ECON 311 — Microeconomic Theory I (Pre-req: EC0N 211 and ECON 213)
Economics · University of Ghana
Economic model-building. Positive and normative economics. Micro and Macro. Comparative Static and dynamic models. Consumer Behaviour and Demand Theory, Cardinal utility approach to demand theory: law of diminishing marginal utility, consumer equilibrium, Marshal's derivation of law of demand. Ordinal utility approach: indifference curve analysis; principle of diminishing marginal rate of substitution; consumer equilibrium, price consumption curve; income consumption curve; income effect; substitution effect; price effect; inferior good, Giffen good. Revealed preference approach: brief treatment. Demand function; individual and market demand schedules and curves; ceteris paribus assumptions; elasticity of demand; price elasticity of demand; income elasticity of demand; price and marginal revenue; cross-elasticities. Theory of Production: Production function: Total, average, and marginal product. 3-stage analysis. Isoquants. Marginal rate of technical substitution. Isocost curves. Relationships between costs and inputs. Expansion path. Social costs and private costs. Short-run cost theory: fixed, variable, total, average and marginal cost. Long-run costs. Cost elasticity. Economies and diseconomies of scale. Theory of the Firm: Perfect Competition: Basic concepts, definitions, assumptions: the firm, market, product homogeneity, perfect knowledge, profit maximization, free entry. Short-run equilibrium of firm and industry. Long-run equilibrium of the firm. Constant and increasing costs industries.
- Credits
- 3
- Level
- Level 300
- Semester
- Semester One
Other courses on this programme
- ECON 312 — Microeconomic Theory II
- ECON 313 — Macroeconomic Theory I (Pre-req: ECON 212 and ECON 213)
- ECON 314 — Macroeconomic Theory II
- ECON 315 — Applied Mathematics For Economists
- ECON 316 — Applied Statistics For Economists
- ECON 317 — Economic Development And Growth I (Pre-req: Econ 211 and 212)
- ECON 318 — Economic Development And Growth II (Pre-req: Econ 211 and 212)
- ECON 101 — Introduction to Economics I
- ECON 102 — Introduction to Economics II
- ECON 211 — Elements Of Economics I (Pre-req: ECON 101)
- ECON 212 — Elements Of Economics II
- ECON 213 — Elements Of Mathematics For Economists
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Start freeCourse details from University of Ghana Volume 2 Handbook for the Bachelor's Degree: Course Descriptions for Programmes in the Humanities (2017).