An Introduction to Microeconomics

By Prof. Vimal Kumar | IIT Kanpur

Learners enrolled: 3198 | Exam registration: 383

ABOUT THE COURSE:

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

Summary

Course Status :	Completed
Course Type :	Core
Language for course content :	English
Duration :	12 weeks
Category :	Humanities and Social Sciences Economics Economics & Finance Managerial Economics
Credit Points :	3
Level :	Postgraduate
Start Date :	22 Jan 2024
End Date :	12 Apr 2024
Enrollment Ends :	05 Feb 2024
Exam Registration Ends :	16 Feb 2024
Exam Date :	27 Apr 2024 IST

Note: This exam date is subject to change based on seat availability. You can check final exam date on your hall ticket.

Page Visits

Course layout

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

Books and references

• 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.

Instructor bio

Prof. Vimal Kumar

IIT Kanpur

Dr. Vimal Kumar received his Ph.D. in Economics from the University of California Irvine in 2008 and B. Tech. in Mechanical Engineering and M. Tech in Thermal Fluid Engineering under a dual degree program from the Indian Institute of Technology Bombay in 2003. After finishing his Ph.D. program in July 2008, he joined the Delhi office of Watson Wyatt Worldwide, a multinational consultancy organization. He worked for one year as a Consultant/Economist in the Global Research Division of the firm. In June 2009, he joined the Indian Institute of Technology (IIT) Kanpur as Assistant Professor. In June 2015, he became Associate Professor, and in December 2019, he became a Professor. Currently, he is the head of the Department of Economic Sciences at IIT Kanpur. He is also a coordinator for NPTEL program at IIT Kanpur.

He is the recipient of several awards and fellowships, including the class of 1982 research fellowship given by IIT Kanpur, the best research paper award for the year 2011 by the American Political Science Association, the

Social Science Merit fellowship from the University of California Irvine for years 2003 to 2008, and National Talent Search Scholarship (NTSE) from NCERT, India.

He has participated in 5 sponsored research grants and organized more than 15 workshops in Game Theory and Power System Economics. He has delivered more than 25 guest lectures.

Course certificate

The course is free to enroll and learn from. But if you want a certificate, you have to register and write the proctored exam conducted by us in person at any of the designated exam centres.
The exam is optional for a fee of Rs 1000/- (Rupees one thousand only).
Date and Time of Exams: 27 April 2024 Morning session 9am to 12 noon; Afternoon Session 2pm to 5pm.
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. If there are any changes, it will be mentioned then.
Please check the form for more details on the cities where the exams will be held, the conditions you agree to when you fill the form etc.

CRITERIA TO GET A CERTIFICATE

Average assignment score = 25% of average of best 8 assignments out of the total 12 assignments given in the course.
Exam score = 75% of the proctored certification exam score out of 100

Final score = Average assignment score + Exam score

YOU WILL BE ELIGIBLE FOR A CERTIFICATE ONLY IF AVERAGE ASSIGNMENT SCORE >=10/25 AND EXAM SCORE >= 30/75. If one of the 2 criteria is not met, you will not get the certificate even if the Final score >= 40/100.

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.

Only the e-certificate will be made available. Hard copies will not be dispatched.

Once again, thanks for your interest in our online courses and certification. Happy learning.

- NPTEL team

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