Compare And Contrast Monopoly And Perfect Competition As Different Market Structures And Assess Their Efficiency And Welfare Implications

Principles of Microeconomics (ECON105)

This course provides students with an introduction to economic analysis and institutions. The course starts with developing simple graphical and mathematical models of decision making by individual economic agents: consumers, workers and businesses. Students are directed to analyze interactions between the agents in product and factor markets using the concepts of demand, supply, and equilibrium. It also introduces students to various market structures from perfect competition to monopoly, and describes the roles of government in market economy that include the pricing system in resource allocation and income distribution.

Learning Outcomes

At the end of the course, students will be able to :

1. Compare And Contrast Monopoly And Perfect Competition As Different Market Structures And Assess Their Efficiency And Welfare Implications
2. Construct Input-Output And Input-Cost Graphs And Explain The Underlying Relationships
3. Describe Economics As A Study Of Individuals Interacting With Each Other And The Business Sector
4. Evaluate Elasticities Or, In Other Words, The Responsiveness Of Buyers And Sellers To Changes In Circumstances
5. Evaluate The Effect Of Government Policies And Argue About How Those Relate To Price Setting
6. Show The Outcomes Of The Interaction Between Buyers And Sellers In The Market