
Analyze how supply and the supply curve link price to quantity supplied, and how cost of production shifts the curve while price changes move along it under government policies.
This lecture explains how market equilibrium price and quantity arise from the relative shifts in supply and demand and how income or input-price changes move the equilibrium.
Explore elasticity as the measure of how quantity demanded responds to price changes, and how a linear demand curve shows elastic, unit elastic, and inelastic regions.
Derive linear demand and supply curves for cigarette market using elasticity values -0.5 (demand) and 0.6 (supply), with Q = A - BP and Q = C + P.
Study fixed and variable costs and their impact on total cost, which equals fixed plus variable cost; costs appear fixed in the short run but vary in the long run.
Explore how differentiated products give monopolistic competition market power to charge higher prices in the short term, with marginal revenue below price and profits where marginal revenue equals marginal cost.
Demonstrates the Stackelberg model, where a leader sets output first and anticipates follower reactions. Contrasts with Bertrand, where firms set prices simultaneously for homogeneous goods.
Who is this course for?
If you are someone who wants to learn economics from scratch.
You have economics and microeconomics as your undergraduate or master's subject.
You have economics as your supplementary subject with any of your majors.
You are curious to know everything about single entities and things related to cost, production, competition, monopoly, etc.
Since Economics has been influencing our lives in every way. This course of microeconomics provides complete details about the economic system in general and individual economic entities in particular so as to have the ability of better decision making.
It enables you to think about the logical facts associated with the economic system.
Why do we want a state of equilibrium in a market?
Why do prices change and what are the factors that change them?
What are we concerned with the responses being made after a price change?
And what decisions shall we have to apply for, in such circumstances,
This is where we need to learn what Microeconomics is
I assure you that even a student who has not ever taken a course in economics is able to understand the course very easily.
And for all the students enrolled in the course of business, management or Economics can go through it in no time.
Additionally, the course design includes Quizzes with each topic as well as solved problems. Other Problem sets can also be shared with the students upon request. Furthermore, the course also comprises of explanation of graphical and mathematical analysis with the use of a pen tablet.