Authorised by Academic Registrar, April 1996
Objectives On completion of this subject students should be able to analyse decision-making by individual consumers and producers; understand the conditions for allocative efficiency in a general equilibrium framework; analyse price determination in product and input markets under various conditions; analyse and critically evaluate policies designed to affect individual behaviour and market outcomes.
Synopsis Theory of consumer choice, including applications to income-leisure choice and intertemporal consumption; isoquant theory of production; allocative efficiency and competition and monopoly; models of monopolistic competition and oligopoly; input pricing; microeconomic policies to address problems of market failure.
Assessment Written assignment and/or mid-semester test: 30% + Examination (2 hours): 70%