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Micro Economics

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About Course

Course Code: 510117
Marks: 100
3 Credits
Course Title:
Class Hours: 45
Micro Economics

Course Content

Chapter-1 Introduction:
Meaning of Economics, Distinction between micro & macroeconomics - some basic economic concepts - alternative economic systems - Capitalism, Socialism & Islamic Economics.

  • Class-One
    00:00
  • Quiz -1 On Class-1
  • Class Two
    00:00
  • Quiz-2 on Class-2
  • Class-Three
    00:00
  • Quiz-3 on Class-3
  • Assignment on Chapter- 1

Chapter-2 Supply and Demand
Concepts of supply and demand and the determinants, market equilibrium and shifts of market equilibrium, consumer's and producer's surplus, concepts and measurements of various elasticities of demand and supply.

Chapter-3 The Theory of Consumer Behavior
Utility - total and marginal utility, cardinal and ordinal utility, law of diminishing marginal utility, equimarginal principle. 4. :

Chapter-4 The Indifference Curve Analysis
Properties of indifference curve, consumers’ equilibrium - income, substitution and price effect.

Chapter-5 The Theory of Production
Factors of production, returns to scale, production function - Iso product and Iso-cost curves, producer's equilibrium.

Chapter-6 Theory of Cost and Revenue
Short run and long run cost function, explicit, implicit and opportunity costs, fixed and variable costs, total, average and marginal costs, envelope average cost curves, the link between production and cost, accounting profit vs. economic profit, profit maximizing conditions.

Chapter-7 Theory of the Firm
Perfect competition, Monopoly and Monopolistic Competition, Equilibrium of a firm in the short and long run under perfect competition. Derivation of supply curve of a firm and industry. Monopoly equilibrium in the short run and long run. Price discrimination, Monopolistic competition, Product differentiation and group equilibrium

Chapter-8 Oligopoly Market
Definition of oligopoly. Characteristics of oligopoly market. Collusive and Non-Collusive Oligopoly, Cournot Model, Stackelberg model and the Kinked-demand model.

Chapter-9 The Pricing of the Factors of Production
The marginal productivity theory of distribution — determination of rent, wages, interest and profit.

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