EDM1103 Microeconomics

This is an introductory theory course in Microeconomics.  The course aims at giving students’ a good appreciation of Microeconomics theory and policy. It is designed to impart to students a primary knowledge of the major theoretical contributions in the field of Microeconomics with appropriate applications. 

Course Objectives
The course is intended to equip students with the ability to:

• Provide the student with a solid appreciation of microeconomics at the introductory level
• To ensure that students can apply microeconomic analysis to the study of economic problems. 

Learning Outcomes
On completion of this course, students should be able to:

• Express what economists mean by the concept of scarcity 
• Predict a change in market outcomes given a change in supply or demand
• Explain the concept of market equilibrium 
• Evaluate situations according to the standard of Pareto Optimality 
• Identify positive and negative externalities 
• Identify the determinants of demand
• Explain how the pursuit of profit leads to efficient outcomes