Hello, thank you for showing interest in this
course, titled; microeconomics, theory and
applications.
I will start by giving away a brief introduction
on the subject called economics and then I
will talk about microeconomics and the course
components.
In modern times, the Human Society is faced
with a big problem of meeting ever rising
and perhaps unlimited demand post by its members
given that the society has limited scarce
resources.
Economics is a social science subject, which
tries to find socially optimal solution to
these various types of resource allocation
problems that emerge in the context of various
types of economic activities, which are categorised
in the 3 following groups namely, production,
distribution and consumption of goods and
services.
When we add the prefix; micro in front of
economics, the meaning of the Greek word micro
means small.
Then, we are talking about one of the major
branches in economics, microeconomics is a
subject which talks about the behaviour of
the individual consumer and firms when they
are taking decisions regarding various types
of resource allocation problems and how they
interact in marketplace, which is a social
institution.
Microeconomics derives mathematical conditions
under which the society finds solution to
this resource allocation problem in such a
manner that social welfare is maximised.
And these conditions are made mostly in marketplace,
where various economic agents in direct with
each other, once we are done with the tools
then we are going to find some application
of this tools and we are going to find applications
from industry and from environmental problems
specifically, I am interested to teach basic
data envelopment analysis which helps to find
productive efficiency of production unit.
And I am also going to teach the way to find
value for an environmental good, for example
Air quality for which market does not exist.
This course is mostly going to be based on
2 excellent textbooks written by Hal Varian,
the name of the book is microeconomic analysis,
third edition and you may also consult another
good textbook written by Pindyck &Rubinfeld,
the name of the textbook is microeconomics
and currently the eighth edition is in the
market.
I hope that these courses is going to be highly
interesting to you and I welcome you all to
this course, thank you.
