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AIM |
To introduce the learner to basic concepts in Economics |
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COURSE PURPOSE |
This course is intended to introduce the learner to fundamentals of microeconomics and its role in addressing economic policy issues.
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COURSE OBJECTIVES |
1. Provide students a basic understanding of microeconomic concepts and principles. 2. Give the students an understanding of how microeconomic concepts and principles can be applied in various situations; 3. Analyze the relationship between microeconomic theory and a wide range of real-world events.
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EXPECTED LEARNING OUTCOME |
1. Demonstrate an understanding of microeconomic concepts and their appropriate usage. 2. Appreciate an ability to use economic principles in ‘rational’ decision making. 3. Understanding the justifications for Government microeconomic policy and the likely economic effects for individuals and businesses.
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COURSE DESCRIPTION |
The scope of economics and nature of economic systems. Macroeconomics versus microeconomics. Methods of allocating economic resources. Theories of production and consumer choice. The role of markets and prices in a decentralized system. The theory of distribution and pricing of factors of production.
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COURSE CONTENT/ TOPICS
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Week |
Lectures |
Topics |
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1 |
1 |
LECTURE ONE: INTRODUCTION TO ECONOMICS 1.1 Introduction 1.2 Objectives 1.3 Introduction to Economics 1.4 Scope of Economics 1.6 The Methodology of Economics
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2 |
2 |
ECONOMIC SYSTEMS, ECONOMIC INTERVENTION AND SPECIALIZATION 2.1 Introduction 2.2 Objectives 2.3 Economic Systems 2.4 Types of Economic Systems 2.5 Why Intervene in the Economy 2.6 Specialization
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3 |
3 |
DEMAND 3.1 Introduction 3.2 Objectives 3.3 Definition of Demand 3.4 The Determinants of Demand 3.5 Movement Along and Shift in Demand Curve |
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4 |
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CAT 1 |
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5&6 |
4 &5
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SUPPLY AND THE EQUILIBRIUM 4.1 Introduction 4.2 Objectives 4.3 Definition of Supply 4.4 Movement Along and Shift in Supply Curve 4.5 The Concept of Equilibrium in Economics 4.5.1 Mathematics Derivation of Equilibrium 4.5.2 Types of Equilibrium 4.6 Price Control
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7 |
6&7 |
ELASTICITY 5.1 Introduction 5.2 Objectives 5.3 Elasticity of Demand 5.4 Types of elasticity 5.5 Income Elasticity of demand 5.6 Elasticity of Supply |
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8 |
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CAT 2 |
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9 |
8 |
THEORY OF CONSUMER 7.1 Introduction 7.2 Objectives 7.3 Introduction 7.4 Cardinalist Marginal Utility Approach 7.5 Consumer Equilibrium
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10 |
9 |
ORDINAL UTILITY 8.1 Introduction 8.3 Ordinalist / Indifference Curve Approach 8.4 Consumer Equilibrium 8.5 Income Consumption Curve |
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11 |
10 |
THE THEORY OF PRODUCTION 9.1 Introduction 9.2 Objectives 9.3 Definition 9.4 Factors of Production 9.5 Specialization 9.6 Production Function 9.7 Long Run Changes in Production |
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12 |
11 |
COSTS 10.1 Introduction 10.2 Objectives 10.3 The Theory of Cost 10.4 Revenue Function 10.5 Optimum Seize of a Firm 10.6 Economies of Scale
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14 |
12 |
MARKET STRUCTURES 12.1 Introduction 12.2 Objectives 12.3 Perfect Markets
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15 |
13 |
MONOPOLISTIC COMPETITION AND OLIGOPOLY 13.1 Introduction 13.2 Objectives 13.3 Monopolistic Competition 13.4 Oligopoly |
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TEACHING METHODOLOGIES |
Lectures, Discussions, Assignments, Tutorials, Class Presentations, Handouts, Internet Research. |
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Evaluation |
CAT 1, CAT2 & Assignments 30% End of Semester Exam 70% TOTAL 100% |
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REFERENCES Mankiw, N.G., Kneebone, R.D. and Rowe, N.(2008), Principles of Microeconomics, Fourth Canadian Edition. Toronto, Nelson/Thompson Learning. Krugman,P. & Wells, R. (2008), Microeconomics, 2nd Edition. Worth Publishers, Inc. Robert P. & Daniel, R. (2012), Microeconomics: International Edition, 8th Edition. Pearson Education. Mathis, s. & Koscianski, J. (2002), Microeconomics Theory: An Integrated Approach. Pearson Education. Dilts, D. A. (2004). Introduction to Microeconomics. Retrieved from ebooks/Introduction to Microeconomics.pdf Koutsoyiannis, A. (1994), Modern Microeconomics, 2nd Edition. MacMillan Press, London.
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