Micro economics

By Dr. M. Vasim Khan | School of Economics, DAVV

Learners enrolled: 378

Micro Economics is all about how individual actors make decisions, how supply and demand determine prices, how companies think about competition and determines the prices. All in all, this course enables students to understand the basics of economics particularly how economic agents - individuals and firms make rational decision in an economy. It is not only one subject of an overall curriculum, but, it is a fundamental and rudimentary for understanding advanced and hard core economic subjects like Macro Economics, International Economics, Welfare Economics, Mathematical Economics and Econometrics.

The whole syllabus of Micro Economics in this MOOC has been presented in five parts: Introduction to Economics; Demand Analysis; Consumer Behavior; Production Function and Cost Analysis; and Market Structure -Competitive & Non-Competitive Markets in total 48 modules. The first part, Introduction to Economics gives overview of major ideas of Economics comprising definitions of Economics, Principles of Economics. It also imparts nature and scope of Micro Economics, Interdependence between Micro & Macro Economics, and brief introduction about methodology of Economics. Second section covers a detailed study of Demand. It introduces the crucial assumption of Micro Economics i.e. ceteris paribus in Law of Demand. It also explores factors causing movements along the curve and shifts in the curve, and concept of various types of demand elasticity. Third part focuses on Consumer Behaviour which deals with the law of demand and consumer equilibrium with the help of utility analysis and indifference analysis. The Fourth section Production Function and Cost Analysis explicates about the most important economic agents: the producer (a company or firm)- who is responsible for creating the production function (output) and is subject to various cost measures. It also discusses how and why a firm's costs may differ in the short run and the long run. Lastly, fifth section Market Structure: Competitive & Non-Competitive Markets explains different type of market structure especially perfect (pure competition), imperfect competition (monopolistic competition and oligopoly), and monopoly. It also briefly discusses game theory, under prisoner's dilemma model and the Nash equilibrium. All in all, this course helps in better understanding of real-life situations. It will enable learners to think like an Economist.

Summary

Course Status :	Ongoing
Course Type :	Core
Duration :	12 weeks
Category :	Humanities and Social Sciences
Credit Points :	5
Level :	Undergraduate
Start Date :	11 Jan 2024
End Date :	30 Apr 2024
Enrollment Ends :	29 Feb 2024
Exam Date :	19 May 2024 IST
Exam Shift :	Shift - I

Note: This exam date is subjected to change based on seat availability. You can check final exam date on your hall ticket.

Page Visits

Course layout

Week	Module No.	Title of Module
1	1.	Introduction to Economics
	2.	Principles of Economics
	3.	Scarcity and Choices
	4.	Introduction to Economics
	5.	Law of Demand
2	6.	Shift in the Demand
	7.	Elasticity of Demand Part-1
	8.	Elasticity of Demand Part-2
	9.	Concept and Law of supply
	10.	Elasticity of Supply
3	11.	Consumer Behavior - Cardinal Utility Analysis
	12.	Law of Equi-Marginal Utility
	13.	Consumer Behaviour- Ordinal Utility Analysis Part - 1
	14.	M12 Consumer Behaviour - Ordinal Utility Analysis Part - 2
	15.	Income Consumption Curve
4	16.	Price, Income & Substitution Effect
	17.	Applications of Indifference Curve
	18.	Revealed Preference Theory
	19.	Factors of Production
	20.	Production Function & Law of Variable Proportion
5	21.	Iso Quant Curve
	22.	Producer’s Equilibrium with the help of Iso cost line and Iso quant curve
	23.	Concept of Cost
	24.	Short run Cost
	25.	Long run cost Curves
6	26.	Concept of Market
	27.	Concept of Revenue
	28.	Firm A General Analysis
	29.	Perfect Competition part-1
	30.	Perfect Competition part-1
7	31.	Applications of demand and supply analysis Part-1
	32.	Applications of demand and supply analysis Part-2
	33.	Monopoly
	34.	Price and Output Equilibrium under Monopoly
	35.	Absence of Supply Curve Monopoly
8	36.	Price Discrimination
	37.	Monopoly Power
	38.	Horizontal and Vertical Integration of Firms
	39.	Imperfect competition
	40.	Monopolistic Competition Part - 1
9	41.	Monopolistic Competition Part - 2
	42.	Oligopoly
	43.	Collusive Oligopoly
	44.	Price Leadership Model
	45.	Kinked Demand Curve Theory of Oligopoly
10	46.	Sales Maximization Model of Oligopoly Firm
	47.	Classical Model of Oligopoly Part-1
	48.	Classical Model of Oligopoly Part-2
	49.	Game Theory
	50.	Prisoners’ Dilemma and Strategic Moves
11	51.	Welfare Economics 1: Pareto optimality
	52.	Welfare Economics 2: Kaldor Hicks and Scitovsky
	53.	Market failures and it’s sources
	54.	Case study 1: Microeconomics
	55.	Case study 2: Microeconomics
12	56.	Revision 1: Important concepts of Microeconomics
	57.	Revision 2: Important concepts of Microeconomics
	58.	Revision 3: Important concepts of Microeconomics
	59.	Revision 4: Important concepts of Microeconomics
	60.	Revision 5: Important concepts of Microeconomics

Books and references

I- Reference Books

1. Advanced Economic Theory- Micro Economic Analysis, H L Ahuja, S Chand Publication, ISBN: 978-93-525-3332-9

2. Modern Microeconomics, A. Koutsoyiannis, Palgrave Macmillan, ISBN: 9780333778210, 9780333778210

3. Principles of Economics, Richard G. Lipsey, K.Alec Chrystal, Oxford University Press, ISBN-10‏ : 9780198775881, ISBN-13 ‏: 978-0198775881

4. Microeconomics, D. N. Dwivedi, Vikas Publishing House, ISBN-10 ‏:9325986701; ISBN-13 ‏ : ‎ 978-9325986701

5. Microeconomics, Paul A. Samuelson and William D. Nordhaus, McGraw Hill, ISBN-13: 978-1-25-909744-7; ISBN-10: 1-25-909744-7

6. Microeconomics, Stephen L. Slavin, McGraw Hill, ISBN-13: 978-93-392-0467-9; ISBN-10: 93-392-0467-0

7. Managerial Economics Theory and Applications, D.M. Mithani, Himalaya Publishing House, ISBN: 9789351420071, 9351420078

8. Microeconomic Theory, Dominick Salvatore, Oxford, ISBN-13: 978-0-07-058938-4; ISBN-10:0-07-058938-0

9. Principles of Microeconomics, Dominick Salvatore, Oxford, ISBN-13: 978-0-19-806230-1; ISBN-10: 0-19-806230-3

10. Managerial Economics, Geetika, Piyali Ghosh, Purba Roy Choudhury, McGraw Hill, ISBN-13: 978-93-87067-62-2; ISBN-10: 93-87067-62-9

II- Online Reading Materials

1. Your Article Library - https://www.yourarticlelibrary.com/economics/

2. Economics Discussion Online- https://www.economicsdiscussion.net/notes/study-notes-on-economics/

3. Kalyan Sharing Wisdom Blog - https://kalyan-city.blogspot.com/search/label/Economics

4. Lumen Learning - https://lumenlearning.com/courses/microeconomics/

5. Study.com - https://study.com/academy/lesson/economic

6. Inomics (The Site for Economists) - https://inomics.com/

Instructor bio

Dr. M. Vasim Khan

School of Economics, DAVV

Dr. M. Vasim Khan is Assistant Professor (Senior-Grade) of Economics & Management at School of Economics, Devi Ahilya University, Indore since 2007. He has more than 15 years of teaching and research experience. He teaches core economics (Macro Economics, International Economics, Mathematical Economics) and applied research (Quantitative techniques and Applied Econometrics) subjects. His specialization is in Developmental Economics, Qualitative Research Methods and Applied Econometrics, in which he got awarded with Research Recognition Award 2020 for securing Highest Score in Research Performance in the State University.

He got awarded by the National Award for Excellence in Education 2021 and also received many Best Research Paper Awards in various National and International Conferences.

He is also Departmental Coordinator of UGC–CPEPA. Currently, he is the Project Director of ICSSR (MHRD Ministry) sponsored Major Research Project. This project is identified as the Novel and Path Breaking Research Proposals (Areas Unexplored). Besides it, he had also completed one Research Project successfully.

He is also the MOOC Coordinator (UGC, New Delhi) for the Subject Micro Economics. Apart from all these, He has number of publications in referred National and International Journals. He is Associated Editor of Journal of Madhya Pradesh Economic Association (MPEA) and esteemed member of editorial board of UGC Approved Amity Journal of Economics (AJECO). He is notified Resource Person at MSME-DI, Indore, Ministry of MSME, Govt. of India and He also takes lectures in the capacity of Resource Person in various Research Methodology, Economics related workshops, Refresher Course and FDP’s.

Course certificate

The course is free to learn. Interested Learners can enroll and learn the course for free.

If You wish to get certified on this course you must register and write the proctored exam after payment of exam fee.
The exam is conducted by National Testing Agency (NTA) in various exam centres across India.
30 % will be allocated for Internal Assessment and 70 % will be allocated for external proctored examination.
A minimum 40 % passing marks are needed in internal AS WELL AS external for being eligible for certificate.

Exam pattern:
Computer Based Test (CBT)
50 MCQs

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