Recapitulation of the short-run and long-run production periods. The short-run and long-run cost curves. Fixed costs, variable costs, average costs and marginal costs. Cobb Douglass production function. Technical progress and production. Market structure: Axioms and determination of prices and output in perfect markets and imperfect markets, such as perfect competitive market, monopoly and price discrimination, monopolistic competition, oligopoly and different types, duopoly. Pricing of factors of production such as, wages, rent, interest and profit. Elementary price theory and its applications.
- Teacher: Abubakarl Muhammad Auwal