Micro-Economic Theory I
- Social Sciences
- 700 level
- 3 credit units
- 139 pages
- 17 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 208 hours
- Maths
- Basic
- Content
- Theoretical, case study, problem solving
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ECO719, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO719 · UNIT 2: BASIC TOOLS IN ECONOMIC ANALYSIS
The slope of a non-linear curve change at various points, in order to calculate or measure the slope of a non-linear curve at a given point, a tangent is drawn at the point and the slope is then measured as the vertical distance over the horizontal distance.
What you should be able to do
- Explain the fundamental principles of microeconomics.
- Analyze the behavior of consumers and firms in different market structures.
- Apply demand and supply analysis to real-world scenarios.
- Evaluate the impact of government policies on market outcomes.
- Understand the concepts of elasticity and cost theory.
- Assess the effects of privatization and commercialization.
What it prepares you for
- Market Analyst
- Financial Analyst
- Economic Consultant
- Policy Analyst
- Business Analyst
- Finance
- Consulting
- Government
- Market Research
- Business Management
Where it gets hard
The units students slow down on, and what makes each one heavy.
- MODULE 3: INTRODUCTION TO MICROECONOMIC THEORY
Unit 9: The Theory of Consumer Behaviour
Understanding the indifference curve analysis requires grasping the concepts of marginal rate of substitution and budget constraints.
- MODULE 4: MARKET STRUCTURE
Unit 14: Oligopoly
Oligopoly models involve strategic interactions between firms, making it challenging to predict market outcomes.
A suggested way through it
13 weeks, about 56 hours in total. Yours will differ.
- Week 1MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS
Unit 1: Introducing Economics · 4 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 2MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS
Unit 2: Basic Tools in Economic Analysis · 4 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 3MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS
Unit 3: Microeconomics · 4 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 4MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS
Unit 4: Microeconomics and Choice · 4 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 5MODULE 1: INTRODUCTION TO THE CONTEX OF MICROECONOMICS
Unit 5: Economic Systems and Organisation · 4 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 6MODULE 2: FOUNDATIONS OF MICROECONOMICS
Unit 6: Theory of Demand · 4 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 7MODULE 2: FOUNDATIONS OF MICROECONOMICS
Unit 7: Theory of Supply · 4 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 8MODULE 2: FOUNDATIONS OF MICROECONOMICS
Unit 8: Elasticity · 4 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 9MODULE 3: INTRODUCTION TO MICROECONOMIC THEORY
Unit 9: The Theory of Consumer Behaviour · 4 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 10MODULE 3: INTRODUCTION TO MICROECONOMIC THEORY
Unit 10: Theory of Cost · 4 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 11MODULE 4: MARKET STRUCTURE
Unit 11: Perfect Competition · 4 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 12MODULE 4: MARKET STRUCTURE
Unit 12: Monopoly · 4 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 13MODULE 4: MARKET STRUCTURE
Unit 13: Monopolistic Competition · 4 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 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..
Preparing for the exam
- Review all key definitions and concepts from each unit.
- Practice solving numerical problems related to elasticity and cost theory.
- Create diagrams illustrating market equilibrium and consumer behavior.
- Focus on understanding the assumptions and implications of different market structures.
- Prepare concise summaries of the main arguments for and against privatization.
- Allocate sufficient time to review tutor-marked assignments and their solutions.
- Create flashcards for key economic terms and formulas.
- Practice past exam questions to get familiar with the exam format and difficulty level.
Questions students ask about this course
What is ECO719 about?
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.
How many units does ECO719 have?
ECO719, Micro-Economic Theory I, has 17 units across 4 modules, over 139 pages of course material. You can read it one unit at a time.
How many credit units is ECO719?
ECO719 carries 3 credit units, at 700 level in Social Sciences.
Is ECO719 hard?
ECO719 is rated intermediate level, with basic mathematical content. It is mostly theoretical, case study and problem solving work.
How long does ECO719 take to study?
About 208 hours of study, spread across its 17 units.
How is ECO719 assessed?
ECO719 is assessed by assignments, tutor marked assessments and final examination.
What can I do with ECO719?
Market Analyst, Financial Analyst, Economic Consultant, Policy Analyst and Business Analyst.