Course Description
This course introduces students to the basic concepts, principles and theories of microeconomics. It discusses the rational economic behavior of the consumer which gives rise to the nature of demand and supply curves. It also analyses the equilibrium of the firm as well as the behavior of the different types of markets in allocating scarce resources as a whole. The course offers students an understanding of the fundamental operations of the markets in which individuals, businesses, and governments transact daily activities. It also introduces students to theories of production, utility, cost and revenue and how factors of production can be used to maximize firm revenue and cost.
Learning Outcomes
At the end of the course, students will:
- Explain the two main branches of economics
- Explain the changes in demand/supply and changes in quantity demanded/supplied.
- Compute and measure the price elasticity of demand and supply, cross-price elasticity of demand and income elasticity of demand.
- Distinguish between the theory of production and cost in both the short run and the long run.
Course Content
- Nature and Scope of Economics
- Demand and Supply Analysis
- Concepts of Elasticity of Demand and Supply
- Theory of Consumer Behaviour
- Production Theory: Short Run and Long Run Analysis
- Cost Theory: Short Run and Long Run Analysis
- Market structures
- Factor Market and Rewards
Compulsory Reading Materials
- Appiah-Kubi, K. (2007). Principles of microeconomics, ISSER, Legon
Optional Reading Materials
- Colander, D. C. (2004). Microeconomics, (5thed.). McGraw-Hill
- Frank, R. H. & Bernanke, B. S. (2001). Principles of economics, McGraw-Hil
- Mankiw, G. N. (2001). Principles of Macroeconomics, (2nded.). Thomson-Western
- Ofori-Atta, J. (1998). Introduction to microeconomics, IEA Woeli Pub, Services