ECU 402: Microeconomics Course Notes - Price Theory to Market Structures

A full microeconomics compilation for the unit. Begins with the wealth, welfare and scarcity definitions of economics, scarcity, choice and opportunity cost, then the elementary price theory of demand and supply, shifts of the curves, equilibrium and disequilibrium, the cobweb model, point and arc elasticity of demand, cardinal and ordinal theories of consumer behaviour with indifference curves and budget lines, production theory and its three stages, isoquants and returns to scale, short and long run costs, revenue, and the behaviour of firms under perfect competition, monopoly, monopolistic competition and oligopoly including the kinked demand curve. Diagrams and worked expressions throughout.