Department of Food Production

LEVEL: I

SEMESTER: 1

COURSE TITLE: INTRODUCTION TO MICROECONOMICS

NUMBER OF CREDITS: 3 

PREREQUISITES: NONE

COURSE DESCRIPTION:

Nature and Scope of Economics: General overview: Functions performed by economic systems; Resources/Factors of Production and Characteristics. Demand and Supply: Concepts; definitions and introduction to factors affecting demand and supply; elasticities. Market Price and Quantity determination; interpretation and applications. Theories of Consumer Behaviour: Marginal utility and indifference theories, Theory of Production, Supply and Cost: Production functions forms; profit maximisation behaviour and rationality in production. Market Structures and Forms: Market types and characteristics; profit maximisation behaviour in perfect competition and monopoly.

ASSESSMENT: Coursework 40% Final Examination 60%