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Faculty of Science and Agriculture
THE UNIVERSITY OF THE WEST INDIES
St. Augustine
OVERALL OBJECTIVE
The Course is designed to introduce students to microeconomic principles and practices. The
Course was designed for students pursuing the areas of Agribusiness Management, Agriculture,
Human Ecology/Nutrition and Dietetics, and Environmental & Natural Resource Management. It
is designed to provide the fundamentals that will allow economic explanations of the behaviour
of consumers and firms and also explain some of the actions of the State.
Microeconomics is essential to an understanding of how markets function and how firms and
consumers interact to determine prices. This subject also allows us to understand how individual
firms and consumers react to these prices. Also, to understand environmental and natural
resource use (or misuse) we have to examine why individuals make specific economic decisions
which lead to this use or misuse. Understanding these decisions is also the subject of
microeconomics.
This Course will only provide an introduction to the subject, which it is hoped will spur your
interest to delve more deeply into the subject and study it in more detail in subsequent Courses in
your programme.
TIMETABLE
The Course is divided into four (4) groups. Students must select one group on the timetable that
best suits their individual schedule and attend all classes for that particular group.
TEXT BOOK
Lipsey, Richard G. and Chrystal, Alec K., Economics – 11th Edition. New York
Oxford University Press, 2007
ASSESSMENT
TUTORIALS
Students are to attend one tutorial session per week in addition to their lecture session. Also, they
are to attempt the tutorial worksheets posted on myelearning prior to attending the sessions.
1. General Overview
(i) Nature of Economics
(ii) Nature of Microeconomics and Macroeconomics
(iii) Externalities
(iv) Public Goods
Lipsey and Chrystal Chapter 1
7. An Introduction to Monopoly
(i) Short Run Profit Maximization under Monopoly
Lipsey and Chrystal Chapter 8