Introduction:
- Definition of Economics, Nature and Scope of Economics; Methodology of
Economics-Deduction and Inductive Methods, Price Theoryemand- Law of Demand-
Individual Demand and Market; Utility Theory- Indifference curve analysis;
determinants of supply; Equilibrium analysis- equilibrium price and its
determination; interrelated demand and supply. Elasticity: - Meaning of
elasticity; Price Elasticity of Demand categories, determinants and usefulness;
Income and cross elasticity of demand; Elasticity of supply; determinants and
importance.
Production Theory:- Meaning and forms of production; Factors of production and mobility; Short-run and long run periods in production; Total, average and marginal products; The law of diminishing returns; economics of scale.
The theory of cost: short run and long run costs; Revenue: total average and margin revenue. Market Structures: - Perfect competition; Monopoly; Monopolistic competition; Oligopoly.
- Module Team: Prof Dr.NARAYAN Singh
- Module Team: Theophile Twagirayezu