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Economics Core Course –I: Introductory Microeconomics
Tentative Teaching Plan
Unit 1: Exploring the subject matter of Economics
1.1 Scope and Method of Economics:
Wants, Scarcity, Competing Ends and Choice - Defining Economics, Microeconomics and Macroeconomics
Thinking like an economist: Basic Economics Questions
Normative Economics and Positive Economics
​​Property Rights, Market Failure, Externality and Market Power
Tutorials 1
2.1 Elementary theory of Demand: Determinants of household demand and market demand, movement along and shift of the demand curve
2.2 Elementary theory of Supply: factors influencing supply, the supply curve, movement along and shift of the supply curve
2.3 The Elementary theory of market price: Determination of equilibrium price in a competitive market.
2.4 Market Adjustment without Government (with illustrations):the effect of shifts in demand and supply, the excess demand function, existence, uniqueness and stability of equilibrium
Unit-2: Market and Adjustments
The Decision-takers–households, firms and central authorities
The Concepts of Markets– individual market,separation of individual markets,interlinking of individual markets.
Difference among markets–competitiveness, goods and factor markets,free and controlled markets.
Market and non-market sectors,public and private sectors, economies–free market,command and mixed.
Different Goods:Public goods,Private goods,Common resources and
Natural Monopolies.
Market and competition;Demand and its determinants; Supply and its determinants; The relation of Quantity Demand with Price (using arguments of income and substitution effects);relation of Quantity Supply with Price (using increasing costs argument); Laws of Demand and Supply; Demand and Supply as Planning Curves; movement along and shift of the curve; Demand,Supply and Other factors.
Equilibrium and Disequilibrium
Market Adjustment without Government (with illustrations)
Unit-3: Market Sensitivity and Elasticity
Importance of Elasticity in Choice-Decisions
Method of Calculation–Arc Elasticity.Point Elasticity–definition
Demand and Supply Elasticities – types of elasticity and factors effecting elasticity.
Demand Elasticity and Revenue
Income and Cross Price elasticity
Long run and Short Run elasticities of Demand and Supply
Case Studies–OPEC and Oil Price,Illegal Drugs
Unit-4: Government Intervention
The Economic Role of Government with respect to Market:
Price Ceiling, Price Floor and Market Adjustment(with short case studies of agricultural administered price, minimum wage and rent control);
Black Market, Tax and market adjustment; Elasticity and Tax incidence.
Unit-5: Utilitarian Approach
The History of Utility Theory–From Cardinal to Ordinal Approach.
Utility in Cardinal Approach–Utility and choice,Total Utility and Marginal utility,Utility and choice- maximization,marginal utility theory of demand
Unit-6: Markets and Welfare
Willingness to Pay and Consumer Surplus
Willingness to Sell and Producer Surplus
Market Efficiency and Deadweight Loss
Deadweight Loss of Taxation.
(Lecture delivered on September 4, 2017)
Unit-7: Market failure, Externalities and Public Goods
Market Failure (definition) and its causes.
Externalities and market inefficiency: difference between social costs and private costs
Positive and negative externalities, Private Solution
Unit-8: Conflicting and Complementary Roles of Market and Government
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