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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.
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