ECON 151 — Elements of Economics I

BSc BSc Computer Science · Kwame Nkrumah University of Science and Technology

a. Aim: The main goal of this course is to provide a general introduction to microeconomics. b. Objective: The objectives are to: Introduce students to the concept of microeconomics. Expose students to the theory of demand, the theory of supply, the concept of elasticity and their applications. Introduce students to equilibrium of the consumer, law of diminishing marginal utility iv. Introduce students to the theory of production, the theory of costs, and market structures. Content: Topics include definition, nature and scope of microeconomics (scarcity, opportunity cost, and production possibility frontier); Basic microeconomic issues of demand and supply analysis; market equilibrium analysis are discussed. Demand and supply elasticities; measurement and interpretations of elasticities. Introduction to consumer demand theory; law of diminishing marginal utility; the budget line; equilibrium of the consumer. The theory of the firm: theory of production; the theory of cost; and equilibrium of the firm; introduction to market structure (types and nature of markets). Mode of Delivery: Through classroom lectures and discussions Reading Material: Sloman, J. (2018), Economics , 10 th Edition, Pearson: New York City. Krugman, P. and Wells, R. (2018), Economics , 3 rd Edition, Worth Publishers. Sowell, T. (2014), Basic Economics , 5 th Edition, Basic Books. Lipsey, R. and Chrystal, A. (2020), Economics , 14 th Edition, Oxford University Press. Baumol, W. and Blinder, A. (2010), Economics: Principles and Policy, 11 th Edition, South-Western. Year Three, Semester Two

Credits

3

Level

Year One

Semester

Semester One

Course details from DETAILED COURSE OUTLINE FOR BSC MECHANICAL ENGINEERING - Department of Mechanical Engineering.