Intermediate Microeconomics - II

By Jyoti Khumanthem | Asst. Prof. Department of Economics, M.B. College, Manipur

Learners enrolled: 148

Intermediate-Microeconomics-2 constitutes one of the basic pillars of economics. This course is a sequel to Intermediate Microeconomics-I. In this course, the students are introduced to the long run dynamic issues like growth and technical progress. It also provides the micro-foundations to the various aggregative concepts used in the previous course. It studies the theoretical foundation of the economic behaviour of the economic units, i.e., consumers, business firms and resource owners.

This course has 4 units . In Unit-1 we will study about General Equilibrium, in Unit-2 we will study about Market Structure, Game Theory, Efficiency and Welfare, in Unit 3 we will study about market failure, and in the last Unit i.e., Unit 4 we will study about Asymmetric Information.

The main objectives of this course are to enable the learners to understand about the General equilibrium, Efficiency and Welfare, Market Failure and Asymmetric Information.

After successful completion of the course, the learners will be able to explain about the General Equilibrium, Efficiency and Welfare. They will be able to explain about Asymmetric Information, Market Signalling and Moral Hazard.

This course is divided into four units comprising 40 modules. Each module will include descriptive videos, text materials, glossary, FAQs, reading references, quizzes and assignments.

Summary

Course Status :	Upcoming
Course Type :	Core
Language for course content :	English
Duration :	15 weeks
Category :	Economics
Credit Points :	5
Level :	Undergraduate
Start Date :	13 Jan 2025
End Date :	30 Apr 2025
Enrollment Ends :	28 Feb 2025
Exam Date :	17 May 2025 IST
NCrF Level	5.0
Industry Details :	Teaching, Development Industry, Economy
EXAM SHIFT :	II

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

Page Visits

Course layout

WEEK 1

The Walrasian System-the two factors, two commodities, two consumers

General Equilibrium System( 2x2x2 model)

Equilibrium and Efficiency Under Pure Exchange and Production

Static Properties of a General Equilibrium State

WEEK 2

General Equilibrium and Allocation of Resources

Prices of Commodities and Factors

Factor Ownership and Income Distribution

Welfare Economics

WEEK 3

Monopoly Market

Pricing with Market Power

Price Discrimination

Peak-load Pricing

WEEK 4

Two-Part Tariff

Monopolistic Competition

Oligopoly

Game Theory and Competitive Strategy

WEEK 5

Overall Efficiency

Criteria of Social Welfare

Pareto Optimal Criterion

Monopoly as an Obstacle to the Attainment of Pareto Optimality

WEEK 6

The Kaldor-Hicks Compensation Criterion

The Bergson Criteria –Social Welfare Function

Welfare Maximization and Perfect Competition

WEEK 7

Externalities and Market Failures

Externalities and Public Goods

Externalities in Consumption

WEEK 8

Positive and Negative Externalities

Ways of Correcting Market Failure

Externalities and Property Rights

WEEK 9

Common Property Resources

Public Goods and Efficiency

Private Preference for Public Goods

WEEK 10

Public Goods Versus Private Goods

Government Intervention and Externalities

Public Goods and Market Failures

WEEK 11

Free Riders’ Problem

Public Goods and Pareto Optimality

Information Problem

WEEK 12

Markets with Asymmetric Information

Implication of Asymmetric Information

Adverse Selection

WEEK 13

Quality Uncertainty

Market of Lemons

Market Signaling

WEEK 14

A Model of Job Market Signaling

Guaranties and Warranties

Moral Hazard

WEEK 15

Moral Hazard and Allocative Efficiency

The Principal Agent Problem in Private Enterprises

The Principal Agent Problem in Public Enterprises

Books and references

Hal. R. Varian, 8th Edition, 2010, Intermediate Microeconomics, A Modern Approach, Springer (India) Pvt. Ltd. India.

H L Ahuja, 22nd Edition, Principles of Microeconomics, A New Look Textbook of Microeconomic Theory.

Instructor bio

Jyoti Khumanthem

Asst. Prof. Department of Economics, M.B. College, Manipur

Jyoti Khumanthem is an Assistant Professor in the Department of Economics at the Maharaja Budhachandra College, Imphal. She has teaching experience of 13 years. At present, she is pursuing her Ph.D in Economics on the topic “Economic Sustainability of Self-help Group in Manipur” at the Centre for Social Exclusion and Inclusive Policy, Manipur University. Her areas of interest are Development Economics, Microeconomics, etc. She has presented many papers in national and international conferences.