Learning Microeconomics

E.Z Microeconomics

What you'll learn
Understand the difference between macro and micro economics and their area of application.
Explain the responsiveness of the demand and supply functions in varied scenarios.
Describe the consumer theory and the cost of production theories with corresponding stakeholders.
Identify the factors behind pricing and producers’ decisions in various market structures.

Requirements
NIL

Description
Microeconomics studies how the individual parts of the economy, the households and the firms, make decisions to allocate limited resources. This course is based on a comprehensive study of the market structures, product markets and resource markets. It also deals with application of demand and supply, cost analysis and factors of production.Upon successful completion of the course, students should be able to:CLO 1: Acquire the knowledge, skills, and understanding of the fundamental concepts of microeconomics related to individuals, and firms in different market structures.CLO 2: Evaluate the importance of consumer behavior theory in economic decision making.CLO 3: Analyze the firms’ decision making with respect to cost and production theories to explain the relationship between production inputs and outputCLO 4: Determine how managers can maximize firm profits in various market structures including perfect competition, monopoly, monopolistic competition, and oligopolyThis course targets toCO 1 Understand the difference between macro and micro economics and their area of application.CO 2 Explain the responsiveness of the demand and supply functions in varied scenariosCO 3 Describe the consumer theory and the cost of production theories with corresponding stakeholdersCO 4 Identify the factors behind pricing and producers’ decisions in various market structuresA diversified methodology shall be followed that include interactive class discussions, quizzes, assignments, case studies, discussion on handouts, videos, team work exercises, presentations, and semester project. An inquiry-based, reflective, collaborative, and subject based approach shall be pursued with formal and informal feedback. Instructor will encourage the students towards arguments and context-based learning.

Who this course is for:
Beginners and as well as for advance level