1. Production Costs
Short Run Costs
Long run Costs
Lower Costs in the long run
Cost of producing multiple goods
2. Competitive Firms and Markets
Introduction to various market structures (Perfect Competition, Monopolistic competition, Oligopoly, Monopoly)
Competition in the short run
Competition in the long run
3. Properties and Applications of the Competitive Model
Zero profit for competitive firms in the long run
How competition maximizes welfare
Policies that shift supply curves
Policies that create a wedge between supply and demand curves
Comparing both types of trade policies
4. General Equilibrium and Economic Welfare
Exchange Economy: Trading between two people
Production and Trading
Efficiency and Equity
to provide the students with comprehensive understanding of the theory of costs of production and its quantitative analysis.
the introduction of various market structures.
to deliver the comprehensive knowledge about the nature and working of perfectly competitive market .
to introduce the framework of general equilibrium and the concept of economic welfare.
Course Learning Outcomes
At the end of this course students would be able to:
understand the costs of production and its various types.
analyze the short run and long run cost functions.
utilize the analytical tools to investigate the working of perfectly competitive firms and markets.
understand the basics of general equilibrium framework and welfare economics.
Microeconomics Reference Book: This book is based on the belief that the best way to teach this important skill is to demonstrate problem solving repeatedly and then to give students exercises to do on their own.
Book Title : Microeconomics
Author : Jeffrey M. Perloff
Edition : 7th
Publisher : Pearson