ECON 312 — Microeconomic Theory II
Economics · University of Ghana
Monopoly: Definition and assumption of model. Demand curve under monopoly. Short-run equilibrium. Long-run equilibrium. Price discrimination. Monopolistic Competition. Meaning: product differentia-tion, many sellers. Pricing decision under monopolistic competition; shortrun and long-run equilibrium. excess Capacity. Oligopoly: Concepts, Duopoly models. Kinked demand curve. Theory of games (brief introduction). Brief discussion of behavioural theories of the firm. Theory of Distribution. Marginal productivity theory in perfectly competitive markets; demand for a factor of production, supply of a variable factor; product exhaustion; distribution and relative factor share, elasticity of substitution; technological progress. Modifications of the theory - introduction of imperfections in product and factor markets; monopoly and monopsony; trade unions. Theory of rent: Ricardian treatment. Modern treatment - derived demand, transfer costs, opportunity costs quasi-rent. Capital and interest: as an application of marginal productivity theory. Determination of rate of interest by supply and demand. Welfare Economics: Pareto optimality; optimum conditions of production and exchange. The role of welfare economics in modern economic analysis.
- Credits
- 3
- Level
- Level 300
- Semester
- Semester Two
- Prerequisites
- ECON 311
Other courses on this programme
- ECON 311 — Microeconomic Theory I (Pre-req: EC0N 211 and ECON 213)
- 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).