Certification in Microeconomics and Macroeconomics theory

Description

Take the next step in your career! Whether you’re an up-and-coming professional, an experienced executive, aspiring manager, budding Professional. This course is an opportunity to sharpen your micro and macroeconomic theory capabilities, increase your efficiency for professional growth and make a positive and lasting impact in the business or organization.

With this course as your guide, you learn how to:

1. All the basic functions and skills required for Micro and Macro economics theory.
2. Transform to the Introduction to Microeconomics, The Concept of Equilibrium, Consumer Theory–Cardinal Utility Analysis. Ordinal Utility Theory: Indifference Curve Approach, The Revealed Preference Theory of Demand. Theory of Demand and Elasticity of Demand,
3. Learn useful case studies, understanding Introduction of Macroeconomics. National Income: Concept of National Income. Economic Welfare and National Income. Sectorial Accounting, Classical Theory of Employment, Keynesian Theory of Employment, Theory of Consumption Function. Relative Income Hypothesis
4. Invest in yourself today and reap the benefits for years to come.

The Frameworks of the Course

· Engaging video lectures, case studies, assessment, downloadable resources and interactive exercises. This course is created to Learn about Introduction to Microeconomics, The Concept of Equilibrium, Consumer Theory–Cardinal Utility Analysis. Ordinal Utility Theory: Indifference Curve Approach, The Revealed Preference Theory of Demand. Theory of Demand and Elasticity of Demand, Recent Developments in Demand Theory. Production Function and Law of Production.

Introduction of Macroeconomics. National Income: Concept of National Income. Economic Welfare and National Income. Sectorial Accounting, Classical Theory of Employment, Keynesian Theory of Employment, Theory of Consumption Function. Relative Income Hypothesis. Permanent Income and Life Cycle Hypothesis

The course includes multiple Case studies, resources like formats-templates-worksheets-reading materials, quizzes, self-assessment, film study and assignments to nurture and upgrade your Macroeconomic and Microeconomics theory.

· In the first part of the course, you’ll learn the details of the Introduction to Microeconomics, The Concept of Equilibrium, Consumer Theory–Cardinal Utility Analysis. Ordinal Utility Theory: Indifference Curve Approach, The Revealed Preference Theory of Demand. Theory of Demand and Elasticity of Demand, Recent Developments in Demand Theory. Production Function and Law of Production. Theory of Cost and Revenue. Isoquant Curve, Iso-cost Line. Concepts of Revenue, Pricing Under Perfect Competition. Theory of Monopoly Firm. Theory of Monopolistic Competition. Theory of Oligopoly.

· In the second part of the course, you’ll develop the knowledge related to Macroeconomics. National Income: Concept of National Income. Economic Welfare and National Income. Sectorial Accounting, Classical Theory of Employment, Keynesian Theory of Employment, Theory of Consumption Function. Relative Income Hypothesis. Permanent Income and Life Cycle Hypothesis, the Investment Function. The Theory of Acceleration, Demand of Money: Quantity Theory of Money, Keynesian Approach, Contribution of Baumol and Tobin. Restatement of Friedman’s Quantity Theory of Money. Money Supply: Definition and Importance of Money. Money Multiplier and Credit Creation by Commercial Banks. IS – LM Analysis. Equilibrium in Product and Money Market. Effect of Monetary Policies Under Different Cases in IS-LM Framework. Effect of Fiscal Policies Under Different Cases in IS-LM Framework. Inflation. Phillips Curve Analysis, Trade Cycles: Meaning and Types. The Super-Multiplier of the Multiplier Accelerator Interaction. Kaldor’s Theory of Trade Cycle Contents. Monetary Policy

Course Content:

Part 1

Introduction and Study Plan(Microeconomics Theory).

· Introduction and know your Instructor

· Study Plan and Structure of the Course

1. Introduction to Microeconomics theory

1.1. Introduction

1.2. Microeconomy- meaning, its scope.

1.3. Importance of Microeconomics

2. The Concept of Equilibrium

2.1. Introduction, Meaning.

2.2. Static Equilibrium

2.3. Dynamic Equilibrium

2.4. General Equilibrium

3. Consumer Theory–Cardinal Utility Analysis

3.1. Introduction.

3.2. Total Utility, TUx= f(Qx)

3.3. Significance of the Difference between Total Utility and Marginal Utility

3.4. Law of Diminishing Marginal Utility

3.5. Importance of the Law

3.6. Criticisms of the Law

4. Ordinal Utility Theory: Indifference Curve Approach

4.1. Introduction

4.2. What is an Indifference Curve?

4.3. Assumptions of Indifference Curve Analysis

4.4. Consumer’s Equilibrium

4.5. Effect of Change in Commodity Price on Consumer’s Equilibrium

4.6. Income Effect

4.7. Substitution Effect

4.8. How Slutsky’s Approach Differs from Hicks’ Approach

4.9. Price Consumption Curve

4.10. Difference between Demand Curve and Price Consumption Curve

4.11. Income Consumption Curve

4.12. Engel’s Curve

4.13. Criticism of Demand Theory

5. The Revealed Preference Theory of Demand

5.1.Introduction

5.2.The Law of Demand

6. Theory of Demand and Elasticity of Demand

6.1.. Introduction

6.2. Elasticity of Demand

6.3. Normal Situations of Price Elasticity of Demand

6.4. Total Outlay or Total Expenditure Method

6.5. Factors Determining the Price Elasticity of Demand

6.6. Cross Elasticity of Demand

6.7. Importance of Price Elasticity of Demand

7. Recent Developments in Demand Theory

7.1. Introduction.

7.2. Limitations of Demand Functions

7.3. The Linear Expenditure System

7.4. Direct and Indirect Utility Functions

7.5. Lancaster’s Attributes or Characteristics Demand Theory

7.6. Critical Appraisal of Lancaster’s Demand Theory

8. Production Function and Law of Production

8.1. Introduction

8.2. Fixed and Variable Inputs or Factors of Production

8.3. Causes of Diminishing Returns to a Factor

8.4. Importance of the Law

9. Theory of Cost and Revenue

9.1. Introduction

9.2. Why is MC Curve ‘U’ Shaped?

10. Isoquant Curve, Iso-cost Line

10.1. Introduction

10.2. Difference between Isoquant Curves and Indifference Curves

11. Concepts of Revenue.

11.1. Introduction

11.2. Concepts of Revenue Under Different Market Conditions

12. Pricing Under Perfect Competition

12.1. Introduction, Equilibrium Price

12.2. Comparison between Market Price and Normal Price

13. Theory of Monopoly Firm

13.1. Introduction.

13.2. Features of Monopoly

13.3. Types of Price Discrimination

13.4. Degrees of Price Discrimination

13.5. Dumping

13.6. Multi-plant Monopoly

14. Theory of Monopolistic Competition

14.1. Introduction

14.2. Characteristics of Monopolistic Competition

14.3. Long-Run Equilibrium in Monopolistic Competition

14.4. Excess Capacity

14.5. Empirical Evidence

14.6. Non-price Competition

14.7. Selling Costs

15. Theory of Oligopoly

15.1. Introduction

15.2. Features of Oligopoly

15.3. Classification of Oligopoly

15.4. Firm-Created Causes

15.5. Why Bigness? Or What Causes the Emergence of Oligopoly?

16. Assignment

Part 2

Introduction and Study Plan(Macroeconomics Theory).

· Introduction and know your Instructor

· Study Plan and Structure of the Course

1. Introduction of Macroeconomics

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