(3 units). Normative and positive microeconomics. Statics and comparative statics. The market: supply, demand, elasticity. Perfect competition. Consumer decisions: preference, utility functions, indifference maps, the budget constraint, income and substitution effects, demand function, revealed preferences. Theory of the firm: technology, production function, economies of scale, cost functions, profit. The short-run and the long-run. Industry equilibrium. Factors of production: capital, labour, natural resources. Rent and quasi-rent. Course Component: Lecture Prerequisites: ECO 1104, (MAT 1300 or MAT 1308 or MAT 1320 or MAT 1330).
(3 units). Normative and positive microeconomics. Statics and comparative statics. The market: supply, demand, elasticity. Perfect competition. Consumer decisions: preference, utility functions, indifference maps, the budget constraint, income and substitution effects, demand function, revealed preferences. Theory of the firm: technology, production function, economies of scale, cost functions, profit. The short-run and the long-run. Industry equilibrium. Factors of production: capital, labour, natural resources. Rent and quasi-rent. Course Component: Lecture Prerequisites: ECO 1104, (MAT 1300 or MAT 1308 or MAT 1320 or MAT 1330).
