Courses » An Introduction to Microeconomics

An Introduction to Microeconomics


Microeconomics is the study of the allocation of scarce resources among individuals. Economic theories are based on the assumption that individuals as well as firms have well defined objectives; utility maximization for individuals and profit maximization for firms and they act systematically according to the incentives and constraints of their economic environment. It is this framework that allows the economist to gain a fundamental understanding of the human puzzle in an economic setting. This course in the fundamentals of economics covers consumer theory, producer theory as well as the market structures through which individuals and firms interact.

INTENDED AUDIENCE:  Undergraduate Economics Students, Professionals from other stream interested in learning Economics



PREREQUISITES: Class 12 level maths

INDUSTRY SUPPORT: All Banking Enterprises


After receiving a Ph.D. in Economics from University of California Irvine in 2008, Vimal Kumar worked in the research division of a multinational firm called Watson Wyatt Worldwide for a year. In June 2009, he joined Indian Institute of technology Kanpur. Initially, he worked as an Assistant Professor of Economics and was promoted to Associate Professor in 2015.


Week 1  : What is Economics, Demand, Supply, Equilibrium, Change in Supply and Demand, Elasticity
Week 2  : Comparative Statics, Consumer Theory, Preferences, Utility Maximization, Substitution and Income Effect, Fiffin Goods
Week 3  : Compensated Demand, Producer Theory, Type of Firms, Production functions and Isoquants, Factor Substitutions, Return to Scale and Economies of Scale
Week 4  : Cost Curves, Cost Functions, Cost Minimization, Profit Maximization, Market Structures, perfect and Imperfect Markets
Week 5  : Perfectly competitive firm, Monopoly, Market Power, Price discrimination, Taxation, Introduction to Game Theory
Week 6  : Cost Curves
Week 7  : Market Environment 1,Perfectly Competitive Market,Short Run vs. Long Run
Week 8  : Equilibrium Analysis,Social Surplus,Dead weight Loss
Week 9  : Market Environment 2- Monopoly,Profit Maximization
Week 10: Price Discrimination,First Degree,Second Degree,Third Degree
Week 11:  Introduction to Game Theory,Nash Equilibrium
Week 12:  Market Environment 3- Oligopoly,Cournot Game,Bertrand Game


•    Robert S. Pindyk and D.L. Rubinfeld,Microeconomics, Edition: 6, Paperback (Special Indian Edition), Pearson Education India
•    Hal R. Varian, Intermediate Microeconomics : A Modern Approach,Edition 7, Paperback (Special Indian Edition), Affiliated East West.
•    R. Preston McAfee, Introduction to Economic Analysis, Freely available on http://www.mcafee.cc/Introecon/IEA2007.pdf licensed under the Creative Commons.
  • The exam is optional for a fee.
  • Date and Time of Exams: April 28 (Saturday) and April 29 (Sunday) : Morning session 9am to 12 noon; 
  • Exam for this course will be available in one session on both 28 and 29 April.
  • Registration url: Announcements will be made when the registration form is open for registrations.
  • The online registration form has to be filled and the certification exam fee needs to be paid. More details will be made available when the exam registration form is published.


  • Final score will be calculated as : 25% assignment score + 75% final exam score
  • 25% assignment score is calculated as 25% of average of  Best 8 out of 12 assignments
  • E-Certificate will be given to those who register and write the exam and score greater than or equal to 40% final score. Certificate will have your name, photograph and the score in the final exam with the breakup.It will have the logos of NPTEL and IIT  Kanpur.It will be e-verifiable at nptel.ac.in/noc.