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Management Issue:
Understanding Economists
WEEK 3 Classes start 20 Mon 14th February 2011 – Fri 18th February 2011
WEEK 10 Classes end; class test 31 Tues 3rd May 2011 – Fri 6th May 2011
Activities of firms
Operations of markets
Why might markets fail to operate efficiently?
Course outline
Topic
1 Introduction: What is Economics?
2 Markets and resource allocation
3 Measuring demand responsiveness using elasticities
4 Consumers, Producers and market efficiency
5 Firms, production and costs
6 Profit maximisation
7 Perfectly competitive markets and firms
8 Monopoly
9 Capturing surplus: price discrimination and other techniques
10 Strategic competition in oligopolistic markets
11 Competition policy
12 Market failure
What is Economics?
Chapters 1 & 2
• Resources are scarce
• Wants are unlimited
Concerned with
What
How
For whom
Goods & services are produced and delivered
• Command economies
• Market economies
• Mixed economies
Concretely, people, as economic agents, choose
Co-ordination
at the margin
9 December 2021 ECON1009 20
Question 1
GM production and other modern agricultural
techniques can increase crop output to such a
extent that essentially the economic problem
for most countries disappears.
Do you agree?