__ BG2401 Microeconomics
Prerequisite
None
Course Description
This course will cover pricing mechanism, demand, supply and market equilibrium, consumption behavior and utility maximization, understanding basic economic theory through the perfectly competitive model, including discussion of output and input markets, and the connection between them. In the study of market structures, the focus is on the theory of price determination and profit-maximization and wage determination.
Class Material
Chapter 1 - Scarce Resources, Unlimited wants, Economic Analysis
Chapter 2 - Opportunity Cost, The Economy’s Production Possibilities Economic System
Chapter 4 - Market Mechanism
Chapter 5 - Elasticities of Demand and Supply
Chapter 6 - The Law of Diminishing Marginal Utility
Chapter 7 - Different types of Costs, Production in the Short-run and Long-run
Chapter 8 - Perfect Competition Characteristics
Chapter 9 - Monopoly Characteristics
Chapter 10 - Monopolistic Competition Characteristics
Chapter 11 - Resource Demand and Supply