Week 1: How Markets Work?
• What is Economics
• Microeconomics and Macroeconomics
• Why should students of Business learn Microeconomics
• Market Economies
• Production Possibility Frontier
• The Demand Curve
• Factors that Affect Demand
• The Supply Curve
• Factors that affect Supply
Week 2: Demand, Supply and Equilibrium
• The Equilibrium
• Divergence from the Equilibrium Price
• Effects of changes in business environment on the equilibrium
• Price Elasticity of Demand and Supply
• Income Elasticity and Cross Price Elasticity
Week 3: Production and Cost
• The Production Function
• Behaviour of Average and Marginal Products
• Law of Diminishing Returns
• Productivity in the Long Run
• Scale and Scope of Production
• Costs of Different types
• Behaviour of average and marginal costs
• Relationship between costs and productivity
• Costs in the long run
Week 4: Markets - Part 1
• Markets of Different types
• Perfectly Competitive Market
• Profits in a perfectly competitive Market
• Perfect competition in the long run
• Monopoly
• Profits in a monopolistic market
• Sources of Monopoly Power
• The Multi-product firms
• Monopolistic Competition
Week 5: Markets - Part 2
• Oligopoly
• Different Models of Oligopoly
• Why do markets Fail
• Game Theory: a strategic understanding
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