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HSS H012 – Principles of Economics

At a glance

10 lecture hours per week
2 credits
Summer Semester

Prerequisites

None

Topics Covered

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 (3^rd edition). Oxford Fajar.