MICRO-ECONOMIC THEORY

1. Explain the basic concepts of microeconomics and consumer behavior.
2. Analyze consumer preferences and choices using utility theory and indifference curves.
3. Describe the characteristics of different market structures and their implications for pricing and output decisions.
4. Apply the principles of factor pricing and the theory of distribution.
5. Evaluate the efficiency and welfare effects of different market structures.
6. Understand the role of government in regulating monopolies and promoting competition.

13 weeks, about 30 hours in total. Yours will differ.

1. Week 1Module 1: Theory of Consumer Behaviour

   • Unit 1: Basic Concept of Consumer Behaviour · 2 hours

     Understand the basic assumptions of microeconomics and consumer rationality.. Define consumer behavior and its importance in economic analysis.. Explain the concepts of decisiveness, consistency, non-satiation, and convexity in consumer preferences..

2. Week 2Module 1: Theory of Consumer Behaviour

   • Unit 2: Utility Theory · 2 hours

     Define utility and explain the difference between cardinal and ordinal utility.. Calculate total utility and marginal utility from consumption data.. Understand the law of diminishing marginal utility and its implications for consumer choices..

3. Week 3Module 1: Theory of Consumer Behaviour

   • Unit 3: Utility Theory: Indifference Curve · 2 hours

     Define indifference curves and explain their properties.. Understand the concept of the marginal rate of substitution (MRS).. Analyze consumer preferences using indifference curves and budget constraints..

4. Week 4Module 1: Theory of Consumer Behaviour

   • Unit 4: Budget Constraint · 2 hours

     Define budget constraint and explain its role in consumer choice.. Understand the concept of relative price and its impact on consumption decisions.. Describe the concept of revealed preferences and consumer surplus..

5. Week 5Module 2: Market Structures 1

   • Unit 1: Overview of Market Structure · 2 hours

     Define market structure and enumerate different forms of market structure.. Identify the characteristics of a perfectly competitive market.. Calculate total, average, and marginal revenues in a perfectly competitive market..

6. Week 6Module 2: Market Structures 1

   • Unit 2: Profit Maximisation and Losses Minimisation under Perfect Competitive Market · 2 hours

     Determine profit maximization and loss minimization conditions under perfect competition.. Explain the concept of break-even price and short-run supply curve.. Understand long-run equilibrium and economic efficiency in a perfectly competitive market..

7. Week 7Module 2: Market Structures 1

   • Unit 3: Monopoly Markets · 2 hours

     Describe the monopoly market and its salient features.. Enumerate sources of monopoly power and barriers to entry.. Explain profit maximization and loss minimization under monopoly market..

8. Week 8Module 3: Market Structures 2

   • Unit 1: Price Discrimination in the Monopoly Market · 2 hours

     Explain price discrimination and its different degrees.. Compare and contrast perfectly competitive market and monopoly market.. Indicate how government can control excesses of monopolist..

9. Week 9Module 3: Market Structures 2

   • Unit 2: Monopolistic Competition · 2 hours

     Describe monopolistic market structure and its features.. Determine profit maximization in monopolistically competitive market.. Compare monopolistic competition with monopoly and perfectly competitive market..

10. Week 10Module 3: Market Structures 2

    • Unit 3: Oligopoly Market and Models · 2 hours

      Describe the concept of oligopoly market and its behaviors.. Explain the different game theories/models under oligopoly market.. Justify the need for oligopolists..

11. Week 11Module 4: Theory of Distribution

    • Unit 1: Concepts of Theory of Distribution · 2 hours

      Differentiate revenue factor from the cost of a factor.. Distinguish between factor market and product market.. Determine the various uses of marginal productivity..

12. Week 12Module 4: Theory of Distribution

    • Unit 2: Basic Concept of Factor Pricing: Productivity of the Factor · 2 hours

      Define productivity of factor and its uses.. Differentiate between marginal revenue (MR) and marginal revenue productivity (MRP).. Calculate total revenue, marginal revenue product, and marginal physical product..

    • Unit 3: Basic Concept of Factor Pricing: Cost of the Factor · 2 hours

      Explain the concept of cost of the factor and its divisions.. Differentiate between marginal cost of factor and average cost of factor.. Compare AFC and MFC under perfectly competitive market and imperfectly competitive market..

13. Week 13Module 4: Theory of Distribution

    • Unit 4: The Concept Marginal Productivity Theory of Distribution (Factor Pricing) · 2 hours

      Explain the concept of marginal productivity theory of distribution (or factor pricing).. Enumerate the limitations of using marginal productivity theory in reality.. Explain factors that affect demand for factors and supply for factors..

    • Unit 5: The Factor Market under Perfect Competition · 2 hours

      Describe how factor market works under perfect market and imperfect market.. Explain factors price determination under perfect market and imperfect market..