Advanced Micro Economics

1. Analyze market structures and their implications for firm behavior.
2. Apply demand and supply theory to real-world scenarios.
3. Evaluate consumer behavior using utility maximization and budget constraints.
4. Assess the efficiency of resource allocation in different market settings.
5. Apply linear programming techniques to optimize production decisions.

13 weeks, about 29.5 hours in total. Yours will differ.

1. Week 1Module 1: Introductory Microeconomics

   • Unit 1: Introduction to Microeconomics · 1.5 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..

2. Week 2Module 1: Introductory Microeconomics

   • Unit 2: Comparative Static and Dynamic Analysis · 2 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..

3. Week 3Module 2: Theory of Demand, Consumer Behavior and Optimization

   • Unit 1: Theory of Demand · 2 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..

4. Week 4Module 2: Theory of Demand, Consumer Behavior and Optimization

   • Unit 2: Elasticities of Demand · 2 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..

5. Week 5Module 2: Theory of Demand, Consumer Behavior and Optimization

   • Unit 3: Budget Constraint · 2 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..

6. Week 6Module 2: Theory of Demand, Consumer Behavior and Optimization

   • Unit 4: Theory of Utility Maximization · 2 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..

7. Week 7Module 3: Theory of Production and Cost

   • Unit 1: Theory of Production · 2 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..

8. Week 8Module 3: Theory of Production and Cost

   • Unit 2: Theory of Cost · 2 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..

9. Week 9Module 3: Theory of Production and Cost

   • Unit 3: Labour-Leisure Trade-Off · 2 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..

10. Week 10Module 4: Market Structure

    • Unit 1: Perfect Competition, Monopolistic Competition and Monopoly · 2 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..

11. Week 11Module 4: Market Structure

    • Unit 2: Price Discrimination, Bilateral Monopoly and Monopsony · 2 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..

12. Week 12Module 4: Market Structure

    • Unit 3: Collusive Oligopoly and Non-Collusive Oligopoly · 2 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..

13. Week 13Module 5: Linear Programming and General Equilibrium and Social Welfare

    • Unit 1: Linear Programming · 2 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 hours

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

    • Unit 3: Social Welfare · 2 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..