B220 Microeconomics
Microeconomics is applied to all individuals in all spheres of business: (a) Consumer - the buyer and user of end products, (b) Producer - the one who makes/sells the product and (c) Government - the one who intervenes in the marketplace.
This module aims to explain an individual’s choice under scarcity and its implications on the behaviour of prices and quantities in individual markets. It describes how individual persons, markets and institutions make their choices given finite resources and the impact they have on one another, shedding light on the interlocking relationships among various entities in the marketplace. The module enables students to apply basic microeconomic concepts to explain everyday phenomena in the marketplace. Topics covered include price and quantity determination, how firms make strategic choices and government intervention in the marketplace during market failure.