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HSS H012 – Principles of Economics

At a glance

  • 10 lecture hours per week
  • 2 credits
  • Summer Semester



Topics Covered

  • Introductory concepts; production possibility frontier; economic systems
  • Demand and supply; elasticity of demand and supply; determinants of demand and supply
  • Market equilibrium; consumer and producer surplus
  • Market failure
  • Utility – total and marginal
  • Consumer behaviour; indifference curves; income-price-substitution effects
  • Theory of production; factors of production; production functions; short- and long-run production; isoquants
  • Cost of production; cost curves; isocost analysis
  • Theory of firm
  • Market structure: perfect competition; monopoly; oligopoly and strategic behaviour; duopoly

Learning Resources

  • Vengedasalam, D., & Madhavan, K. (2013). Principles of economics (3rd edition). Oxford Fajar.