Institute of Rural Management Anand (IRMA)

Programme PGDMRM
Batch PRM 43
Academic Year 2022-2023
Course Level Basic
Course Code MICRO
Area Economics
Term I
Title of the Course Microeconomics
Credits 3
Number of Section(s) 2
Type Core
Prerequisites Basic understanding of mathematics and graphs
Course Instructor Prof. Anand Venkatesh
Email ID anand@irma.ac.in
Contact Number 607

Course Description:
The course provides an introduction to a core area of economics known as microeconomics. It
considers the operation of a market economy and the problem of how best to allocate society's scarce
resources. The course considers the way in which various decision making units in the economy
(individuals and firms) make their consumption and production decisions and how these decisions are
coordinated. It considers the laws of supply and demand, and introduces the theory of the firm, and its
components, production and cost theories and models of market structure. The various causes of
market failure are assessed, and consideration is given to public policies designed to correct this
market failure.

Course Objectives:
This course aims to develop an understanding of the framework that economists use to analyze
choices made by individuals in response to incentives and consider how these choices can also serve
the social interest.  The course introduces students to models of how individuals and firms interact
within markets, when markets fail, and how government policy may improve outcomes for society. A
theoretical framework is developed in which students acquire an understanding of how economic
agents interact.

Learning Outcome:
After completing this program students will be able to relate the basic economic theory and
principles to current microeconomic issues. Students will be able to interpret charts, graphs, and tables
and use the information to make informed judgments and also explain how competitive markets
organize the allocation of scarce resources and the distribution of goods and services.

Pedagogy / Teaching Methodology:

Pedagogy for this course includes discussion of a particular topic with the help of graphs and
real-life scenarios. Sessions will be made more interactive by discussing newspaper articles
and watching YouTube videos of the relevant topic. Evaluation of students’ understanding and
learning will be done with the help of the quizzes, assignment and exams which are distributed
throughout the course.

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Evaluation:
Component Learning Objective/s *Weightage %
Class Participation - -
Quiz Continuous evaluation of students’ 30%
understanding
Individual - -
Assignment
Group Assignment - -
Take Home - -
Assignment
Research Article - -
Review/Discussion
Mid Term To check students’ understanding in the mid of 35%
the course
End Term To assess what students have learned 35%
throughout the course
TOTAL 100
*No single component should have a weightage of more than 50 percent of evaluation in a 1.5-credit
course and more than 35 percent in a 3-credit course.

Details/Instructions for Evaluation: NIL

TEXTBOOKS: <write NIL, if none, do not delete>

 William A. McEachern, Simrit Kaur (2016), “Principles of Microeconomics: A South-Asian Perspective”,
1st Edition, Cengage Learning.
 NIL
ADDITIONAL BOOKS / READINGS: <write NIL, if none, do not delete>
 NIL
 NIL
SCHEDULE OF SESSIONS:

Session No. 1 Title of the Session: The Principles of Economics

Objectives: Ten Principles of Economics, demand, supply introduction
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 2 Title of the Session: Demand, Supply and Equilibrium
Objectives: To learn about demand supply equilibrium in the market
Readings: Class presentation and textbook chapters

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 Cases: NIL
Session No. 3 Title of the Session: Demand, Supply and Equilibrium
Objectives: To learn about demand supply equilibrium in the market
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 4 Title of the Session: The Price Mechanism
Objectives: To learn about the price mechanism of the market
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 5 Title of the Session: Elasticity
Objectives: To learn about the change in demand and supply due to
change in other factors
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 6 Title of the Session: Production and Costs
Objectives: Long run cost curves, short run cost curves
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 7 Title of the Session: Production and Costs
Objectives: Long run cost curves, short run cost curves
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 8 Title of the Session: Structure Conduct Performance
Objectives: Long run, short run supply and profit maximization
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 9 Title of the Session: Policy Effects 1
Objectives: Taxes and subsidies
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 10 Title of the Session: Policy Effects 2
Objectives: Price ceiling and price floors
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 11 Title of the Session: Production and Costs
Objectives: Efficient production and cost minimization of a firm
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 12 Title of the Session: Production and Costs
Objectives: Efficient production and cost minimization of a firm
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 13 Title of the Session: Production and Costs
Objectives: Efficient production and cost minimization of a firm
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 14 Title of the Session: Perfect Competition
Objectives: Perfect competition among the firms and pricing
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 15 Title of the Session: Perfect Competition

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 Objectives: Perfect competition among the firms and pricing
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 16 Title of the Session: Monopoly
Objectives: To learn about monopoly market structure
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 17 Title of the Session: Price Discrimination
Objectives: To learn about the pricing under the monopoly
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 18 Title of the Session: Monopolistic competition and Oligopoly
Objectives: To learn about the monopolistic and oligopoly market com-
petition
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 19 Title of the Session: Market Failures
Objectives: Asymmetric Information
Readings: Class presentation and textbook chapters
Cases: NIL
Session No. 20 Title of the Session: Summing up the course
Objectives: Revision of the whole the course
Readings: Class presentation and textbook chapters
Cases: NIL

<For 1.5 credit course, 10 sessions will be there. For 3.0 credit course, there would be 20 sessions>

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