Office of Academic Affairs
Indian Institute of Science Education and Research Bhopal

Humanities and Social Sciences

HSS 205: Microeconomics (2)

Introduction: Positive and normative economics; total, average and marginal functions; elasticity

Households as consuming units: Indifference curves and the rate and elasticity of substitution; utility maximizing equilibrium; income and substitution effects; demand curves and consumer surplus; Engel curves; demand functions; price, cross and income elasticities of demand

Firms as producing units: Production functions: diminishing returns; isoquants; elasticity of substitution; cost minimisation; cost functions and returns to scale; profit maximization

Supply and demand: Prices as parameters in perfectly competitive markets; competition and price discovery; market equilibrium under monopolistic competition, monopoly and monopsony; oligopoly

Marketing strategies: Marketing functions; objectives of marketing management; levels and patterns of market segmentation; product life cycles

Suggested Books:

Previous Back to Course List Next