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Intro to Microeconomics Study Guide

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5 views2 pages

Intro to Microeconomics Study Guide

Uploaded by

chilupeesnart
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ECF100: STUDY GUIDE

LECTURER’S NAME: ELIAS MUWAU


COURSE NAME: INTRODUCTION TO MICROECONOMICS

Week TOPIC CONTENT RESOURCE

1 Introduction  Definition of Economics  Mankiw Chapter 1-2


to Economics  Basic concepts of Economics
 Distinction between Microeconomics and  McConnell Chapter 1-2
Macroeconomics
 Positive vs. Normative economics
 The methods of economics
2 Math Review  Algebra and Arithmetics  Mankiw Chapter 1-2
 Tables and Graphs
 Straight line graphs  McConnell Chapter 1-2
 Curved lines
 Linear equations
 Shifts in lines and curves
 The use of graphs in economics
3 Fundamental  Deciding what to produce, how to produce,  McConnell Chapter 2
questions and and for whom to produce
economic  The Market economy, command economy
system and the mixed economy
3 Opportunity  PPF and production capabilities  Mankiw Chapter 1-2
cost and  MRT
Trade-offs  Constant and increasing opportunity cost  McConnell Chapter 1-2
4 Demand  Law of demand  Mankiw Chapter 4
 Demand schedule and curve
 Determinants of demand  McConnell Chapter 3
 Normal vs. inferior goods; substitutes vs.
complement goods
5 Supply  Law of supply  Mankiw Chapter 4
 Supply schedule and curve
 Determinants of supply  McConnell Chapter 3
6 Market  Equilibrium price and quantity determination  Mankiw Chapter 4,6&7
(demand and  Effects of the changes in demand and supply
supply  Consumer and producer surplus  McConnell Chapter
interaction)  Government intervention in the market
3&6
 Price controls
 Taxes and subsidies
 The labour market
7 Elasticity  Own price elasticity of demand  Mankiw Chapter 5
 Cross price elasticity of demand
 Income elasticity of demand  McConnell Chapter 6
 Elasticity and revenue/expenditure
8 Consumer  The concept of utility  Mankiw Chapter 21
Choice  Cardinal approach
Theory  Equi-marginal utility
 Derivation of the demand curve under  McConnell Chapter 7
cardinal approach
 Ordinal approach: Indifference curve analysis
9 Consumer  The budget line  Mankiw Chapter 21
Choice  Shifts and tilts of the budget line
Theory  Consumer equilibrium  McConnell Chapter 7
 Income and substitution effect
 The Engel curve
 Robert F Chapter 3-4
 Derivation of the demand curve under ordinal
approach
10 Theory of the  Objective of the firm  Mankiw Chapter 13
firm  Production functions
 The short run and the long run  McConnell Chapter 8
11 Cost of  Cost functions  Mankiw Chapter 13
Production  Economic vs. accounting profits
 Sunk costs  McConnell Chapter 8
 Short run and the long run cost functions
 Economies of scale
 Supply curve of the firm and the market
supply
 Pricing, revenues and profits of the firm
12-13 Market  Perfect competition  Mankiw Chapter 14-15
structures  Monopoly
 McConnell Chapter 9-
10
13-14 Market  Monopolistic competition  Mankiw Chapter 16-17
structures  Oligopoly
 McConnell Chapter 11

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