Demand Analysis:
Demand Theory, Preference and Choice, Empirical Demand Curves, Goods Characteristics Approach.
Production & Cost:
Production Theory and Estimation: Organization of Production and the Production Function, Production Function with two variable inputs, optimal combination of inputs returns to scale. Empirical production functions. Cost Components – Cost functions, Empirical Cost functions.
Market Structures:
Perfect Competition: Meaning characteristics and importance, price and output determination in the short run and long run. Derived demand for inputs, shortcomings of perfect competition.
Monopoly:
Meaning, characteristics and importance, comparison with perfect competition, short run and long run analysis evaluation. Monopolistic Competition: Meaning, Characteristics and Importance short run and long run analysis.
Oligopoly:
Meaning, characteristics and importance, Non-Collusive Oligopoly and the kinked demand curve, Collusive Oligopoly, efficiency implications of oligopoly.
Pricing in Practice:
Cost-plus pricing, Evaluation of cost plus pricing, Incremental Analysis in pricing.
Capital Budgeting:
Meaning and Importance, Protecting Cash Flows, Present Value and Internal Rate of Return, Comparison of NPV and IRR. Economic Growth, Development and planning economic aggregates and economic relationships.