B.A. Economics
5th Semester Syllabus
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MJC-8 : Intermediate Microeconomics 2
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Unit 1: Imperfect Markets
◦Imperfect markets: Common features
◦Price and output determination in monopolistic competition
◦Various approaches to price and output determination under Oligopoly-classical models of oligopoly: duopoly Cournot Model
◦Collusive oligopoly: cartel and price leadership
◦Basic idea of kinked demand curve
Unit 2: Distribution Theory (Pricing of Factors)
◦Concepts of factor productivity
◦Marginal Revenue Product (MRP) and Value of Marginal Product (VMP)
◦Pricing of factors in perfect and imperfect market
◦Marginal productivity theory of distribution
◦Euler's theorem
◦Theories of rent
◦Interest and profit
Unit 3: General Equilibrium, Efficiency and Welfare
◦Concept of Partial and General Equilibrium
◦Welfare concept
◦Walrasian General Equilibrium
◦Concept and conditions of Pareto Optimality
◦Perfect competition and Pareto Optimality
◦Externalities in production and consumption
◦Public Goods
◦Concept and causes of market failure
◦Correction of market failure
Reference Books:
- Hal R. Varian, Intermediate Microeconomics, a Modern Approach, W.W. Norton and Company/Affiliated East-West Press (India), 8th edition, 2010. The workbook by Varian and Bergstrom may be used for problems.
- C. Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage Learning (India), 2010.
- B. Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGraw-Hill (India), 2009
- A. Ahsan, C. Pages and T. Roy, 2008, "Legislation, Enforcement and Adjudication in Indian Labour Markets: Origins, Consequences and the Way Forward, in D. Mazumdar and S. Sarkar, editors, Globalization, Labour Markets and Inequality in India, Routledge.
- Dipak Mazumdar and Sandeep Sarkar, 2009, "The Employment Problem in India and the Phenomenon of the Missing Middle, Indian Journal of Labour Economics.
- J. Dennis Rajakumar, 2011, "Size and Growth of Private Corporate Sector in Indian Manufacturing, Economic and Political Weekly, April.