1. ANSAL INSTITUTE OF TECHNOLOGY; GURGAON
2012
Course Code: AECO 202
Course Title: Principles of Micro Economics
Credits: 3
Facilitator/ Teacher: Dr. Meenal Sharma Jagtap
Contact Details: D- 007, AIT, Ext No. 489
Email: meenalmona@yahoo.co.in
Course Objectives:
The course is designed to familiarize the students with the basic concepts of
microeconomics and introductory concepts of international economics. This course will
help students in developing an insight about utilizing basic economic concepts for
managerial decision-making.
Course Description:
In this course, we aim to study different main concepts and theories of microeconomics.
The course will acquaint the students of major economic tools available for the managers
to maximize profits and minimize costs of businesses. Also, implementation of these
tools will be attempted.
Teaching /Learning Strategies:
Lectures, Assignments, Cases, Quizzes, Group Projects, Group Discussions, Viva
Evaluation:
Internal Evaluation will be based on scores obtained by students in different modes of
assessment conducted throughout the term.
Assignments - 10%
Presentations/Attendance – 10%
Quizzes –20%
Mid term Test I & II – 30%
Major Test/Exam carries 30% weightage.
Attendance Policy:
The attendance in all classes/sessions is compulsory. Continuous class assessments will
be done all through the semester. Any assignments/ presentations/ Quizzes can be
conducted without any prior notice to students. No makeup tests/quizzes shall be
conducted for missed tests/ quizzes.

2. Course Structure:
Topics Covered Learning Outcomes No. of
Lectures
Unit I: Microeconomic Analysis
Introduction, Demand & Explain the concept of demand 9
Supply functions, Law & supply, Differentiate between
of Demand, types of demand & supply, Identify
demand, Law of Supply, Elasticity types, Calculate
Normal, Inferior & elasticity
Giffen goods, Elasticity
of Demand, Types of
elasticity & their
determinants,
Measurement of
Elasticity
Quiz 1
Unit II: Cost & Revenue curves
Cost Function, Revenue Explain Cost & Revenue 9
functions, Cost curves – functions, Derive and Draw
short term & long term, Cost & Revenue curves.
Relation between Cost & Identify the relationship
Revenue. AR , MR AC & between Cost & Revenue
MC curves.
Presentation I/ Oral Q&A session
Unit III: Theory of firm & Types of Market
Price determination under Describe price determination 8
perfect competition & under different market forms.
imperfect competition. Evaluate various types of
Monopoly, Oligopoly & market forms. Differentiate
Monopolistic competition. between methods of price
determination under different
market forms.
Quiz 2
Unit IV: Income Distribution
Theory of Production & Explain the concepts of 9
Marginal Product, Pricing production function; Discuss
of factor inputs as rent, the pricing of factors of
wages, interest & profits. production, Calculate Total,
Marginal & Average Product.
Quiz 3
Unit V: International Economics
Theory of Comparative Explain the theory of 10
Advantage & its role in Comparative Advantage,
international trade, List its applications & uses,
determination of foreign Determine foreign exchange
exchange rate, balance of rate, Differentiate between
payments, Protective tariffs, tariffs & Quotas.
Quotas & free trade.

3. Revision & Problem Solving Class
Final Quiz
Total No. of Lectures + Assessments 45
Recommended Books:
Text Books
1. Koutsianis – Modern Microeconomics
2. DN Dwivedi- Managerial Economics
2. HD Ahuja – Modern Economics – Theory & Applications