Seal of Good Local Governance (SGLG) 2024Final.pptx
Econ 2000 detailed syllabus
1. UNIVERSITY OF THE WEST INDIES
DEPARTMENT OF ECONOMICS
INTERMEDIATE MICROECONOMICS I
ECON 2000
COURSE SYLLABUS BY MIKOL A. MORTLEY
1. Introduction to Microeconomics
Theories vs. Models
Positive vs. Normative Analysis
Markets
Extent
Competitiveness
Real vs. Nominal Prices
CPI and Inflation calculations
2. Supply and Demand
Market Mechanism
Supply Curve
Factors affecting
movements along and
shifts of the supply
curve
Demand Curve
Factors affecting
movements along and
shifts in the demand
curve
Substitutes and
complements
Elasticity
Price Elasticity of
Demand
Income Elasticity of
Demand
Cross Price Elasticity of
Demand
Price Elasticity of
Supply
3. Consumer Theory
Rational Consumer
Assumptions of Preferences
Completeness
Transitivity
Non satiation
Indifference curves and maps
Marginal Rate of Substitution
Budget Constraints
Consumer Choice
Utility maximization
Equal Marginal
Principle
4. Individual and Market Demand
Price Consumption Curve
Income Consumption Curve
Engel Curve
Income and Substitution effects
Normal Goods
Inferior Goods
Giffen Goods
Market Demand
Isoelastic Demand Curve
Consumer Surplus
5. Production
Production Function (SR and LR)
Total, marginal and average
product
Law of diminishing returns
Isoquants and Isoquant maps
Marginal Rate of Technical
Substitution
Returns to scale
6. Cost
Fixed costs, Variable
Costs,Average costs, Marginal
cost, Total costs
Iso-cost Line
Cost minimization
Expansion
Long Run Total Cost
Economies and Diseconomies
of scale
2. LEARNING OUTCOMES
7. Profit maximization and Supply in
Competitive Markets
Profit determination and Profit
maximization condition
Perfect Competition
Characteristics
Market and Firm
Pricing structures
Short Run Profits for
Perfectly Competitive
firms
Determination of
Supply Curve
Producer Surplus
Long Run Competitive
Equilibrium
8. Monopoly, Market Power and Pricing
Characteristics of Monopolies
Market Power
Marginal Revenue, Demand and
Price Determination for
monopolists
Social Cost of Monopoly
Monopoly output vs. Perfectly
competitive output
9. Oligopoly and Monopolistic
Competition
Oligopoly
Characteristics
Profit Maximization
Long run market
conditions
Monopolistic Competition
Reaction Curves
Nash Equilibrium
Cournot Model
1. Distinguish between Microeconomics
and Macroeconomics
2. Solve for the equilibrium output and
price level in a perfectly competitive
market structure
3. Describe an individual’s preferences
using indifference curves and utility
functions
4. Solve for the optimal consumption
bundle for an individual given their
preferences and budget constraint
5. Illustrate the utility maximizing bundle
for a rational consumer
6.
7. Distinguish between the different types
of costs faced by a firm
8. Solve for the optimal input choice for a
firm minimizing costs given the state of
technology and cost constraints
9. Analyze the impact of government
intervention in a perfectly competitive
market
10. Define and distinguish between the
different market structures
11. Define a firm’s technology using
production functions
12. State and utilize the profit maximizing
condition under each market structure
13. Solve for the optimal output level,
prices and profit of a firm that is
maximizing profit
Illustrate the profit maximizing output
level for a rational firm