Course No:           Act 319

Course Name:      Economics - 1 (Micro)

Course Description:      

Introduction: Basic definitions, Scarcity and opportunity, microeconomics V Macroeconomics, Positive analysis V normative analysis, basic economic problems.

Demand and Supply analysis: Theory of demand and supply, determination of price, elasticity of demand, income elasticity of demand, market equilibrium, partial equilibrium.

Production and Cost in short run, and in long run: Production functions, Fixed and variable inputs. Geometry of relationship of total, average and marginal product law of diminishing returns. Isoquants, Isocost lines and Least Cost Techniques.

Consumer Behavior: Utility and preferences, indifference Curve, budget constraints, Consumer equilibrium, Comparative static analysis.

Firm and market organization: Definition and type of firms, market, project, competition, Monopoly, oligopoly, and monopolistic competition.

Course Review:

This course gives an introduction to microeconomic theory and is one of the two fundamental theory courses in economics at bachelor level. The objective of this course to understand the demand and supply analysis, production, consumer behavior and briefly discuss on the strategy of firm and market organization. This course is designed to provide students a tool for coordinating with economical activities.