Certification in Microeconomics and Macroeconomics theory

Description

Take the next step in your career! Whether you’re an up-and-coming professional, an experienced executive, aspiring manager, budding Professional. This course is an opportunity to sharpen your micro and macroeconomic theory capabilities, increase your efficiency for professional growth and make a positive and lasting impact in the business or organization.

With this course as your guide, you learn how to:

1. All the basic functions and skills required for Micro and Macro economics theory.

2. Transform to the Introduction to Microeconomics, The Concept of Equilibrium, Consumer Theory–Cardinal Utility Analysis. Ordinal Utility Theory: Indifference Curve Approach, The Revealed Preference Theory of Demand. Theory of Demand and Elasticity of Demand,

3. Learn useful case studies, understanding Introduction of Macroeconomics. National Income: Concept of National Income. Economic Welfare and National Income. Sectorial Accounting, Classical Theory of Employment, Keynesian Theory of Employment, Theory of Consumption Function. Relative Income Hypothesis

4. Invest in yourself today and reap the benefits for years to come.

The Frameworks of the Course

· Engaging video lectures, case studies, assessment, downloadable resources and interactive exercises. This course is created to Learn about Introduction to Microeconomics, The Concept of Equilibrium, Consumer Theory–Cardinal Utility Analysis. Ordinal Utility Theory: Indifference Curve Approach, The Revealed Preference Theory of Demand. Theory of Demand and Elasticity of Demand, Recent Developments in Demand Theory. Production Function and Law of Production.

Introduction of Macroeconomics. National Income: Concept of National Income. Economic Welfare and National Income. Sectorial Accounting, Classical Theory of Employment, Keynesian Theory of Employment, Theory of Consumption Function. Relative Income Hypothesis. Permanent Income and Life Cycle Hypothesis

The course includes multiple Case studies, resources like formats-templates-worksheets-reading materials, quizzes, self-assessment, film study and assignments to nurture and upgrade your Macroeconomic and Microeconomics theory.

· In the first part of the course, you’ll learn the details of the Introduction to Microeconomics, The Concept of Equilibrium, Consumer Theory–Cardinal Utility Analysis. Ordinal Utility Theory: Indifference Curve Approach, The Revealed Preference Theory of Demand. Theory of Demand and Elasticity of Demand, Recent Developments in Demand Theory. Production Function and Law of Production. Theory of Cost and Revenue. Isoquant Curve, Iso-cost Line. Concepts of Revenue, Pricing Under Perfect Competition. Theory of Monopoly Firm. Theory of Monopolistic Competition. Theory of Oligopoly.

· In the second part of the course, you’ll develop the knowledge related to Macroeconomics. National Income: Concept of National Income. Economic Welfare and National Income. Sectorial Accounting, Classical Theory of Employment, Keynesian Theory of Employment, Theory of Consumption Function. Relative Income Hypothesis. Permanent Income and Life Cycle Hypothesis, the Investment Function. The Theory of Acceleration, Demand of Money: Quantity Theory of Money, Keynesian Approach, Contribution of Baumol and Tobin. Restatement of Friedman’s Quantity Theory of Money. Money Supply: Definition and Importance of Money. Money Multiplier and Credit Creation by Commercial Banks. IS - LM Analysis. Equilibrium in Product and Money Market. Effect of Monetary Policies Under Different Cases in IS-LM Framework. Effect of Fiscal Policies Under Different Cases in IS-LM Framework. Inflation. Phillips Curve Analysis, Trade Cycles: Meaning and Types. The Super-Multiplier of the Multiplier Accelerator Interaction. Kaldor’s Theory of Trade Cycle Contents. Monetary Policy

Course Content:

Part 1

Introduction and Study Plan(Microeconomics Theory).

· Introduction and know your Instructor

· Study Plan and Structure of the Course

1. Introduction to Microeconomics theory

1.1. Introduction

1.2. Microeconomy- meaning, its scope.

1.3. Importance of Microeconomics

2. The Concept of Equilibrium

2.1. Introduction, Meaning.

2.2. Static Equilibrium

2.3. Dynamic Equilibrium

2.4. General Equilibrium

3. Consumer Theory–Cardinal Utility Analysis

3.1. Introduction.

3.2. Total Utility, TUx= f(Qx)

3.3. Significance of the Difference between Total Utility and Marginal Utility

3.4. Law of Diminishing Marginal Utility

3.5. Importance of the Law

3.6. Criticisms of the Law

4. Ordinal Utility Theory: Indifference Curve Approach

4.1. Introduction

4.2. What is an Indifference Curve?

4.3. Assumptions of Indifference Curve Analysis

4.4. Consumer’s Equilibrium

4.5. Effect of Change in Commodity Price on Consumer’s Equilibrium

4.6. Income Effect

4.7. Substitution Effect

4.8. How Slutsky’s Approach Differs from Hicks’ Approach

4.9. Price Consumption Curve

4.10. Difference between Demand Curve and Price Consumption Curve

4.11. Income Consumption Curve

4.12. Engel’s Curve

4.13. Criticism of Demand Theory

5. The Revealed Preference Theory of Demand

5.1.Introduction

5.2.The Law of Demand

6. Theory of Demand and Elasticity of Demand

6.1.. Introduction

6.2. Elasticity of Demand

6.3. Normal Situations of Price Elasticity of Demand

6.4. Total Outlay or Total Expenditure Method

6.5. Factors Determining the Price Elasticity of Demand

6.6. Cross Elasticity of Demand

6.7. Importance of Price Elasticity of Demand

7. Recent Developments in Demand Theory

7.1. Introduction.

7.2. Limitations of Demand Functions

7.3. The Linear Expenditure System

7.4. Direct and Indirect Utility Functions

7.5. Lancaster’s Attributes or Characteristics Demand Theory

7.6. Critical Appraisal of Lancaster’s Demand Theory

8. Production Function and Law of Production

8.1. Introduction

8.2. Fixed and Variable Inputs or Factors of Production

8.3. Causes of Diminishing Returns to a Factor

8.4. Importance of the Law

9. Theory of Cost and Revenue

9.1. Introduction

9.2. Why is MC Curve ‘U’ Shaped?

10. Isoquant Curve, Iso-cost Line

10.1. Introduction

10.2. Difference between Isoquant Curves and Indifference Curves

11. Concepts of Revenue.

11.1. Introduction

11.2. Concepts of Revenue Under Different Market Conditions

12. Pricing Under Perfect Competition

12.1. Introduction, Equilibrium Price

12.2. Comparison between Market Price and Normal Price

13. Theory of Monopoly Firm

13.1. Introduction.

13.2. Features of Monopoly

13.3. Types of Price Discrimination

13.4. Degrees of Price Discrimination

13.5. Dumping

13.6. Multi-plant Monopoly

14. Theory of Monopolistic Competition

14.1. Introduction

14.2. Characteristics of Monopolistic Competition

14.3. Long-Run Equilibrium in Monopolistic Competition

14.4. Excess Capacity

14.5. Empirical Evidence

14.6. Non-price Competition

14.7. Selling Costs

15. Theory of Oligopoly

15.1. Introduction

15.2. Features of Oligopoly

15.3. Classification of Oligopoly

15.4. Firm-Created Causes

15.5. Why Bigness? Or What Causes the Emergence of Oligopoly?

16. Assignment

Part 2

Introduction and Study Plan(Macroeconomics Theory).

· Introduction and know your Instructor

· Study Plan and Structure of the Course

1. Introduction of Macroeconomics

1.1. Introduction

1.2. Salient points on the Difference between Microeconomics and macro economics

1.3. What do we study in Macroeconomics?

1.4. Major Macroeconomic Issues

1.5. Growth and Development

1.6. Employment

1.7. Business cycle

1.8. Macroeconomic Targets and Instruments

2. National Income : Concept of National Income

2.1. Introduction

2.2. Private Income

2.3. Personal Income

3. Economic Welfare and National Income

3.1. Introduction

3.2. Relation between Economic Welfare and National Income

3.3. National Income as a Measure of Economic Welfare

4. Sectorial Accounting

4.1. Introduction.

4.2. Private Sector

4.3. The Government Sector

4.4. The importance of social and national accounting

5. Classical Theory of Employment

5.1. Introduction

5.2. Keynes’ Criticism of Classical Theory

6. Keynesian Theory of Employment

6.1. Introduction.

6.2. Aggregate Demand

6.3. Comparison of Classical and Keynesian Theory of Employment

7. Theory of Consumption Function

7.1. Introduction

7.2. Absolute Income Hypothesis

8. Relative Income Hypothesis

8.1. Introduction.

8.2. Relative Income Hypothesis’s Criticisms

9. Permanent Income and Life Cycle Hypothesis

9.1.Introduction.

10. Investment Function

10.1. Introduction

10.2. Marginal Efficiency of Capital, Supply Price of Capital Asset

11. The Theory of Acceleration

11.1. Introduction.

12. Demand of Money: Quantity Theory of Money

12.1. Introduction, what is Value of Money?

13. Keynesian Approach

13.1. Introduction

13.2. Keynesian Theory Related with Money and Prices

13.3. Superiority of Keynesian Approach

14. Contribution of Baumol and Tobin

14.1. Introduction

14.2. Baumol's Inventory Theoretical Approach

14.3. It’s Superiority over Keynesian Theory

15. Restatement of Friedman’s Quantity Theory of Money

15.1. Introduction

15.2. Friedman’s Theory

15.3. Forms of Assets

15.4. Friedman Vs Keynes

16. Money Supply: Definition and Importance of Money

16.1. Introduction

17. Money Multiplier and Credit Creation by Commercial Banks

17.1. Introduction

17.2. Limitations of Credit Creation

17.3. Competitive Banking and Credit Expansion

17.4. How does Money Get into the Economy?

18. IS - LM Analysis

18.1. Introduction

19. Equilibrium in Product and Money Market

19.1. Introduction

19.2. Simultaneous Equilibrium in Product and Money Market

19.3. How would Equilibrium be Achieved?

20. Effect of Monetary Policies Under Different Cases in IS-LM Framework

20.1. Introduction.

21. Effect of Fiscal Policies Under Different Cases in IS-LM Framework

21.1. Introduction

22. Inflation

22.1. Introduction

22.2. On the basis of rate of Inflation:

22.3. Inflationary Gap

22.4. Effects on Production and Economic Activities

22.5. Effects on Distribution of Income

22.6. Other Effects

22.7. Control of Inflation

22.8. Fiscal Measures

23. Phillips Curve Analysis

23.1. introduction

23.2. Friedman’s View: The Longrun Phillips Curve

23.3. Criticism

23.4. Rational Expectations and the Phillip Curve

24. Trade Cycles: Meaning and Types.

24.1. Introduction

24.2. Types of Trade Cycles

24.3. Theories of Business Cycles

24.4. Hicks’s Theory of Trade Cycle

25. The Super-Multiplier of the Multiplier Accelerator Interaction

25.1. Introduction

26. Kaldor’s Theory of Trade Cycle Contents

26.1. Introduction

26.2. Stabilisation Policies or Measures to Control Trade Cycles

27. Monetary Policy

27.1. Introduction, Meaning of Monetary Policy

28. Assignments

· Introduction to Microeconomics

· Microeconomics Examples or Case Studies

· Microeconomics sample project

· Introduction to Macroeconomics

· Macroeconomics Examples or Case Studies

· Macroeconomics sample project