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ECO232Social Sciences2 Unitsintermediate

Micro Economics Theory II

This course provides an in-depth understanding of microeconomic theory, focusing on the behavior of buyers and sellers in isolated markets. It explores how households and firms interact to meet their needs, covering topics such as demand theory, supply theory, production, cost, general equilibrium, and welfare economics. The course aims to equip students with modern tools for analyzing practical economic complexities, with particular reference to the Nigerian context.

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208h
Study Time
13
Weeks
16h
Per Week
intermediate
Math Level
Course Keywords
DemandSupplyProductionCostEquilibrium

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Theory of Demand

2

Theory of Supply

3

Theory of Production

4

Theory of Cost

5

General Equilibrium

6

Welfare Economics

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Economist

Apply your skills in this growing field

Market Analyst

Apply your skills in this growing field

Policy Advisor

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Business Consultant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

GovernmentBankingConsultingResearchFinance

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

MODULE 1:INTRODUCTION AND THEORY OF DEMAND AND SUPPLY

2h

Unit 1: Theory of Demand

2 study hours
  • •Define market
  • •Explain factors affecting demand
  • •Differentiate between changes in quantity demanded and changes in demand
Week
2

MODULE 1:INTRODUCTION AND THEORY OF DEMAND AND SUPPLY

2h

Unit 2: Theory of Supply

2 study hours
  • •Describe supply and its relationship with price
  • •Explain determinants of supply
  • •Calculate quantity supplied at a given price
Week
3

MODULE 1:INTRODUCTION AND THEORY OF DEMAND AND SUPPLY

2h

Unit 3: The Market Mechanism

2 study hours
  • •Describe how demand and supply determine market equilibrium
  • •Calculate equilibrium price and quantity
  • •Explain the effect of tax on price and quantity
Week
4

MODULE 1:INTRODUCTION AND THEORY OF DEMAND AND SUPPLY

2h

Unit 4: Elasticity of Demand and Supply

2 study hours
  • •State the importance of elasticity of demand
  • •Calculate price elasticity of demand
  • •Explain the relationship among Total Revenue, Marginal Revenue and Price Elasticity
Week
5

MODULE 2:THEORY OF PRODUCTION

4h

Unit 1: Theory of Production I

2 study hours
  • •Explain what is production
  • •Describe the concept of production function
  • •Calculate and draw the total product, average product and marginal product

Unit 2: Theory of Production II

2 study hours
  • •State the differences between short run and long run
  • •List the characteristics of isoquant
  • •Describe the relationship between total product curve and isoquant
Week
6

MODULE 2:THEORY OF PRODUCTION

2h

Unit 3: Theory of Production III

2 study hours
  • •State the economic relationship that exit between marginal product and isoquant
  • •Describe the concept of marginal rate of technical substitution using isoquant approach
  • •Explain the implication of input prices and firm's budget
Week
7

MODULE 2:THEORY OF PRODUCTION

2h

Unit 4: Production Theory IV

2 study hours
  • •Explain with numerical values and graphical details the least cost combinations
  • •Explain and illustrate the effect of an input price change
  • •Describe expansion path and its conditions
Week
8

MODULE 3:THEORY OF COST

2h

Unit 1: Theory of Cost: Introduction

2 study hours
  • •Differentiate between implicit and explicit cost
  • •Differentiate between private and social cost
  • •Describe fixed cost, variable cost, and sunk cost
Week
9

MODULE 3:THEORY OF COST

2h

Unit 2: Theory Cost II

2 study hours
  • •Describe the conditions attached to short-run period of a firm
  • •Establish the relationship among cost concepts given labour and capital as inputs
  • •Calculate total cost, average total cost, and marginal cost and represent each of them on a graph
Week
10

MODULE 3:THEORY OF COST

2h

Unit 3: Theory Cost III

2 study hours
  • •Explain how the long-run total cost, and average cost are derived
  • •Describe the factors that lead to internal economies scale and diseconomies scale
  • •Describe increasing return to scale, constant increasing and decreasing return scale with the use production function
Week
11

MODULE 3:THEORY OF COST

2h

Unit4: Theory Cost IV

2 study hours
  • •Explain how the long-run total cost, and average cost are derived
  • •Describe the factors that lead to internal economies scale and diseconomies scale
  • •Describe increasing return to scale, constant increasing and decreasing return scale with the use production function
Week
12

MODULE IV:GENERAL EQUILIBRIUM THEORY AND WELFARE ECONOMICS

2h

Unit 1: Introduction to General Equilibrium Concept

2 study hours
  • •Differentiate between general equilibrium and partial equilibrium
  • •Describe how Pareto Optimum is attained in production
  • •Explain the concept of contract curve
Week
13

MODULE IV:GENERAL EQUILIBRIUM THEORY AND WELFARE ECONOMICS

2h

Unit 2: General Equilibrium in Production and Exchange

2 study hours
  • •Explain general equilibrium in exchange using indifference curve
  • •Describe the relationship between marginal rate technical substitution and marginal rate of transformation

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create concept maps linking Modules 1-2 demand, supply, and production concepts

2

Practice elasticity calculations from Unit 4 weekly

3

Review cost minimization problems from Module 3

4

Focus on Edgeworth box diagrams and Pareto optimality from Module 4

5

Solve all TMA questions as practice for final exam

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