Micro-economic theory, problem of scarce resources and allocation of resources in product and factor markets with application to Nigerian and other economies, equilibrium concept, possibility of disequilibrium, partial equilibrium and general equilibrium analyses. Supply and demand theory, Cobweb theory, Introductory dynamics. Consumer behaviour. General equilibrium of exchange. Production theory. Cost curves. Pricing and output under perfect competition, imperfect competition, monopoly and monopolistic competition. Pricing of production factors. The theory of comparative costs

Level of Study: 200 Level