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ECO1110F - Microeconomics

Course Outline

ECO1110F: COURSE OUTLINE and READINGS

MODULE 1

Introduction

In this module we consider the following topics: the fundamental economic problem&‚ economic systems‚ the economic way of thinking‚ and the production possibilities frontier.

Readings

  1. Parkin‚ M. 2010. Economics: Global and South African Perspectives (1st ed). Pearson. Ch. 1‚ 2
  2. Lipsey‚ R. and Chrystal‚ A. 2007. Economics. OUP. Ch. 1‚ 2 (exclude pp. 22-25)‚ 27
  3. Sloman‚ J. 2006. Economics. Pearson. Ch. 1‚ 23.1‚ 23.2
  4. McConnell‚ C. and Brue‚ S. 2002 and 2005. Economics: Principles‚ Problems and Policies. Irwin/McGraw-Hill. Ch. 1‚ 2‚ 4‚ 37
  5. Muradzikwa‚ S.‚ Smith‚ L.C. and De Villiers‚ P. 2004. Economics. OUP. Ch. 1-3‚ 12
  6. Mohr‚ P. and Fourie‚ L. 2008. Economics for South African Students. (3rd ed). J.L. van Schaik‚ Pretoria. Ch. 1‚ 2‚ 17

MODULE 2

Demand and Supply

In this module we look at demand (demand curve‚ determinants of demand‚ slides and shifts)‚ supply (supply curve‚ determinants of supply‚ slides and shifts)‚ and market equilibrium and disequilibrium (price formation‚ comparative statics‚ ceteris paribus).

Readings

  1. Parkin‚ Ch. 3
  2. Lipsey and Chrystal, Ch. 3, and p. 307
  3. Sloman‚ Ch. 2.1-2.3‚ 3.1
  4. McConnell and Brue, Ch. 3‚ 8
  5. Muradzikwa et al.‚ Ch. 5, 7
  6. Mohr and Fourie‚ Ch. 7‚ 8

MODULE 3

Elasticities

In this module we study the price elasticity of demand (measurement‚ relationship to total revenue‚ determinants)‚ the income and cross price elasticities of demand‚ and the price elasticity of supply.

Readings

  1. Parkin‚ Ch. 4
  2. Lipsey and Chrystal‚ Ch. 4
  3. Sloman‚ Ch. 2.4, 2.5‚ 3
  4. McConnell and Brue‚ Ch. 3‚ 20, 31
  5. Muradzikwa et al.‚ Ch. 6‚ 7
  6. Mohr and Fourie‚ Ch. 8‚ 9

MODULE 4

Markets in Action (1)

In this module we consider the effects of government interventions in competitive markets using the tools developed in Module 3.

Readings

  1. Parkin‚ Ch. 5
  2. Lipsey and Chrystal‚ Ch. 3

MODULE 5

Demand Theory

In this module we derive the individual consumer and the market demand curves.

Readings

  1. Parkin‚ Ch. 6
  2. Lipsey and Chrystal‚ Ch. 5
  3. Sloman‚ Ch. 4.1, 4.3
  4. McConnell and Brue‚ Ch. 21
  5. Muradzikwa et al.‚ Ch. 8
  6. Mohr and Fourie‚ Ch. 10

MODULE 6

Supply Theory

In this module we derive the firmís short-run and long-run production and cost functions.

Readings

  1. Parkin‚ Ch. 8‚ 9
  2. Lipsey and Chrystal‚ Ch. 6
  3. Sloman‚ Ch. 5.1-5.4
  4. McConnell and Brue‚ Ch. 22
  5. Muradzikwa et al.‚ Ch. 9
  6. Mohr and Fourie‚ Ch. 11

MODULE 7

Market Structures

In this module we look at the effect of the type of market (environment) in which the firm operates on its behaviour. Four market structures are considered: perfect competition‚ monopoly‚ monopolistic competition and oligopoly.

Readings

  1. Parkin‚ Ch. 10-12
  2. Lipsey and Chrystal, Ch. 7-9
  3. Sloman‚ Ch. 5.5‚ 5.6‚ 6, 7.1-7.3
  4. McConnell and Brue‚ Ch. 23-25
  5. Muradzikwa et al.‚ Ch. 10
  6. Mohr and Fourie‚ Ch. 12-14

MODULE 8

Markets in Action (2)

In this module we consider the effects of government interventions in competitive markets u sing the tools developed in Modules 3 to 7. In particular we focus on the notion of efficiency.

Readings

  1. Parkin, Ch. 5

MODULE 9

Markets for inputs (factors) and the theory of distribution

In this module we study the input market. We continue by looking at the factors that determine the distribution of income within an economy. We conclude by considering the trade-off between efficiency and equity.

Readings

  1. Parkin, Ch. 15, 16
  2. Lipsey and Chrystal‚ Ch. 10, 11
  3. Sloman‚ Ch. 9
  4. McConnell and Brue‚ Ch. 27, 28
  5. Muradzikwa et al.‚ Ch. 11

ECO1110F

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