Microeconomics with EduSure
Microeconomics it is a branch of economics that focuses on the behavior of individual consumers, firms, and markets. It examines how these economic actors make decisions and interact within specific markets or industries.
Objective ( Microeconomics ) :-
The purpose of this course in microeconomics is to familiarize students with the fundamental concepts of microeconomic theory, focusing on consumer behavior and the supply side of markets through the production and cost behavior of firms.
Course Units ( Microeconomics )
Unit I: Demand and Consumer Behavior ( Microeconomics )
- Concept of Demand: Understanding the demand function, the law of demand, and how to derive individual and market demand curves. This unit explores how changes in determinants can shift the demand curve and delves into different elasticities of demand, including price, income, cross, and promotional elasticity.
- Consumer Behavior Analysis:
Marshallian Utility Approach: Examines how consumers make choices based on utility maximization.
Indifference Curve Approach: Analyzes consumer equilibrium, price consumption curves, income consumption curves, and how consumers react to price changes through substitution and income effects.
Detailed Overview
- Concepts of Revenue: TR, AR and MR
- Relationship between AR (Demand Curve) and MR curve under Perfect competition
- Relationship between AR(Demand curve) and MR curve under imperfect competition
- Significance of the Concept of Revenue
- Demand-Concept
- Determinants of Demand
- Law of Demand
- Market Demand
- Shift in Demand
- Elasticity of Demand – concept
- Price Elasticity of Demand
- Income Elasticity of Demand
- Cross Elasticity of Demand
- Promotional Elasticity of Demand
- Concept of Indifference Curve and Marginal Rate of Substitution
- Properties of Indifference Curve
- The Budget Line or Price Line
- Consumer’s Equilibrium under IC Analysis
- Price consumption curve and Price elasticity
- Income Consumption Curve and Engle Curve
- Price Change and Income and Substitution Effects
- Derivation of Individual Demand Curves from IC
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Unit II: Production and Cost ( Microeconomics )
- Production Function: Distinguishes between short-run and long-run production functions, exploring total, average, and marginal products. It covers concepts like the law of returns to a variable factor, isoquants, and iso-cost lines.
- Cost Analysis:
Examines accounting and economic costs, social and private costs, and the relationship between average and marginal costs. It also discusses short-run and long-run cost curves, emphasizing their implications for firm behavior.
Detailed Overview
- Production Function
- Production Function with one Variable Input (SRPF)
- Production Iso-quants & Marginal Rate of Technical Substitution
- Iso-cost Line
- The Optimal Combination of Resources (Producers Equilibrium –LRPF)
- The Expansion Path
- Economic Region of Production
- Returns to Scale –Concept
- Returns to scale using Iso-quant
- Cost of Production: Social and private costs of production
- Short run Cost and Cost Curve
- Long run Average Cost Curve and its implications.
Unit III: Perfect Competition ( Microeconomics )
- Characteristics of Perfectly Competitive Markets: Discusses the assumptions of perfect competition, conditions for profit maximization, and the relationships between total revenue (TR), average revenue (AR), and marginal revenue (MR).
- Equilibrium Analysis:
Analyzes short-run and long-run equilibrium for firms and industries, including the determination of the short-run supply curve and measuring producer surplus under perfect competition.
Detailed Overview
- Demand Curve of a Firm
- Supply Curve of Firm and Industry-Short run and Long-run
- Equilibrium of the firm in Short-run
- Equilibrium of the Industry in Short-run
- Equilibrium of the firm in Long-run
- Equilibrium of the Industry in Long-run
- Measuring producer surplus under perfect competition
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Unit IV: Imperfect Competition ( Microeconomics )
- Monopoly: Explores the concept of monopoly, sources of monopoly power, and the short-run and long-run equilibrium of a monopoly firm. It discusses price discrimination and the social costs associated with monopoly.
- Monopolistic Competition and Oligopoly:
Examines the features of monopolistic competition and provides examples. It also delves into oligopoly, discussing non-collusive oligopoly (e.g., Sweezy’s kinked demand curve model) and collusive oligopoly (e.g., cartels).
Detailed Overview
- Short-Run Equilibrium under Monopoly
- Long-Run Equilibrium under Monopoly
- Absence of the Supply Curve in Monopoly
Effect of Shifts in the demand curve in Monopoly
Effect of the change in cost
Measurement of monopoly power and the rule of thumb for pricing,
Horizontal and vertical integration of firms
Differences between Monopoly and Perfect Competition
Imperfect Competition
Monopolistic competition
Equilibrium of a firm (Short-run)
Equilibrium of a Group (long-run) and economic efficiency
Oligopoly: Concept
Oligopoly and Interdependence (Kinked Demand Curve)
Basic concept of Game Theory
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ISI
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