Weekly Study Plan
Week Module Title of Lesson/Module
1 1 Introduction to Economics
2 Principles of Economics
3 Scarcity and Choices
Production Possibility Frontier
4 Micro and Macro Economics
Meaning, Difference and Interdependence; Methodology of Economics
2 5 Law of Demand
Law of Demand, Demand Curve, Demand Schedule, Individual and Market Demand Curve. Exceptions of Law of Demand.
6 Movement and Shifts in Demand
Movement along a Demand Curve and Shifts in Demand Curve. Factors affecting Demand.
7 Elasticity of Demand
Concept and Different types of Price Elasticity of Demand, Measurement of Price Elasticity. Total revenue and Price Elasticity.
8 Income and Cross Elasticity
3 9 Consumer Behavior: Cardinal Utility Analysis -I
Meaning of Utility, Law of Diminishing Marginal Utility, Relationship between Marginal, Total Utility. Principle of Equi-Marginal Utility
10 Cardinal Utility Analysis -II
Principle of Equi-Marginal Utility, Critical evaluation of Cardinal Approach
11 Consumer Behavior: Ordinal Utility Analysis
Consumer Preferences, Assumptions, Indifference Curve, Indifference Map, Marginal Rate of Substitution, Properties of Indifference Curve, Non Normal cases of Indifference Curve
12 Ordinal Utility Analysis-II
Budget Line, Consumer Equilibrium (Necessary and Sufficient Condition), Corner Solutions, Substitutes and Complimentary Goods.
4 13 Income and Substitution Effect
Income Consumption Curve & Engel curve
14 Price, Income and Substitution Effect
Price Consumption Curve, Breaking up Price Effect
15 Application Indifference Curve
Cash Subsidy vs Kind Subsidy,
16 Revealed Preference Theory
5 17 Factors of Production
Meaning and Classifications of Factors of Production.
Production Function: Relationship between Inputs and Outputs.
18 Law of Variable Proportion,
Three stages of Law of Variable Proportion, Applicability of Law of Diminishing Returns
19 Production Function with Two Variables
Production Isoquants, Marginal rate of Technical Substitution, Economic Region of Production, Properties of Isoquants,
20 Optimum Factor Combination & Return to Scale
Iso-Cost Line, Optimal Combination of Resources, Cobb-Douglas Production Function, Returns to Scale
6 21 Introduction to Cost Analysis
22 Cost of Production
Concept of Cost, Social & Private costs, Short run Cost- Total, Average and Marginal Cost Curves. Learning Curve.
23 Cost of Production
Long run Cost Curves. Learning Curve.
24 Market Structure
Meaning of Market and Classification of Markets
7 25 Concept of Revenue
Concepts of revenue: Marginal and Average: Revenue under conditions of Perfect and Imperfect Competition
26 Firm: A General Analysis
Equilibrium of the Firm
27 Perfect Competition -I
Meaning and condition of Perfect Competition. Equilibrium of the firm. Producer surplus.
28 Perfect Competition-II
Industry Equilibrium, Industry’s long run supply curve
8 29 Stability Analysis
Demand- Supply Equilibrium: Walrasian and Marshallian.
30 Application of Demand - Supply Analysis
Impact of taxes and subsidy
Meaning and Conditions of Monopoly. Causes of Monopoly.
32 Price and Output Equilibrium under Monopoly
9 33 Monopoly -II
Shifts in demand curve and the absence of the supply curve The social costs of monopoly power including Deadweight loss.
34 Price Discrimination
Degrees of Price Discrimination
35 Monopoly Power
Measurement of Monopoly Power, Rule of thumb for pricing.
36 Horizontal and Vertical Integration of Firm
10 37 Imperfect Competition
Monopolistic and Oligopoly. Product Differentiation and Monopolistic Competition. Characteristics of Monopolistic Competition.
38 Monopolistic Competition-I
Price and Output Equilibrium
39 Monopolistic Competition-II
Selling Costs and Advertising. Optimum level of Advertising Outlay. Monopolistic Competition and economic efficiency
Characteristics of Oligopoly, Oligopoly and Interdependence
11 41 Collusive Oligopoly
Cartel as a Cooperative Model
42 Price-Leadership Model
Price Leadership by dominant firm
43 Kinked Demand Curve Theory of Oligopoly
44 Prisoners’ Dilemma and Oligopoly Theory
12 45 Sales Maximization Model of Oligopoly Firm
46 Classical Model of Oligopoly
Cournot’s Duopoly Model, Stackelberg model
47 Contestable markets Theory
48 Pricing Public Utilities