The objective of this course is to analyse how individual decision-makers, both consumers and producers, behave in a variety of economic environments. Students are expected to learn the advanced methods and theories of microeconomics, and be provided with the basic tools and concepts required to understand scientific papers at the research frontier of microeconomic theory. This course provides an advanced level of microeconomics with more mathematics. Traditional microeconomic theory topics such as mathematics of optimisation, consumer theory, income and substitution effects, firm theory, demand relations among goods, market demand and elasticity, production function, cost, profit maximization, game theory, general equilibrium and economics of risk and uncertanity will be studied in a greater depth with some examples of applications. Important reference books will be:
- Henderson J. M and Quandt, R. E. 1980. Microeconomic Theory: A Mathematical Approach. McGraw Hill, New York.
- Varian, H.R. 1994. Microeconomic Analysis, Norton. New York.
- Philips, L. 1988. Applied Consumption Analysis, Amsterdam: North-Holland.
- Loewenstein, G. 2003. Intertemporal Choice, Oxford University Press
- Graham Romp, 1997. Game Theory, Introduction and Applications, Oxford University Press.
- Nicholson, W. 1998. Microeconomic Theory, Basic Principles and Extensions, Dryden Press, London.
- Silberberg, E. 1988. The Structure of Economics, A Mathematical Analysis. McGrawhill Book Company Newyork
Description of Evaluation Procedure: Mid-Term 30 Marks (Term Papaer will be submitted by students as partial fulfilment) Viva: 25 Marks Project: 15 Marks Presentation: 10 Marks Sessional: 20 Marks
Key Dates: Commencement of Class: 26, October 2020 Mid Term Exam: January 11-14, 2021 Final Term Exam: March 1-5, 2021 Declaration of Result: March 12, 2021
Class Timing: 12-03 PM Wednesday