Microeconomics
Ms Anita Doraisami
6 points * Distance * First semester
Objectives On completion of this subject students should be able to understand the economic behaviour of individual consumers and producers; understand concepts relating to the cost of production in both the short and long run; explain the determinants of price and output outcomes under different market structures in both the short and long run and appreciate the welfare implications of these outcomes; describe the virtues and short comings of free markets; have a knowledge of remedies to overcome market failure; have an awareness of current issues in microeconomic policy.
Synopsis An introduction to microeconomic theory and policy; basic demand and supply analysis; consumer behaviour and elasticity; costs of production and profit maximisation; the output and price decision of firms operating under different market conditions; market failure; payments to factors of production; income inequality and poverty; current government microeconomic policies.
Assessment Assignment (2000 words): 30% * Folio Work: 10% * Examination (2 hours): 60%
Prescribed texts
Baumol W J and others Economics: Principles and policy 2nd Australian edn, Brace Jovanovich, 1992