Fisrt Class Data Of Micro Copy
CAVENDISH
UNIVERSITY ZAMBIA.
INTRODUCTION
TO
MICROECONOMICS
BY. HASSAN T. KASOLO (DR)
BAEduc (Iu),MA Econ(Muk), Phd Econ(Rgse)
1
INTRODUCTION.
OBJECTIVES AND GENERAL OVERVIEW
The aim of this module is to introduce you to the fundamental principles, concepts and tools of microeconomics. This unit this primarily concerned with:
-the ways individuals and house holds behave in the economy, -the analysis of the firms producing goods and services, -how goods and services are traded or otherwise distributed-often but not exclusively through the markets, and
- the role of the government as provider and /or regulator. On completing this module, you should have developed an appreciation for the economic analysis of these themes and acquired some core competences. In particular, teacher of the later economics units will assume that you are familiar with the following:
2
-The basic consumer theory: indifference curves, income and substitution effects, the derivation of
-Individual demand and market demand. Definition of elasticities. -The basic production theory: relationships between total, average and marginal costs and determination of prices , consumer and producer surplus and market efficiency, long run vs short run under perfect, monopoly and imperfect competition, in the later cases allowing for strategic interaction.
-Market failure, public goods and role of the government. 3
TABLE OF CONTENT
UNIT ONE
Basic economics concepts……………….……………………………………………04
UNIT TWO ………………………………………………………………..…………23
Market analysis and consumer behaviour
UNIT THREE
The concept of elasticity………………………………………………………………69
UNIT FOUR
Understanding Consumer Choice……………………………………………..……….92
UNIT FIVE
The production theory………………………………………………………………..128
UNIT SIX
The theory of costs……………………………………………………………………147
UNIT SEVEN
Profit maximization concept…………………………………………………………..163
UNIT EIGHT
The theory of Market structures……………………………………………………...172
UNIT NINE
The pricing of factors of
UNIVERSITY ZAMBIA.
INTRODUCTION
TO
MICROECONOMICS
BY. HASSAN T. KASOLO (DR)
BAEduc (Iu),MA Econ(Muk), Phd Econ(Rgse)
1
INTRODUCTION.
OBJECTIVES AND GENERAL OVERVIEW
The aim of this module is to introduce you to the fundamental principles, concepts and tools of microeconomics. This unit this primarily concerned with:
-the ways individuals and house holds behave in the economy, -the analysis of the firms producing goods and services, -how goods and services are traded or otherwise distributed-often but not exclusively through the markets, and
- the role of the government as provider and /or regulator. On completing this module, you should have developed an appreciation for the economic analysis of these themes and acquired some core competences. In particular, teacher of the later economics units will assume that you are familiar with the following:
2
-The basic consumer theory: indifference curves, income and substitution effects, the derivation of
-Individual demand and market demand. Definition of elasticities. -The basic production theory: relationships between total, average and marginal costs and determination of prices , consumer and producer surplus and market efficiency, long run vs short run under perfect, monopoly and imperfect competition, in the later cases allowing for strategic interaction.
-Market failure, public goods and role of the government. 3
TABLE OF CONTENT
UNIT ONE
Basic economics concepts……………….……………………………………………04
UNIT TWO ………………………………………………………………..…………23
Market analysis and consumer behaviour
UNIT THREE
The concept of elasticity………………………………………………………………69
UNIT FOUR
Understanding Consumer Choice……………………………………………..……….92
UNIT FIVE
The production theory………………………………………………………………..128
UNIT SIX
The theory of costs……………………………………………………………………147
UNIT SEVEN
Profit maximization concept…………………………………………………………..163
UNIT EIGHT
The theory of Market structures……………………………………………………...172
UNIT NINE
The pricing of factors of