Course Code: 
Course Credit Units: 
Semester 1
Year of Study: 
Year 1
Undergraduate or Graduate Level: 
Undergraduate Level
Course Discipline: 
Course Description & Objectives: 

Students undertaking this course will be introduced to what Economics is About, Scarcity, Choice and opportunity cost, The nature and role of theory, Scientific thinking, Economic categories, The Production Possibilities Frontier (PPF) Framework: Resources, the PPF, scarcity, choice, opportunity cost, economic growth, efficiency. Theory of Supply, Demand and Price. Demand, law of demand, demand schedule, demand curve, market demand, Factors that affect demand, demand shifters, change in quantity demanded versus a change in demand, The law of supply, why most supply curves are upward sloping, market supply, factors that affect supply, supply shifters. The market, Putting supply and demand together, Terminology, equilibrium, surplus, shortage, Maximum and minimum prices, changes in equilibrium prices and quantity, absolute and relative price. Supply Demand and Price Applications, Price, price controls (ceiling and floor). Microeconomic players (consumers, firms, factor owners, government)., the trilogy of objective-constraint-choice, markets, The logic of consumer choice, Utility theory, consumer equilibrium and demand, Budget constraints and Indifference curve Analysis, The budget constraint, indifference curves, the indifference map and budget constraint come together, Elasticity, Why firms exist, types of business firms, balance sheet of a firm, financing corporations (stocks, bonds), Production costs, The theory of perfect competition, perfect competition in the short run.  Perfect competition in the long-run. Resource allocative efficiency and productive efficiency, Monopoly, Monopoly profits in the long-run, the case against monopoly, price discrimination, Price and output under Oligopoly (three theories), Game theory and oligopoly

Learning Outcomes: 

The overall objective of this course is to introduce students to the different aspects of microeconomics which will also provide the students with a good foundation for other economics courses in agricultural economics. The students will be capable of understanding how markets work.The specific objectives are to:i)                     Provide the students with basic understanding of microeconomics, why its necessary to make choices in life.ii)                   Enable students appreciate the role of microeconomics in the market arena.iii)                  Enable students understand Why firms exist, and be able to apply this knowledge to their day to day dealings with their economic environment.

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