Semester &Academic Year Fall-2021
Provide details, if this course is a Prerequisite for
any course/specialization
Spring 2022
Contact Details of the Faculty Member sbalakumar@jgu.edu.in
Contact Details of Support Staff Pranati Dash – pdash@jgu.edu.in
Faculty Member’s Open Office Day/s & Time TBD
Introduction to the Course
This course is aimed at introducing the students to the theory and application of economic
principles, methods, and models. Students will be exposed to a variety of techniques which allow
them to solve specific managerial problems like costs, prices, revenues, information asymmetry,
market structures. Students will get an understanding of consumer choice and behaviour.
Course Learning Objectives
On successful completion of the course, students should be able to:
CLO 1. Understand microeconomic principles and identify main microeconomic problems
CLO 2. Chose appropriate methods and techniques to solve managerial problems
microeconomics
CLO4. Exhibit economic way of thinking in written and oral communication related to the issues
discussed
develop the following
develop the following
Teaching Method
The course will be primarily lecture based.Here the onus of learning will be with the student and
the instructor will be a facilitator. Instead of learning ‘what to do’, the lectures will also use as
examples of real-world phenomenon where a particular issue or set of issues arises and good and
bad practices are seen. The key to learning this way is to see many examples and many situations
and learning inductively from the different facts concerning the issues at hand around the world.
The course would also recommend the use of supplementary online resources, as referred later
for a more comprehensive understanding, which can be discussed with students in the class or
office hours.
Evaluation Schema
The course grade will be determined on the basis of:
Assessment Task Weightage Nature Week of
Assessment
A2. Quiz 15% Individual 7,13 PLO-8, PLO-10
A3. Video
PLO-10
Description of Assessments:
Class Participation is assessed based on students answers to the questions during the classes
both expresses orally and in writing. Only clearly expresses opinions will be considered during
the assessment. 1-2-word answer cannot be counted towards class participation. Ideas shared
during classes are expected to be well-explained, flow of thoughts is traceable and logical.
Quiz: Quizzes will be used to assess students’ ability to understand microeconomic theory and
apply it to business problems. There will be a maximum of two MCQ quizzes spread across the
entire course. The students will be marked on the best of two in case of two quizzes or the quiz
score if there is one quiz.
Video Presentation: Students will be asked to present in the class. They will be assigned
chapters from the relevant book by the professor.
End Term Examination will assess the problem-solving ability and decision-making skills of
the students based on suggested scenarios. The end-term will evaluate the student’s ability to
apply microeconomics principles, methods, and techniques to solve a particular managerial
problem. It will involve caselets, theoretical questions and simple numerical assignments.
Text Book / Course Package / Other Readings
Main textbook:
Microeconomics by Robert S. Pindyck and Daniel L.Rubinfeld, Pearson India, Ninth edition.
Additional reading:
Some possible online resources
Students will be able to
1
1. Understand local business issues
2. Understand global business issues
3. Demonstrate sensitivity towards ethical issues
4. Demonstrate sensitivity towards social issues
2 Effective communication:
5. Present their ideas with clarity
6. Write in a coherent manner
7. Use technology for communication
3 Critical Thinking: Ability to
identify, analyze business problems and propose effective solutions
8. Identify main issues of business problems
9. Examine information from different sources
10. Draw inferences from analysis
4 Teamwork: Ability to work and contribute effectively in group -
settings
12. Contribute effectively in groups
5
13. Understand the theories and practices of finance
14. Understand fundamentals of financial markets and institutions
Session Plan
Session Details
CLOs Covered
Objective of the
The themes of microeconomics
What is a Market
Real versus Nominal Prices
Pedagogy Lecture/Case Discussion
Objective of the
Supply and demand curves
Case Title and
Week 2 Session 3.The basics of supply and demand(contd..)
Objective of the
Elasticities of supply and demand
Short-run versus long-run elasticities
Effects of Govt Interventions
Case Title and
Week 2 Session 4. Consumer behaviour
Objective of the
Consumer preferences
Budget constraints
Consumer choice
Case Title and
Pedagogy Lecture/ Questions for review/Exercises
Week 3 Session 5. Consumer behaviour(contd..)
CLO-1 CLO-2, CLO-4
Revealed preferences
CLO-1 CLO-2, CLO-3,
Individual demand
The long-run demand for gasoline, p.151
Pedagogy Lecture/ Questions for review/Exercises
Week 4 Session 7. Individual and market demand(contd..)
CLO-1 CLO-2, CLO-4
Objective of the
Market demand
Consumer surplus
Network externalities
Interview and Experimental Approaches to Demand Determination,
p.163
CLO-1 CLO-2, CLO-4
Objective of the
Firms and their production decisions
Production with one variable input (labor)
Readings Chapter 6 (6.1-6.2)
Pedagogy Lecture/ Questions for review/Exercises
Week 5 Session 9. Production (contd..)
CLO-1 CLO-2, CLO-3,
Objective of the
Production with two variable inputs
session Marginal utility and consumer choice
Cost-of-living Indexes
Case Title and
Pedagogy Lecture/ Questions for review/Exercises
Returns to scale CLO-4
Readings Chapter 6 (6.3-6.4)
Pedagogy Lecture/ Questions for review/Exercises
Week 5 Session 10. Cost of production
CLO-1 CLO-2, CLO-4
Objective of the
Cost in short run
Cost in long run
Dynamic changes in costs: learning curves
Readings Chapter 7 (7.1-7.3)
Pedagogy Lecture/Presentation
CLO-1 CLO-2, CLO-4
Objective of the
Readings Chapter 7 (7.3-7.5)
Pedagogy Lecture/Presentation
CLO-1 CLO-2, CLO-4
Objective of the
Perfectly competitive markets: assumptions
Competitive firms’ short run supply curve
Long run supply curve
Readings Chapter 8 (8.1-8.4)
Pedagogy Lecture/Presentation
supply (contd..)
CLO-1 CLO-2, CLO-3 Objective of the Students will be able to understand:
session Marginal revenue, marginal cost, and profit maximization
Shut down conditions
Managerial cost considerations
Pedagogy Lecture/Presentation
CLO-1 CLO-2, CLO-4
Objective of the
Consumer and producer surpluses
Efficiencies of competitive markets
Week 8 Session 15.Doing an analysis of competitive markets (contd..)
CLO-1 CLO-2, CLO-4
Objective of the
Price supports and production quotas
Import quotas and tariffs
Readings Chapter 9 (9.3-9.6)
CLO-1 CLO-2, CLO-4
Objective of the
Monopoly Power
Case Title and
Elasticities of Demand for soft drinks, pg. 382
Pedagogy Lecture/Presentation
Objective of the
Social Cost of Monopoly Power
Monopsony Power
Case Title and
The pricing of videos, pg 386
Monopsony Power in US Markets, pg 401
Pedagogy Lecture/Presentation
CLO-1 CLO-2, CLO-4
Objective of the
Capturing Consumer Surplus
Case Title and
Airline Fares, pg 423
CLO-1 CLO-2, CLO-4
Objective of the
Monopolistic Competition
Case Title and
Number
Monopolistic competition in the markets for colas and coffee, p. 469
Pedagogy Lecture/Presentation
CLO-1 CLO-2, CLO-4
Objective of the
Price Competition
Implications of the Prisoners’ Dilemma for oligopolistic
pricing
Case Title and
Pedagogy Lecture/Presentation
Objective of the
Competitive Factor Markets
Factor Markets with Monopsony power
CLO-1 CLO-2, CLO-3
Readings Chapter 14
Case Title and
Monopsony power in the market for baseball players, p. 562
Pedagogy Lecture/Presentation
CLO-1 CLO-2, CLO-3
Objective of the
General Equilibrium Analysis
Efficiency in Exchange
Equity and Efficiency
Case Title and
Contagion across stock markets around the world, p. 614
Pedagogy Lecture/Presentation
CLO-1 CLO-2, CLO-4
Objective of the
Efficiency in Production
Case Title and
Pedagogy Lecture/Presentation
CLO-1 CLO-2, CLO-3
Objective of the
Quality uncertainty and the market for lemons.
Market signaling
Case Title and
CLO-1 CLO-2, CLO-4
Objective of the
Case Title and
CLO-1 CLO-2, CLO-4
Objective of the
Case Title and
CLO-1 CLO-2, CLO-4
Objective of the
Case Title and
Week 15 Session 28-30: Guest lecture sessions and Course Revision
CLO-2 CLO-3, CLO-4
Objective of the
Tentative guest speakers:
Sukanya S, TCS
Vinai Kataria, EY