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Microeco 2015 Outline | Market Power | Supply And Demand

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  Post Graduate Programme in Management2015-16TERM:I  TITLE OF THE COURSE: MICROECONOMICS FOR MANAGERS CREDITS : 4 Name of the Faculty member: Ajay SharmaJoysankar Bhattacharya  N. Karthikeya Siddhartha K. Rastogi Faculty Blockand Room no.: J–206A–105B-Conf. RoomB–101 Email: <@iimidr.ac.in>ajaysjoysankar  karthikeyan srastogi Telephone Number :+91-731-2439622+91-731-2439517+91-731-2439596+91-731-2439534 Course Description This course serves as the firstcourse in Microeconomics. The focus of the course is on understanding of economic concepts and tools to facilitate decision-making in business management as well as public policycontexts.A special emphasis is given on conceptual application in Indian contexts. Course Objectives The course aims to equip participants with intermediate level economic concepts and tools of analysis todevelop critical thinking and analytical skills to apply under different business situations. Concepts of thiscourse can further be applied in Industrial Regulation, Strategic Competition, International Business,Marketing, Managerial Accounting, Public Policy, etc. Pedagogy/Teaching Method: All sessions are lecture based. Applications and case studies are used for illustrative purposes to reinforcethe understanding of concepts and tools.The basic reference book used is: Besanko, D. and Braeutigam, R. (2011) Microeconomics, 4 th Edition, WileyIndia. (Hereafter B-B). Make-up Exam policy There is no makeup provision for thequizzes; whereas makeup for mid-term and end-term exams will begiven only if the participant was on medical leave with approval from PGP Chair.The nature of such make up will be on the discretion of the instructors. EvaluationWeightage ClassParticipation10Surprise Quizzes20Mid-term Exam35End-term Exam35 Total100%  SCHEDULE OF SESSIONSModule I Basic Economic Concepts Module Objective: To introduce the participants to the economic way of thinkingSession 1:Basic Economic ConceptsObjective:How economists think to make sense of the worldReading:B-B, Chap-1Case:The Toughest Ticket in Sports, B-B, pg 15. Module II Consumer Behavior Module Objective: To understand the behaviorpatterns of consumers under different conditions Session2: Consumer Behaviour Objective: How consumers match scarce resources with unlimited wants Reading: B-B, Chap-3, pg 75-89 and Chap-4, pg 105-112Case:How People Buy Cars: Importance of Attributes, B-B, pg 89The Marginal Utility of ‘Home Cooking’ versus ‘Eating out’, B-B, pg 113. Session3-4: Demand and Supply Analysis Objective: What and how affects demand and supply of various classes ofgoodsHow an equilibrium is reached under different conditions Reading: B-B, Chap-2, pg 26-41 and Chap 5, pg 150-159 Case: A Computer on Every Desk and in Every Home, B-B, pg 41. Session5: Elasticity Objective:How to m easurethe changes in demand and supply Reading: B-B, Chap-2, pg 43-54 Case: Coke versus Pepsi, B-B, pg 53. Session6-7: Impact of Taxes and Subsidies Objective: How government's policy decisions enter the map of consumer behavior Reading: B-B, Chap-10Case:Gallons and Dollars: Gasoline Taxes, B-B, pg 396;A Bailout of the King of Cheeses, B-B, pg 421. Module III Production and Pricing Decisions Module Objective: Tostudy production decisions and product pricing under differentconditions Session8: Theory of Production Objective:What are the b asic concepts related to production choices Reading: B-B, Chap-6, pg 201-226 and 230-233Case:High-Tech Workers versus Low-Tech Workers, B-B, pg 220. Session9: Theoryof Cost Objective: What are therelevant costs andensuingimplications Reading: B-B, Chap-7, pg 245-257 and Chap-8, pg 287-304Case:Self-Checkout or Cashier?, B-B, pg 257;The Costs of Higher Education, B-B, pg 295. Session10: LaborSupply Decision Objective: How much to work and when to stop  Reading: B-B, Chap-5, pg 187-193 Case: Substitution Bias in Price Indexes, B-B, pg 194. Module IV Market Structures Module Objective: To explore differentmarket structures andimplications for economic decisions Session11: Competitive Supply Objective: Howmarkets behave under perfectly competitive environment Reading: B-B, Chap-9, pg 330-341 and 366-377. Case:The ambiguous economics of Net neutrality; Available at:http://www.livemint.com/Industry/hz8BtbDLFnLkV69HU2EWUP/The-ambiguous-economics-of-Net-neutrality.htmlSession12: Monopoly and Market Power Objective: Howmarkets behave when marketpower exists Reading: B-B, Chap-11, pg 439-457 and 469-474 Case: Market Power in the Breakfast Cereal Industry, B-B, pg 457. Session13-14: Pricing with Market Power Objective: How to pricethe product when cost is not the only parameter Reading: B-B, Chap-12, pg 485-517Case:Education in the First Degree, B-B, pg 494;Bundling Cable, B-B, pg 517. Session15: Monopolistic Competition and Oligopoly Objective: What are themorecommonmarket structures andtheir process of decision-making Reading: B-B, Chap-13, pg 528-545 and 558-562 Case: When a Good Doctor is Hard to Find, B-B, pg 562. Session16-17: Competitive Strategy Objective: How market structures make decision-making a strategic and competitive process Reading: B-B, Chap-14, pg 571-589Case:Everyone Loses Except Lawyers, B-B, pg 576. Module V Market Failures Module Objective: To exploresituations and remedies when markets fail Session18: Externalities Objective: Are there situations where markets fail due to externalities Reading: B-B, Chap-17, pg 697-718 Case: London’s Congestion Charge, B-B, pg 712. Session19: Public Goods Objective:What are t he problems in provision of public goods Reading: B-B, Chap 17, pg 719-723. Case:Is Market Failure a Sufficient Condition for Government intervention?;Available at:http://www.econlib.org/library/Columns/y2013/CardenHorwitzmarkets.htmlSession20: Economics of Information Objective:What are t he cost, benefits, and implications of information Reading: B-B, Chap-15, pg 623-627.***
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