BED2206 INTERMEDIATE MICROECONOMICS.pdf - DEPARTMENT OF...

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Chapter 2 / Exercise D
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1 DEPARTMENT OF ECONOMICS AND DEVELOPMENT STUDIES P.O. Box 342-01000 Thika Email: [email protected] Web: UNIT CODE: BED2206 UNIT NAME: INTERMEDIATE MICROECONOMICS Instructional Material for Distance Learning Compiled by Mr Forah Obebo, MSC (Fin Econ), B.A (Econ), CPA (K) (Part III)
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Chapter 2 / Exercise D
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2 COURSE OUTLINE Contact hours: 42 Pre-requisites: BBM 115, Introduction to Microeconomics Purpose: To understand and appreciate the importance of the various economics activities and equip learners with skills that helps them actively play a practical role in economic analysis. Expected Learning Outcomes: By the end of the course unit the learners should be able to:- i) Discuss economic problems faced by different types of economic systems ii) Discuss intermediate welfare economics, economic efficiency, welfare efficiency and compensation iii) Explain causes and methods of dealing with externalities Course Content Consumer Behavior : Analyzing Economic Problems, Supply and Demand Analysis, Consumer Preferences, Utility and the Concept of Utility, Indifference curves, Consumer Surplus, Consumer Choice, the Theory of Demand Buying and selling and Inter-temporal Choice. Firms and Perfect Competition : Costs Minimization, Cost Curves, Inputs and Production Functions, Perfectly Competitive Markets, Competitive Markets, Firm Supply, Profit Maximization. Imperfect Markets, General Equilibrium and Welfare : Market Structure and Imperfect Competition, oligopoly and monopoly, Market Failures, Welfare and Elements of Public Policy and Public Goods. Elements of Game Theory and Strategic Behavior , General Equilibrium, Industry Equilibrium, Course Delivery Plan WEEK 1 &2 TOPIC 1 INTRODUCTION Economic Models Economic Problems Economic Systems Economic Theory WEEK 3 &4 TOPIC 2 CONSUMER THEORY Supply and demand analysis Consumer preferences.
3 WEEK 5 & 6 TOPIC 3 CONSUMER SURPLUS Concept of utility Indifference curves Consumer choice WEEK 7 & 8 TOPIC 3 INTERMEDIATE THEORY OF THE FIRM Cost minimization Cost curves Perfectly competitive market Monopolistic competition Monopoly and oligopoly WEEK 9 & 10 TOPIC 4 ELEMENTS OF GAME THEORY General equilibrium Industry equilibrium WEEK 11& 12 TOPIC 5 INTERMEDIATE WELFARE ECONOMICS Economic efficiency Welfare criteria and compensation test Public goods and externalities Methods of dealing with externalities WEEK 13 &14 TOPIC 6 FACTOR MARKET Theories and distribution A) Rent B) interest C) Profit Teaching / Learning Methodologies : Lectures and tutorials; group discussion; demonstration; Individual assignment; Case studies Instructional Materials and Equipment: Projector; test books; design catalogues; computer laboratory; design software; simulators Course Assessment Examination - 70%; Continuous Assessment Test (CATS) - 20%; Assignments - 10%; Total - 100% Recommended Text Books: i. Alan Griffiths, Stuart Wall(Mar 2000), Intermediate Microeconomics: Theory and Applications 2nd Ed.

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