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ECO719Social Sciences3 Unitsintermediate

Micro-Economic Theory I

This course introduces the principles of microeconomics, providing a foundational understanding of how individual economic agents make decisions. It explores core concepts such as demand and supply, market structures, and consumer behavior. Students will analyze how households, firms, and governments allocate scarce resources. The course also examines elasticity, cost theory, and the impact of privatization and commercialization. Emphasis is placed on applying microeconomic principles to real-world scenarios and policy analysis.

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208h

Study Time

13

Weeks

16h

Per Week

basic

Math Level

Course Keywords

MicroeconomicsDemandSupplyMarket StructureElasticity

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

➕

Math Level

Basic Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Introduction to Economics

2

Basic Tools in Economic Analysis

3

Microeconomics and Choice

4

Theory of Demand and Supply

5

Elasticity

6

Theory of Consumer Behaviour

7

Theory of Cost

8

Market Structures

9

Pricing and Employment of Resources

10

Privatization and Commercialization

Total Topics10 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

Market Analyst

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Economic Consultant

Apply your skills in this growing field

Policy Analyst

Apply your skills in this growing field

Business Analyst

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

FinanceConsultingGovernmentMarket ResearchBusiness Management

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS

4h

Unit 1: Introducing Economics

4 study hours

•Read the introduction to economics, focusing on the nature and scope of economics.
•Understand scarcity as an economic problem and its implications.
•Define economics and its traditional branches.
•Complete Tutor Marked Assignment on production and consumption.

Week

2

MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS

4h

Unit 2: Basic Tools in Economic Analysis

4 study hours

•Study variables, ceteris paribus, functions, equations, and identities.
•Learn about graphs, diagrams, lines, curves, and slope.
•Understand the use of derivatives and time series in economic analysis.
•Complete Tutor Marked Assignment on limits, derivatives and time series.

Week

3

MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS

4h

Unit 3: Microeconomics

4 study hours

•Define microeconomics and its objectives.
•Explain the impact and importance of microeconomics.
•State and explain the basic principles of microeconomics.
•Complete Tutor Marked Assignment on microeconomics and macroeconomics.

Week

4

MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS

4h

Unit 4: Microeconomics and Choice

4 study hours

•Define want, scarcity, choice, scale of preference, and opportunity cost.
•Establish the link between choice and opportunity cost.
•Analyze the problem of scarcity and choice.
•Complete Tutor Marked Assignment on rational choice between two jobs.

Week

5

MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS

4h

Unit 5: Economic Systems and Organisation

4 study hours

•Define an economic system and its characteristics.
•Explain the types of economic systems: traditional, free market, planned, and mixed.
•Write a short note on each of the fundamental economic questions.
•Complete Tutor Marked Assignment on the type of economic system in Nigeria.

Week

6

MODULE 2: FOUNDATIONS OF MICROECONOMICS

4h

Unit 6: Theory of Demand

4 study hours

•Establish the relationship between demand and price.
•Define the demand curve and explain how it is derived.
•State and explain factors that influence demand other than price.
•Complete Tutor Marked Assignment on income distribution and demand.

Week

7

MODULE 2: FOUNDATIONS OF MICROECONOMICS

4h

Unit 7: Theory of Supply

4 study hours

•Explain what is meant by 'supply'.
•State and explain the law of supply.
•Define the supply curve.
•Complete Tutor Marked Assignment on equilibrium price and quantity.

Week

8

MODULE 2: FOUNDATIONS OF MICROECONOMICS

4h

Unit 8: Elasticity

4 study hours

•Define price, income, and cross elasticity of demand.
•Measure price, income, and cross elasticity of demand.
•Interpret the figure for elasticity.
•Complete Tutor Marked Assignment on wage elasticity of demand for labour.

Week

9

MODULE 3: INTRODUCTION TO MICROECONOMIC THEORY

4h

Unit 9: The Theory of Consumer Behaviour

4 study hours

•Define utility and state the law of diminishing marginal utility.
•State properties of indifference curve.
•Explain consumer equilibrium using the indifference curve analysis.
•Complete Tutor Marked Assignment on normal, inferior and Giffen goods.

Week

10

MODULE 3: INTRODUCTION TO MICROECONOMIC THEORY

4h

Unit 10: Theory of Cost

4 study hours

•Explain what is meant by cost of production.
•State the Law of diminishing returns.
•Explain the relationship between the various cost curves.
•Complete Tutor Marked Assignment on returns to scale.

Week

11

MODULE 4: MARKET STRUCTURE

4h

Unit 11: Perfect Competition

4 study hours

•Define perfect competition.
•State and explain the necessary conditions for the existence of perfect competition.
•Explain how price and quantity are determined under perfect competitive.
•Complete Tutor Marked Assignment on the shortfalls of perfect competition.

Week

12

MODULE 4: MARKET STRUCTURE

4h

Unit 12: Monopoly

4 study hours

•Define a monopoly.
•Identify the features of a monopoly.
•Analyze equilibrium price and output of a monopolist.
•Complete Tutor Marked Assignment on monopoly price discrimination.

Week

13

MODULE 4: MARKET STRUCTURE

8h

Unit 13: Monopolistic Competition

4 study hours

•Define monopolistic competition.
•State and explain the features of monopolistic competition.
•Explain equilibrium of the firm under monopolistic competition.
•Complete Tutor Marked Assignment on non-price competition.

Unit 14: Oligopoly

4 study hours

•Define Oligopoly.
•State and explain the features of Oligopoly.
•Discuss industry equilibrium under collusive Oligopoly.
•Complete Tutor Marked Assignment on rivals' behavior under non-collusive oligopoly.

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 and cost theory.

3

Create diagrams illustrating market equilibrium and consumer behavior.

4

Focus on understanding the assumptions and implications of different market structures.

5

Prepare concise summaries of the main arguments for and against privatization.

6

Allocate sufficient time to review tutor-marked assignments and their solutions.

7

Create flashcards for key economic terms and formulas.

8

Practice past exam questions to get familiar with the exam format and difficulty level.

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