Course Plan- Introductory Microeconomics I
Odd Semester 2023-24
SECTION I
Semester
I
Class
BA (Eco Soc), (Psy Eco) & (His Pol)
Course
Code
ECO101-1
Course
Title
Introductory Microeconomics
Hours
60
Hours per
week
4
Faculty
name
Class
policies
and
guidelines
Dr. Joshy K J, Dr. Divya Pradeep & Dr. Greeshma
Manoj
Contact
details
joshy.kj@christuniversity.in
divya.pradeep@christuniversity.in
greeshma.manoj@christuniversity.in
Guidelines for classes:
 Students are expected to be seated in their respective places before the faculty enters the class.
 Attendance shall be taken within the first five minutes of commencement of the session. Attendance will not be given to
students who come in late, they will however, be allowed to attend the class.
 Students should be attentive while taking the attendance. The roll numbers of absentees will be read out after taking the
attendance. No changes will be made once attendance is submitted.
 Students should occupy all the front seats and should not sleep in the class.
 Notebook specific for the subject must be carried for every class hour.
 Additional study materials are uploaded in google classroom and students are expected to read.
 Instruction in class will be based on lecture notes.
 Read the relevant chapters before and after the completion of the relevant topics.
 Utilise the relevant resources that will be shown and circulated to increase comprehension of the topics.
 Mobile phones cannot be used during the class, unless the faculty gives instructions for specific purpose related to the subject.
Mobile phones should be switched off and kept inside the bag.
 Assignments submitted after the due date shall not be valued.
 CIA timing and date must be strictly adhered to. Absentees without prior permission will be marked zero. Late submissions
even with permission are subject to reduction in marks.
 Eatables are not allowed in class.
 In addition to the allotted three lecture hours, extra lecture hours will be taken by the faculty in the week, whenever it is
required so as to make up for classes which are likely to be missed due to public holidays, leaves taken by the faculty, college
and / or department programmes to complete the course speedily. Prior notice will be given concerning the same.
1
Department of Economics
Course Plan- Introductory Microeconomics I



Course
Description
and course
objectives
Odd Semester 2023-24
Students will be permitted to meet the faculty only with prior appointment.
The faculty member will not respond to any messages after working hours.
Going out of the class for any reason during class hours is strictly not allowed.
This course is designed to expose the students to the basic principles of microeconomic theory. The course will illustrate how
microeconomic concepts can be applied to analyze real-life situations. The course has been conceptualized in order to help students:
 To understand how decisions related to allocation of scarce resources and trade-offs are made.
 To understand the role of government policies regulating market outcome.
 To analyse the market for goods and services and output-price determination.
 To demonstrate understanding of how rational consumers make their choice to optimize utility.
Course
Outcomes
By the end of the course the student should be able to:
CO1: Summarize how decisions related to allocation of scarce resources and trade-offs are made.
CO2: Understand role of demand and supply in allocating economic welfare.
CO3: Explain the role of government policies in regulating the market outcomes.
CO4: Illustrate how consumers optimize the utility given the limited resources
CO5: Analyse the market dynamics of factors of production and impact of policy regulation on allocation of such inputs in the market.
SECTION II
Unit
Number
Unit Details
Week
Hours/unit
Pedagogy
Resource/ Reference details
Unit I – Introduction
Nature and scope of economics,
opportunity cost, scarcity, production
possibility frontier,
Market
system,
welfare
state,
1) Gregory Mankiw, N. (2022)
Principles of Economics, 9th
Edition, Cengage Learning India.
2) Varian, H. R., “Intermediate
2
Department of Economics
Course Plan- Introductory Microeconomics I
1
2
Microeconomics Vs macroeconomics, 9th – 22nd
Ten principles of
July, 2023
economics.
Unit II – Demand Supply & Market
Equilibrium
Demand and supply schedules,
functions and curves, Law of demand,
Exceptions to the law
of demand, Law of supply, Exceptions
to the law of supply, Market
equilibrium, Movement
along a demand and supply curve, 17th August –
shifts in demand and supply curves, 22nd
Types of elasticities
August, 2023
and their applications, Relationship
between price elasticity and total
revenue, Backward
bending
labour
supply
curve,
Consumer and producer surplus and
the efficiency of the
markets.
Odd Semester 2023-24
8
Microeconomics: A Modern
Approach”
Lectures & PPTs
1) Gregory Mankiw, N. (2022)
Principles of Economics, 9th
Edition, Cengage Learning India.
2) Varian, H. R., “Intermediate
Microeconomics: A Modern
Approach”
15
Lectures & PPTs
Unit 3: Theory of Consumer
Behaviour
Cardinal and Ordinal utility, Law of
diminishing marginal utility, Waterdiamond paradox,
3
23rd AugustIndifference
curves,
indifference September
schedule, marginal rate of substitution, 18th 2023
price line,
consumer’s
equilibrium,
and
comparative statics, Samuelson’s
revealed preference theory,
Income and substitution effects
(Slutsky and Hicks equations)
17
1) Gregory Mankiw, N. (2022)
Principles of Economics, 9th
Edition, Cengage Learning India.
2) Varian, H. R., “Intermediate
Microeconomics: A Modern
Approach”
Lectures & PPTs
3
Department of Economics
Course Plan- Introductory Microeconomics I
4
Unit 4: Theory of Production and
Cost
Production Function-One input model,
law of diminishing marginal product,
total, marginal,
and average products, Two-input
model: isoquants and isocost lines,
producers’ equilibrium, expansion
path, Cost analysis: Types of total and
unit costs, and relationships among
unit costs in the short run, long run
cost analysis: behaviour of long run
average
and
marginal
costs,
Behaviour of long run average cost,
economies and diseconomies of scale,
Laws of
returns to scale.
Odd Semester 2023-24
1) Gregory Mankiw, N. (2022)
Principles of Economics, 9th
Edition, Cengage Learning India.
26th
September10th
November,
2023
20
Lectures & PPTs
SECTION III
Course Outcomes and Programme Outcomes Mapping:
Course Outcomes
CO1: Summarize how decisions related to
allocation of scarce resources and trade-offs
are made.
PO1
PO2
PO3
PO4
P05
3
3
2
1
-
4
Department of Economics
Course Plan- Introductory Microeconomics I
Odd Semester 2023-24
CO2: Understand the role of demand and
supply in allocating economic welfare.
3
2
2
1
2
CO3: Explain the role of government policies in
regulating the market outcomes
3
3
2
1
-
CO4: Illustrate how consumers optimize the
utility given the limited resources
3
2
2
2
-
CO5: Analyse the market dynamics of factors
of production and impact of policy regulation
on allocation of such inputs in the market.
3
2
3
2
-
Assessment outline:
CIA I
CIA II
CIA III
ESE
Attendance
10%
25%
10%
50%
5%
Mapping: A template mapping the Learning Outcomes of the course against the components of assessment is given below:
Components of Assessment
Course Outcomes
CO1: Summarize how decisions related to allocation of scarce
resources and trade-offs are made.
CO2: Understand the role of demand and supply in allocating
economic welfare.
CIA I
CIA II
CIA III
10
15
20
10
15
30
5
ESE
Department of Economics
Course Plan- Introductory Microeconomics I
Odd Semester 2023-24
CO3: Explain the role of government policies in regulating the
market outcomes
20
20
CO4: Illustrate how consumers optimize the utility given the limited
resources
10
15
CO5: Analyse the market dynamics of factors of production and
impact of policy regulation on allocation of such inputs in the
market.
10
15
SECTION IV
Assessment Description:
CIA 1 (20 marks)
Title: Quiz - Multiple Choice Questions. Average scores of two quizzes.
Portion: To be decided by the respective faculty.
Topic: MCQ Quiz
Mode of Submission: Google classroom/LMS
Time Duration: 25 minutes
Assignment Type: Individual assignment
Timeline: To be decided by the respective faculty based on the academic calendar.
Description:
Moodle/Google classroom-based quiz consisting of 20 MCQs, carrying one mark each to test the knowledge and understanding of microeconomic
concepts (i.e., economic principles, demand-supply, demand elasticity and efficiency of the market) and their application. There are no negative
markings for wrong answers
Learning outcomes:
1) Ability to identify and understand the conceptual foundations as well as the analytical methods used in micro economics.
2) Understand the behaviour of the market, the buyer and the seller.
CIA 2
Mid Semester Examination: Mid-Semester examination pattern will be based on the department’s decision. The pattern will be
communicated.
Time Line: 19th September – 25th September, 2023
6
Department of Economics
Course Plan- Introductory Microeconomics I
Odd Semester 2023-24
CIA 3 (20 marks)
Title: Quiz - Multiple Choice Questions. Average scores of two quizzes.
Portion: To be decided by the respective faculty.
Topic: MCQ Quiz
Mode of Submission: Google classroom/LMS
Time Duration: 25 minutes each quiz
Assignment Type: Individual assignment
Timeline: To be decided by the respective faculty based on the academic calendar.
Description:
Moodle/Google classroom-based quiz consisting of 20 MCQs, carrying one mark each to test the knowledge and understanding of microeconomic
concepts and their application. There are no negative markings for wrong answers.
Learning outcomes:
1) Ability to calculate various measures of costs.
2) Understand the behaviour of firms and price determination
7
Department of Economics