Hey!! As per your demand here I am providing you syllabus of the Microeconomics of PET Economics of SNDT Women’s University

MICROECONOMICS – I

1. Introduction and Consumer behavior:
Basic Concepts-Economic Models, Exogenous and endogenous variable, Optimization and equilibrium. Demand curve, Supply curve, Market equilibrium, comparative statics- Market structures. Extension of demand and supply analysis -Elasticity of demand and supply- Income elasticity- concept , methods of measurement-empirical estimation, relationship between individual demand and market demand, application of elasticity of demand. Consumer behavior-The problem of optimization; budget constraints, consumer preference, utility, choice, derivation of law of demand. Revealed preference- The weak and strong ordering- axioms of revealed preference-law of demand-from revealed preference to index numbers. Revision of demand theory by Hicks- Consumer’s surplus.

2. Production and Costs:
law of variable proportions and returns to scale ;Production function: Cobb-Douglas , CES, VES and Translog functions, Cost of production – concepts - Costs in the short run-long run, cost minimization input choices, isoquants – iso-cost, Least cost combination of inputs ; production with two outputs – economies of scope, learning curve.

3. Partial and General Equilibrium:
The competitive firm (partial equilibrium); General equilibrium, efficiency in exchange – equity and efficiency, efficiency in production, the gains from trade, market failures – market power, incomplete information, externalities, public goods.

4. Welfare economics:
Pareto optimality; criteria for value judgments, social welfare function, Pareto criterion, Kaldor-Hicks criterion, Bergson Criterion, Arrow’s Impossibility Theorem.

MICROECONOMICS – II

1. Game theoretic approach:
Basic concepts, Zero sum game, pure strategy – pay off matrix – Nash Equilibrium.

2. Price output determination:
Price-output determination under different market structures – Monopoly – price discrimination under monopoly – welfare aspects of monopoly – monopolistic competition – short run and long run equilibrium – excess capacity, Chamberlin’s approach – Oligopoly – Non-collusive models (Cournot, Bertrand, Edgeworth, Chamberlin, kinked demand curve and Stackelberg’s solution) Collusive Models (Cartels, Price Leadership).

3. Alternative Theories of Firm:
Critical evaluation of marginal analysis; Baumol’s Sales revenue maximization model – full cost pricing rule, Bain’s limit pricing – Sylos-Labini model.

4. Markets for factor input:
Factor pricing with perfect competition and imperfect competition in both the markets; Monopsony power and monopoly power, product exhaustion theorem.

5. Market with asymmetric information:
Markets for lemons, market signaling, moral hazards, principal agent problem.

6. Choice under uncertainty:
Describing risk – expected value, decision making under uncertainty, Neumann-Morgenstern Index, preferences towards risk – reducing risk-diversification-insurance. The demand for risky assets-the trade off between risk and return-mean variance model of asset choice.


References:

-Arrow, K.J. and M.D. Intrilligator (Eds) (1981), Handbook of Mathematical Economics, Vol, I North Holland, Amsterdam.

-Braodway, R.W. and N. Bruce (1984), Welfare Economics, Basil Blackwell , London.

-Da Costa, G.C. (1980) , Production, Prices and Distribution, Tata McGraw Hill, New Delhi.

-Hall of India, New Delhi.

-Hansen, B. (1970), A Survey of General Equilibrium Systems, McGraw Hill New York.

-Henderson, J.M.and R.E. Quandt (1980), Microeconomic Theory:A Mathematical Approach, McGraw Hill, New Delhi.

-Hirshleifer, J. and A. Glazer (1997), Price Theory and Applications, Prentice

-Koutsoyiannis, A. (1979), Modern Microeconomics, (2nd Edition ), Macmillan Press, London.

-Kreps, David M. (1990), A Course in Microeconomic Theory, Princeton University Press, Princeton. -Layard, P.R.G. and A.W. Walters ( 1978 ), Microeconomic Theory , McGraw Hill, New York. -Pindyck Robert S. and Rubienfeld () , Microeconomics -Salvatore D., Microeconomics -Sen , A. (1999 ), Microeconomics : Theory and Applications, Oxford University Press, New Delhi. -Stigler, G. ( 1996 ), Theory of Price, ( 4th Edition ), Prentice Hall of India, New Delhi. -Varian , H. (2000), Microeconomic Analysis, W.W. Norton , New York.


Contact Details:
SNDT Women's University  
1, Nathibai Thackersey Road, Mumbai, Maharashtra 400020
Phone: 022 2203 1879