# Microeconomics

NPTEL and Indian Institute of Technology Kanpur via YouTube

## Syllabus

Intro - An Introduction to Microeconomics - Prof Vimal Kumar.

Lecture-01 What is Economics ?.

Lecture-02 Resources, Wants & Scarcity.

Lecture-03 Allocation, Command, Market and Mixed Economy.

Lecture-04 Individual.

Lecture-05 Rationality, Self Interest and Optimization.

Lecture-06 Branches of Economics.

Lecture-07 Introduction to Demand & Supply.

Lecture-08 Demand.

Lecture-09 Demand:Effect of Substitutes and Complements.

Lecture-10 Market Demand Function.

Lecture-11 Factors Affecting Demand.

Lecture-12 Supply and Market Supply.

Lecture-13 Supply: Effect of Substitutes and Complements.

Lecture-14 Factors Affecting Supply.

Lecture-15 Market Equilibrium.

Lecture-16 Few Examples.

Lecture-17 Application: Price Control.

Lecture-18 Consumer Surplus.

Lecture-19 Producer Surplus.

Lecture-20 Total Surplus.

Lecture-21 Effect of Price Control on Surplus.

Lecture-22 Implications of Market Equilibrium.

Lecture-23 Price Elasticity of Demand.

Lecture-24 Elastic, Inelastic and Unit- elastic Demand.

Lecture-25 Perfectly Elastic and Perfectly Inelastic Demand.

Lecture-26 More on Elasticity.

Lecture-27 Factors Affecting Price Elasticity of Demand.

Lecture-28 Effect of Taxation.

Lecture-29 Tax Imposed on Seller.

Lecture-30 Incidence of Tax.

Lecture-31 Incidence of Tax: Four Extremes.

Lecture-32 Incidence of Tax: Effect on Surplus.

Lecture-33 Towards Consumer Theory.

Lecture-34 Budget Line and Budget Set.

Lecture-35 Factors Affecting the Budget Line.

Lecture-36 Few Examples of Changes in Budget Line.

Lecture-37 Consumption Set.

Lecture-38 Convexity of Consumption Set.

Lecture-39 Describing Utility.

Lecture-40 Some Axioms.

Lecture-41 Preferences as a Mathematical Construct.

Lecture-42 Rationality in Real Life Vs. Rationality in Economics.

Lecture-43 More on Three Axioms of Rationality.

Lecture-44 Defining Utility Function.

Lecture-45 Ordinal Vs. Cardinal Utility.

Lecture-46 Properties of Preferences: Continuity.

Lecture-47 Indifference Set.

Lecture-48 Indifference Curve.

Lecture-49 Behavioural Assumption: More is Better.

Lecture-50 Properties of Preferences: Convexity.

Lecture-51 Marginal Rate of Substitution (MRS).

Lecture-52 DMRS and Convexity: Example.

Lecture-53 Summary.

Lecture-54 Utility Maximization.

Lecture-55 Utility Maximization: tangency criterion.

Lecture-56 More on Utility Maximization.

Lecture-57 Utility Maximization: Example.

Lecture-58 Example Revisited.

Lecture-59 Marginal Utility Vs. Marginal Rate of Substitution (MRS).

Lecture-60 Perfect Substitutes.

Lecture-61 Perfect Complements.

Lecture-62 An Example with Quasi Linear Preferences.

Lecture-63 Demand Revisited.

Lecture-64 Effect of Income on Quantity Demanded.

Lecture-65 Effect of Change in Price.

Lecture-66 Substitution Effect and Income Effect.

Lecture-67 Giffen Good.

Lecture-68 Expenditure Minimization as a Dual Problem of Utility Maximization.

Lecture-69 Marshallian and Hicksian Demand Function.

Lecture-70 Slutsky Equation.

Lecture-71 An Application: Subsidy Vs. Direct Benefit Transfer.

Lecture-72 Towards Producer Theory.

Lecture-73 Technology or Production Function.

Lecture-74 Isoquants.

Lecture-75 Few Axioms Related to Technology.

Lecture-76 Axioms/ Assumptions Continued.

Lecture-77 Production in Short Run.

Lecture-78 Average and Marginal Product of Labour (APL & MPL).

Lecture-79 More on APL and MPL.

Lecture-80 Law of Diminishing Marginal Returns.

Lecture-81 Production in Long Run.

Lecture-82 MRTS: Few Examples.

Lecture-83 Decreasing MRTS.

Lecture-84 Elasticity of Substitution.

Lecture-85 Returns to Scale.

Lecture-86 Elasticity of Scale.

Lecture-87 Economic Terminology: Opportunity Cost.

Lecture-88 Economic Terminology: Sunk Cost.

Lecture-89 Economic Terminology: Economic Profit and Accounting Profit.

Lecture-90 Diminishing Marginal Product Vs. DMRTS.

Lecture-91 Returns to Scale through Graphs.

Lecture-92 Cost in Long Run.

Lecture-93 Cost Minimization.

Lecture-94 Cost Minimization: Few Examples.

Lecture-95 Cost Minimization: Cobb-Douglas Production Function.

Lecture-96 More on Cost Minimization.

Lecture-97 Cost Function in the Long Run.

Lecture-98 Cost in Short Run: TC, FC and VC.

Lecture-99 Cost in Short Run: MC.

Lecture-100 Shape of Cost Curves.

Lecture-101 Factor Demand Function.

Lecture-102 Output Expansion Path.

Lecture-103 Cost Revisited: Quasi Fixed Cost.

Lecture-104 Cobb-Douglas Function: Cost and Returns to Scale.

Lecture-105 Short Run Vs. Long Run Cost Minimization.

Lecture-106 Short Run Vs. Long Run Cost Minimization Through Graphs.

Lecture-107 LRAC Vs. SRAC.

Lecture-108 Short Run Marginal Cost Vs. Long Run Marginal Cost.

Lecture-109 Profit Maximization.

Lecture-110 Marginal Revenue.

Lecture-111 Profit Maximization in Short Run Through Graphs.

Lecture-112 Profit Maximization in Short Run Through Algebra and Calculus.

Lecture-113 Market Environment.

Lecture-114 Perfectly Competitive Market.

Lecture-115 Supply Curve.

Lecture-116 An example obtaining the short run supply function.

Lecture-118 Profit maximization implies cost minimization.

Lecture-119 Producer’s Surplus Revisited.

Lecture-120 Profit Maximization and Returns to Scale.

Lecture-121 Short Run Supply Vs. Long Run Supply.

Lecture-122 Long Run Equilibrium and Supply Function.

Lecture-123 Introduction to Monopoly.

Lecture-124 Marginal Revenue of the Monopolist.

Lecture-125 Monopoly: Price Elasticity of the Demand and MR.

Lecture-126 Profit Maximization for the Monopolist.

Lecture-127 Inverse Elasticity Pricing Rule.

Lecture-128 Profit Maximization for the Monopolist through Graph.

Lecture-129 No Supply Function for Monopoly.

Lecture-130 Monopoly: Comparative Statics.

Lecture-131 Imposition of the Tax on the Monopolist.

Lecture-132 Welfare Effects of Monopoly Pricing.

Lecture-133 Price Discrimination.

Lecture-136 Introduction to Oligopoly.

Lecture-134 Monopoly: Example.

Lecture-135 Responses from Policy Makers.

Lecture-137 Nash Equilibrium.

Lecture-138 Cournot Model of Duopoly.

Lecture-139 Stackelberg Model of Duopoly.

Lecture-140 Bertrand Model of Duopoly.

Lecture-141 Market Environment: Comparison Table.

### Taught by

Micro Economics - IITK