Microeconomics Theory 1 Pdf notes

COURSE CONTENT

Number of Pages: 210 Pages
File size: 2 MB
Suitable for: Certificate, Diploma, University and Professional Courses

Topics Covered:

Topic 1: Introduction

• Meaning of economics
• Scarcity and choice
• The concept of opportunity cost
• Scope of economics
• Economic methodology
• Distinction between microeconomics and macroeconomics

Topic 2: The price theory

• Theory of demand
• Theory of supply
• The concept of equilibrium
• Application of price theory

Topic 3: Theory of the consumer

• The cardinal utility theory
• The ordinal/indifference curve theory
• Substitution and income effects
• Revealed preference hypothesis
• The consumer surplus
• Derivation of a household’s demand curve

Topic 4: Theory of the firm

• Theory of production
• Theory of costs

Topic 5: Market structures

• Perfect/pure competition
• Monopoly
• Monopolistic competition
• Oligopoly