At a glance
- 10 lecture hours per week
- 2 credits
- Special Term
Prerequisites
None
Course Description
- Introductory concepts; production possibility frontier; economic systems
- Demand and supply; elasticity of demand and supply; determinants of demand and supply
- Market equilibrium; consumer and producer surplus
- Market failure
- Utility – total and marginal
- Consumer behaviour; indifference curves; income-price-substitution effects
- Theory of production; factors of production; production functions; short- and long-run production; isoquants
- Cost of production; cost curves; isocost analysis
- Theory of firm
- Market structure: perfect competition; monopoly; oligopoly and strategic behaviour; duopoly
Learning Resources
- Vengedasalam, D., & Madhavan, K. (2013). Principles of economics (3rd edition). Oxford Fajar.