Syllabus

Fundamentals of Economics: Concept and Context, Difference between Micro and Macro Economics. Demand and Supply Analysis: Elasticity, Estimation and Forecasting. Production and Cost Analysis: Isoquant, Isocost, Revenue Analysis and Profit Maximization. Market Structure: Perfect Competition, Monopoly, Monopolistic, Oligopoly, Price and Output Determination, Short Run and Long Run Analysis. Oligopoly Market Structure and Models: Game Theory, Cournout’s Model, Kinked Demand Curve. Economics of Information: Adverse Selection Model Hierarchy, Principal Agent Model, Market Failure and Externalities. Macro-Economic Variables: Measurement of National Income, Inflation and Unemployment, Circular Flow of Income, Interrelationship. Product Market Equilibrium: Keynesian Theories of Income, Output Determination, Multipliers, Accelerator, Business Cycle. Principal Market Equilibrium: Determination of Interest Rates. Product and Financial Market: ISLM Model. Labour Market: Determination of Wages. Aggregate Demand, Aggregate Supply: All Market Equilibrium. Macro-Economic Policies: Monetary Policy, Fiscal Policy, Exchange Rate Policy. Macro-Economic Debate: Philip Curve, Sacrifice Ratio, Okun’s Law, Interaction of Output, Money Inflation, Interest Rates, Theories of Economic Growth and Models.

Understand fundamentals of microeconomics that apply at firm level

Understand fundamentals of macroeconomics that affect the economy

The course will equip students to broaden the understanding on specific economic issues, problems and possible alternatives in diverse environments thereby promoting student interest in economics and the economy.

Banerjee, S., Keat, K. G., and Young, P., Managerial Economics, Pearson Education , 6e

Shapiro, E., Macroeconomic Analysis., Galgotia Publication

Blanchard, O., Macro Economics, Pearson Education. , 5e

Mankiw, N. G., Principles of Micro Economics., Thomson.