MICROECONOMIC | Makerere University Courses

Course Code:

AEC 7101

Course Credit Units:

3

Semester:

Semester 1

Year of Study:

Year 1

Undergraduate or Graduate Level:

Graduate Level

Academic Programs:

Master of Science in Agric Economics

College:

College of Agricultural and Environmental Sciences

School:

School of Agricultural Sciences

Department:

Agribusiness & Natural Resource Economics

Course Discipline:

Economics

Course Description & Objectives:

Review the concepts of consumer and Producer Behaviour; Consumer Theory; Theory of the Firm; The Problem of Choice in situations involving Risk; Multi-Period Consumption; Consumption Efficiency and Gains from Exchange; Market Analysis; and Limits of the Market. OBJECTIVES:To enable students:

Acquire and use the language and logic of microeconomic theories of the consumer and the firm;
Apply microeconomic theories to problems of agriculture, rural development, and the environment; and
Acquire knowledge of the practical uses of Micro-Economics in research and management.

Learning Outcomes:

By the end of the course, students should be able to have a demonstrable understanding of microeconomic theory and be able to apply microeconomic theory to address real life development challenges Specifically, they should:

Apply the Lagrangian technique of constrained optimisation;
Derive and apply individual demand functions;
Derive the market demand functions;
Derive elasticities and apply them;
Explain Pareto optimum conditions;
Show the gains from exchange using the Edgeworth Box;