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COVENANT UNIVERSITY
KILOMETER 10, IDIIROKO ROAD, P.M.B. 1023, OTA, OGUN STATE, NIGERIA
COLLEGE OF DEVELOPMENT STUDIES
SCHOOL OF SOCIAL SCIENCES
DEPARTMENT OF ECONOMICS AND DEVELOPMENT STUDIES
2013/2014 ACADEMIC SESSION OMEGA SEMESTER

Course Title: Intermediate Microeconomic Theory II
Course Code: ECN 321
Course Lecturers:
1. Prof. George [ Office Number: B109]
2. Miss Adeoye, T [Office Number: B114E]
Course Objectives
This course if the second part of the Intermediate Microeconomic Theory I. The broad objective of this course continues to expose students to more theoretical frameworks upon which the behaviour of each economic agent can be analysed. Specifically the course is expected to achieve the following objectives:
1. To make students to be aware of and understand microeconomic model building.
2. To examine the theory of Cost.
3. To expose students to the theory of cost minimisation on the short run and on the long run.
4. To examine further, market structures, with particular reference to short and long run periods.
5. To examine the pricing and output decision under market structures.
Classroom Policy
Students are expected to be punctual in all classes.
75% minimum attendance is a prerequisite for writing the Omega Semester examination for this course.
All forms of distraction must be avoided by every student e.g exit and entry will not be allowed the moment the lecturer enters the class.
Students should expect impromptu tests and group discussions where tutorial questions will be solved.
Absence from class without appropriate permission will not be taken lightly.
As the e-learning platform advances, all students are expected to familiarize themselves with downloading and studying uploaded materials by the lecturer.
Finally, students must be familiar with at least one reference text-book. This is because the up loaded lecture materials can only be necessary but not sufficient for maximum performance in this course.
COURSE OUTLINE
1. THEORY OF COST I : Short Run
Cost Function in the Short Run
Output Determination Under Short Run Cost
Tutorials
2. THEORY OF COST II : Long Run
Cost Function in the Long Run
Output Determination Under Cost
Tutorials
3. MARKET STRUCTURE I: Perfect Competition
Price and Output Determination in the Short Run
Short Run Equilibrium: Price and Industry Output
Price Determination in the Long
Tutorials
4. GOVERNMENT POLICY IN A PERFECTLY COMPETITIVE MARKET
Effect of Price Celling
Effect of Price Floor
Effect of Tariff and Quotas
Dead Weight Loss From Tariff / Quotas
Tutorials
5. MARKET STRUCTURE II: Monopoly and Duopoly
Short Run Equilibrium : Price and Output
Long Run Equilibrium: Price ad Output
Price Determination
Tutorials
6. MARKET STRUCTURE III: Monopolistic Competition and Oligopoly
Equilibrium Output of Monopolistic Competitive Market in the Short run and Long Run
Comparisons with Prefect Competition and Monopoly
Price and Output Determination in Oligopolistic Market
Tutorials
7. REVISION
Reference Textbooks
1. Varian H. (2009) Intermediate Microeconomics: A Modern Approach.
2. Koutsoyiannis (2010) Modern Microeconomics
3. Henderson J. & Quandt R. (2010) Microeconomics, A Mathematical Approach
4. Mansfield R. (2010) Microeconomic Analysis
Course Evaluation
Impromptu Tests -15 marks, Mid – Semester test – 15 marks, Examination – 70 marks.

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