Microeconomics is the study of the allocation of scarce resources among individuals.
Economic theories are based on the assumption that individuals as well as firms have well
defined objectives; utility maximization for individuals and profit maximization for firms
and they act systematically according to the incentives and constraints of their economic
environment. It is this framework that allows the economist to gain a fundamental
understanding of the human puzzle in an economic setting. This course in the
fundamentals of economics covers consumer theory, producer theory as well as the
market structures through which individuals and firms interact.
INTENDED AUDIENCE: Undergraduate Economics Students, Professionals from other stream interested in learning Economics
CORE/ELECTIVE: Core
UG/PG: PG
PREREQUISITES: Class 12 level maths
INDUSTRY SUPPORT:All Banking Enterprises
2054 students have enrolled already!!
ABOUT THE INSTRUCTOR:
After receiving a Ph.D. in Economics from University of California Irvine in 2008, Vimal
Kumar worked in the research division of a multinational firm called Watson Wyatt Worldwide
for a year. In June 2009, he joined Indian Institute of technology Kanpur. Initially, he worked
as an Assistant Professor of Economics and was promoted to Associate Professor in 2015.
COURSE LAYOUT:
Week 1 : What is Economics, Demand, Supply, Equilibrium, Change in Supply and Demand, Elasticity
Week 2 : Comparative Statics, Consumer Theory, Preferences, Utility Maximization, Substitution and Income Effect, Fiffin Goods
Week 3 : Compensated Demand, Producer Theory, Type of Firms, Production functions and Isoquants, Factor Substitutions, Return to Scale and Economies of Scale Week 4 : Cost Curves, Cost Functions, Cost Minimization, Profit Maximization, Market Structures, perfect and Imperfect Markets Week 5 : Perfectly competitive firm, Monopoly, Market Power, Price discrimination, Taxation, Introduction to Game Theory Week 6 : Cost Curves Week 7 : Market Environment 1,Perfectly Competitive Market,Short Run vs. Long Run Week 8 : Equilibrium Analysis,Social Surplus,Dead weight Loss Week 9 : Market Environment 2- Monopoly,Profit Maximization Week 10: Price Discrimination,First Degree,Second Degree,Third Degree Week 11: Introduction to Game Theory,Nash Equilibrium Week 12: Market Environment 3- Oligopoly,Cournot Game,Bertrand Game
SUGGESTED READING MATERIALS:
• Robert S. Pindyk and D.L. Rubinfeld,Microeconomics, Edition: 6, Paperback
(Special Indian Edition), Pearson Education India
• Hal R. Varian, Intermediate Microeconomics : A Modern Approach,Edition 7, Paperback (Special Indian
Edition), Affiliated East West.
Time of Exam: Morning session 9am to 2 noon; Afternoon session: 2pm to 5pm
Registration url: Announcements will be made when the registration form is open for registrations.
The online registration form has to be filled and the certification exam fee needs to be paid. More details will be made available when the exam registration form is published.
CERTIFICATION:
Final score will be calculated as : 25% assignment score + 75% final exam score
25% assignment score is calculated as 25% of average of Best 8 out of 12 assignments
E-Certificate will be given to those who register and write the exam and score greater than or equal to 40% final score. Certificate will have your name, photograph and the score in the final exam with the breakup.It will have the logos of NPTEL and IIT Kanpur.It will be e-verifiable at nptel.ac.in/noc.
