A summary of lessons from Micro Economics
Personally, this was a good course with enough cases and class room demonstration to drive the concepts home. It was here I first heard the words transaction cost. It was also here I learnt about the powerful concept of game theory. Everyone should take a course in Economics.
This course was taught by Professors Jochen Runde & Kamiar Mohaddes. Below are my lessons from the course.
- Introduction to economics and some elementary price theory
- Understanding the problem of scarcity
- Optimization and equilibrium — the demand & supply curve, market equlibrium
2. The firm and market structure
- Cost and the firm — cost schedules, price taking firms, perfect competition and monopoly, monopolistic competition and contestable markets
3. Game theory and transaction costs
- Transactions costs, efficiency and hierarchy
- Strategy and game theory
4. Market power and externalities
- Monopoly and competition policy
- Natural monopoly and direct regulation
- Externalities and environment
- Resolving market failure
End of
PS: Sourced from the course content produced by the course coordinators with some input about my personal lessons