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Indian Institute of Science Education and Research Bhopal
HSS 205: Microeconomics (2)
- Introduction: Households, Firms and Markets
- Households: Utility maximisation; Demand functions
- Firms: Production Functions; Cost Functions; Profit maximisation
- Supply & demand: Types of markets
- Marketing Strategies
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:
- Varian, Hal R. Intermediate Microeconomics (W.W.Norton, Eighth edition, 2009)
- Bernheim, B. Douglas & Whinston, Michael D. Microeconomics (TMH, Second edition, 2013)
- Pindyck, Robert S. & Rubinfeld, Daniel L. Microeconomics (PHI, Eighth Edition, 2012)
- Browning, Edgar K. & Zupan, Microeconomic Theory and Applications (Wiley, Eleventh edition, 2011)
- Kotler, Philip. Marketing Management (Prentice Hall, Fourteenth Edition, 2011)
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