Econ 2000 detailed syllabus

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This document goes through the major components of the syllabus as of 2013/2014

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Econ 2000 detailed syllabus

  1. 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. 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

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