1. Introduction to microeconomics, products (goods) market and its forces of demand and supply market equilibrium and its shift: dynamic stability of market equilibrium and its conditions, applications in management.

2. Elasticities of demand and supply and their uses, relationship between price elasticity of demand and total revenue determinants of price elasticity of demand and other elasticity’s of demand. Application in managerial decision, making.

3. Market dis-equilibrium, support price, price ceiling and price floor.

4. Market failure, conditions of market failure, externalities, imperfect information and public goods.

5. Theory of consumer behaviour and demand. The direct and indirect utility functions, consumer equilibrium by utility and indifference curve approaches, necessary and sufficient conditions for utility maximization applications in managerial decision making.

6. Theory of cost: Costs of production. Explicit, implicit and opportunity costs, fixed vs. variable, costs average vs. marginal costs run vs., long term costs applications in managerial decision making.

7. Theory of firm behaviour and production firm and its objectives, equilibrium of the firm least cost and profit maximizing combinations of inputs, applications in managerial decision making.

8. Market structure: Monopoly and its equilibrium both in the short run and long run. Price discrimination and costs and benefits of monopoly.

9. Perfect competition: short run vs. long run equilibrium of a perfectly competitive firm industry equilibrium, comparison of monopoly and perfect competition in terms of welfare and allocation of resources, applications in managerial decision making.

10. Monopolistic market: imperfect competition and oligopoly, loss of efficiency cartels and price leadership models of oligopoly, application in managerial decision making.

11. Resource market: demand and supply of factors of production, demand for single and multiple variable inputs, concept of marginal revenue product and determination of equilibrium wage rate application in managerial decision making.