a must.)
- Cardinal and Ordinal Approach.
- Utility in Cardinal Approach – Utility and choice, Total Utility and Marginal Utility, Utility and choice-maximization, marginal utility, theory of demand.
- Ordinal utility: Assumptions on preference ordering, Indifference curve (IC), Marginal rate of substitution and convexity of IC, Budget constraint, Consumers’ equilibrium – interior and corner.
Unit 1.3
Demand and Supply: How Markets Work
- Elementary theory of Demand: Factors influencing household demand and market demand, the demand curve, movement along and shift of the demand curve.
- Elementary theory of Supply: Factors influencing supply, the supply curve, movement along and shift of the supply curve.
- The Elementary theory of market price: Determination of equilibrium price in a competitive market.
Unit 1.4
Market and Adjustments
- The Evolution of Market Economies, Price System and the Invisible Hand.
- The Decision-takers – households, firms, and central authorities.
- The Concepts of Markets – individual market, separation of individual markets, interlinking of individual markets. Difference among markets – competitiveness, goods and factor markets, free and controlled markets. Market and non-market sectors, public and private sectors, economies – free market, command and mixed.
- Different goods: Public goods, Private goods, Common resources, and Natural Monopolies.
Unit 1.5
Market Sensitivity and Elasticity
- Importance of Elasticity in Choice-Decisions.
- Method of Calculation – Arc Elasticity, Point Elasticity – definition.
- Demand and Supply Elasticities – types of elasticity and factors affecting elasticity, Demand Elasticity and Revenue, Long-run and Short-run elasticities of Demand and Supply.
- Income and Cross Price Elasticity.
- Applications: Case studies – OPEC and Oil Price.
Learning Objectives
- Understand Key Economic Concepts: Students will be introduced to fundamental economic concepts, such as scarcity, choice, utility, demand, and supply. They will learn how households and firms make decisions in the context of limited resources.
- Explore Market Mechanisms: Students will explore how markets operate under different conditions, examining demand and supply interactions, price determination, and the role of elasticity in economic decision-making.
- Analyze Consumer and Producer Behavior: Students will learn different approaches to utility (Cardinal and Ordinal) and explore consumer choice, indifference curves, and budget constraints.
- Investigate Market Structures: Students will study various market structures and their impact on price and output decisions, particularly focusing on competitive markets.
- Apply Microeconomic Principles to Real-world Scenarios: Through case studies and practical examples, students will connect theoretical microeconomic concepts to real-world applications, such as market failures and government interventions.
Learning Outcomes
- Grasp of Economic Fundamentals: Students will demonstrate a clear understanding of core economic principles, including how individuals and firms interact in markets.
- Ability to Analyze Market Functions: Students will be able to explain how markets allocate resources, determine prices, and achieve equilibrium in competitive settings.
- Enhanced Analytical Skills: By applying concepts such as elasticity, marginal analysis, and consumer equilibrium, students will develop analytical skills to evaluate market behavior.
- Application of Consumer Theory: Students will apply consumer theory to understand how preferences, budget constraints, and choices influence market demand and consumer equilibrium.
- Critical Evaluation of Market Efficiency: Students will be able to evaluate the efficiency of competitive markets and the potential for market failures, including externalities and public goods.
Examination Scheme
Total Marks: 75
Samkith Banthia
ISI Alumnus | Eco(H) St Xaviers Kolkata | FRM from GARP | Formerly with Barclay's Bank
Samkith Sir, an alumnus of ISI, transitioned from a successful banking career to pursue his passion for teaching and mentoring aspiring students. With expertise in mathematics and a nurturing demeanor, he stands out as a premier educator, dedicated to guiding students towards academic excellence.
Mahima Banthia
DSE Alumnus | Eco(H) SRCC Delhi | Former Lecturer St Stephen’s College Delhi | NET qualified
In Mahima Ma’am’s class at EduSure, we prioritize logical reasoning and emphasize conceptual understanding, ensuring mastery of macroeconomics. Mahima Ma’am, also handling administrative responsibilities at EduSure, is dedicated to providing the highest quality service to every student.
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