Introductory Microeconomics: Business Administration
This course is an introductory course. It introduces students to a wide range of economic concepts. Microeconomics is concerned with [...]
This course is an introductory course. It introduces students to a wide range of economic concepts. Microeconomics is concerned with how economic systems operate to allocate resources, distribute income, and organize production through the decisions of individual economic agents (e.g. firms and consumers). We will focus solely on the operation of a market economy in this endeavor.
In such an economy, markets determine society’s production and consumption decisions by transmitting information about the plans of buyers and sellers (consumers and firms).
This information appears in the form of market prices, on the basis of which economic agents make decisions regarding the allocation of economic resources between the production of different goods and services: much of microeconomics is concerned with analyzing the efficiency with which such decisions are made.
The Unit is designed to provide an introduction to the methods of microeconomic analysis, including the use of simple economic models and their application.
The course covers the following topics among others; Basic concepts in economics, economic systems, demand and supply functions, market equilibrium, effects of tax on equilibrium, elasticity of demand and its applications.
Others are theory of the consumer and theory of the firm. Theory of costs and variation of costs both in the short-run and long-run, conditions for profit maximization, market structures; perfect competition, monopoly, monopolistic competition and oligopoly, short-run and long-run equilibrium conditions under the different types of market structures and Pricing of factors of production.
|Introductory Microeconomics: Oligopoly||01:20:00|
|This unit defines what Oligopoly means, Pricing strategies of oligopolies, It looks at Kinked demand curve and Price stickiness. Advantages and disadvantages of Oligopolies are also covered.|
|Introductory Microeconomics: Monopolies||01:00:00|
|The covers monopolies, its characteristics, advantages and disadvantages of Monopoly Formation of monopolies, its cost to a consumer and remedies.|
|Introductory Microeconomics: Market Equilibrium||02:00:00|
|This unit covers market equilibrium and the Effects of tax on Equilibrium.|
|Introductory Microeconomics: Elasticity||00:40:00|
|This unit covers elasticity of demand and elasticity of supply.|
|Introductory Microeconomics: Demand and supply functions||00:10:00|
|The unit covers the law of demand and the law of supply. It also teaches students why prices are important in the market economy.|
|Introductory Microeconomics: Economics systems||01:20:00|
|This unit covers the four primary types of economic systems in the world: traditional, command, market and mixed. Each economy has its strengths and weaknesses, its sub-economies and tendencies, and, of course, a troubled history. It examines each system in turn and gives ample attention to the attributes listed above.|
|Introductory Microeconomics: Basic concepts in economics||01:00:00|
|The basic concept or elements of economics are: wants, scale of preference, choice, and opportunity cost.|
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