21PT12-ME Course Plan
21PT12-ME Course Plan
21PT12-ME Course Plan
COURSE OBJECTIVES:
The objective of this course is to equip students with the power of microeconomics for understanding how
the real world operates – businesses as producers and households/individuals as consumers, and how their
decisions interact with each other.
This course is designed to train students in economic way of thinking to
1. Understand consumer behavior – how consumers make purchase decisions.
2. Understand firm decision making – how firms decide optimal output and profits.
3. Learn about market structures - (monopoly, oligopoly and a competitive market)
4. Analyse how market structures influence pricing outcomes, producer profits and consumer welfare.
5. Learn when government intervention can and cannot improve the market outcomes.
6. Apply economic principles to solve policy, personal and business questions.
Course Content:
Module I: Foundation of Economics
What is economics-Three key economic questions- Basic postulates- Economic terms and concepts-
Economic and noneconomic goals of firm- The circular flow of economic activity
Textbook : Managerial Economics by Geetika et al., 3rd Edition, Tata Mcgraw Hill.
Additional Readings: Newspaper - www.livemint.com
Principles of Economics by Gregory Mankiw.
19.08.2021 Utility
7 CO 1 & CO 3
20.08.2021 CO 1 & CO 3
8 Budget Line
23.08.2021 CO 1 & CO 3
9 Demand estimation and forecasting
24.08.2021 CO 1 & CO 3
10 Elasticity of supply
25-08-2021 CO 1 & CO 3
11 Market demand curve
Module III: Theory of Production and Cost
CO 1 & CO 3
Short run and long run production
13 06.09.2021
function
Terms in costs- Short run and long CO 1 & CO 3
14 08.09.2021
run cost function
Session Session Objectives
Dates Topic Reading Material
No. (LO If applicable)
Module IV: Pricing and Output Decisions in Various Market Structure
09.09.2021
15 Perfect competition CO 1 & CO 3
17.09.2021 CO 1 & CO 3
18 Oligopoly
CO 1 & CO 3
24.09.2021 Non-marginal, multiproduct and
21
transfer pricing
27.09.2021 CO 1 & CO 3
22 Game theory
01.10.2021 CO 1, CO 2 & CO 4
24 Discussion and recap