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ECO431Social Sciences2 Unitsintermediate

Advanced Micro Economics

This course introduces advanced microeconomic theories and concepts. It builds upon elementary economics by exploring the effects of individual unit behavior on the economy. Topics include market structure, comparative static and dynamic analysis, theory of demand, consumer behavior, optimization, utility maximization, welfare economics, general equilibrium, and linear programming. The course aims to provide an in-depth understanding of how individual economic units operate and interact within a nation's economy.

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208h

Study Time

13

Weeks

16h

Per Week

intermediate

Math Level

Course Keywords

MicroeconomicsMarket StructureConsumer BehaviorOptimizationGeneral Equilibrium

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

Market Structure

2

Demand Theory

3

Consumer Behavior

4

Production Theory

5

Cost Theory

6

Linear Programming

7

General Equilibrium

8

Social Welfare

Total Topics8 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

Written Assessment

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 Analyst

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

FinanceConsultingGovernmentResearchManufacturing

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Introductory Microeconomics

1.5h

Unit 1: Introduction to Microeconomics

1.5 study hours

•Read Unit 1: Introduction to Microeconomics, focusing on positive vs. normative economics and the concept of a market.
•Complete Self-Assessment Exercise to differentiate between positive and normative economics.
•Practice quantitative problems on market equilibrium.

Week

2

Module 1: Introductory Microeconomics

2h

Unit 2: Comparative Static and Dynamic Analysis

2 study hours

•Study Unit 2: Comparative Static and Dynamic Analysis, paying attention to the Cobweb model.
•Differentiate between static and dynamic analysis.
•Draw and analyze the comparative static and dynamic Cobweb diagrams.

Week

3

Module 2: Theory of Demand, Consumer Behavior and Optimization

2h

Unit 1: Theory of Demand

2 study hours

•Read Unit 1: Theory of Demand, focusing on individual vs. market demand and normal vs. inferior goods.
•Solve problems related to demand determinants and consumer surplus.
•Differentiate between individual and market demand.

Week

4

Module 2: Theory of Demand, Consumer Behavior and Optimization

2h

Unit 2: Elasticities of Demand

2 study hours

•Study Unit 2: Elasticities of Demand, focusing on price, arc, income, and cross elasticity.
•Practice calculating different types of demand elasticity.
•Interpret the results of elasticity calculations.

Week

5

Module 2: Theory of Demand, Consumer Behavior and Optimization

2h

Unit 3: Budget Constraint

2 study hours

•Study Unit 3: Budget Constraint, focusing on the concept of budget constraints and how changes in price and income affect the budget line.
•Solve problems related to budget constraints.
•Analyze the impact of taxes and subsidies on budget lines.

Week

6

Module 2: Theory of Demand, Consumer Behavior and Optimization

2h

Unit 4: Theory of Utility Maximization

2 study hours

•Read Unit 4: Theory of Utility Maximization, focusing on cardinal vs. ordinal utility and consumer surplus.
•Solve utility maximization problems.
•Explain the Diamond-Water paradox.

Week

7

Module 3: Theory of Production and Cost

2h

Unit 1: Theory of Production

2 study hours

•Study Unit 1: Theory of Production, focusing on the laws of production and the production function.
•Differentiate between total, average, and marginal product.
•Analyze the three stages of production.

Week

8

Module 3: Theory of Production and Cost

2h

Unit 2: Theory of Cost

2 study hours

•Study Unit 2: Theory of Cost, focusing on implicit vs. explicit costs and internal vs. external economies of scale.
•Solve problems related to cost minimization.
•Differentiate between economic and accounting profit.

Week

9

Module 3: Theory of Production and Cost

2h

Unit 3: Labour-Leisure Trade-Off

2 study hours

•Read Unit 3: Labour-Leisure Trade-Off, focusing on the model and the backward-bending labor supply curve.
•Analyze the assumptions and caveats of the labor-leisure model.
•Explain the inverted S-shaped labor supply curve.

Week

10

Module 4: Market Structure

2h

Unit 1: Perfect Competition, Monopolistic Competition and Monopoly

2 study hours

•Study Unit 1: Perfect Competition, Monopolistic Competition and Monopoly, focusing on the characteristics of each market structure.
•Analyze the short-run and long-run equilibrium in perfect competition and monopoly.
•Determine when firms should shut down or continue production.

Week

11

Module 4: Market Structure

2h

Unit 2: Price Discrimination, Bilateral Monopoly and Monopsony

2 study hours

•Study Unit 2: Price Discrimination, Bilateral Monopoly and Monopsony, focusing on the conditions for price discrimination and the characteristics of bilateral monopoly and monopsony.
•Analyze the different types of price discrimination.
•Discuss monopsony, price discrimination, and bilateral monopoly in the Nigerian context.

Week

12

Module 4: Market Structure

2h

Unit 3: Collusive Oligopoly and Non-Collusive Oligopoly

2 study hours

•Study Unit 3: Collusive Oligopoly and Non-Collusive Oligopoly, focusing on the Bertrand, Cournot, and Stackelberg models.
•Analyze the reactions of rival firms in an oligopolistic market.
•Determine the profit conditions of oligopolistic firms.

Week

13

Module 5: Linear Programming and General Equilibrium and Social Welfare

6h

Unit 1: Linear Programming

2 study hours

•Study Unit 1: Linear Programming, focusing on the assumptions of linear programming and the construction of the model.
•Solve maximization and minimization problems using the simplex method.
•Analyze the advantages and limitations of linear programming.

Unit 2: General Equilibrium

2 study hours

•Review all modules and units.
•Work through additional practice problems.
•Prepare for final examination.

Unit 3: Social Welfare

2 study hours

•Study Unit 3: Social Welfare, focusing on the criteria of social welfare and social welfare maximization.
•Analyze individualistic social welfare functions.
•Determine fair allocation and address envy and equity.

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

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all key definitions and concepts from each unit.

2

Practice solving numerical problems related to elasticity, cost functions, and linear programming.

3

Create diagrams illustrating market equilibrium, consumer choice, and production functions.

4

Focus on understanding the assumptions and limitations of each model.

5

Review past Tutor-Marked Assignments (TMAs) and Self-Assessment Exercises (SAEs).

6

Allocate study time proportionally to the weight of each module in the final examination.

7

Create concept maps linking market structures to pricing strategies and firm behavior.

8

Practice applying theoretical concepts to real-world case studies and policy scenarios.

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