DEPARTMENT OF ECONOMICS

FACULTY OF SOCIAL SCIENCES

UNIVERSITY OF BENIN

COURSE OUTLINE

ECO 421: Microeconomic Theory

The course further strengthens students’ understanding of topics that might have been
covered in the first three years and introduces some new topics. All topics are treated
at an intermediate level.

1. Consumer theory: Preferences. Varian 3,7; Frank, 3; Schotter, 2

2. Utility, Choice and Demand. Varian 4,5,6

3. Production Technology. Varian 18

4. Profit maximization and cost minimization. Varian 19 & 20

5. Perfectly competitive market and welfare. Varian 22, 23, Frank 11

6. Monopoly Market. Varian 24, Frank 12

7. Introduction to Monopoly and Price Discrimination. Varian 25

8. Introduction to Oligopoly. Varian 27, Frank 14

9. Introduction to General Equilibrium. Varian 30, Frank 17

10.Introduction to Market Failure. Varian 33-36, Frank, 18 & 19

TEXTS

1. Varian, H. (2003), Intermediate Microeconomics, A modern approach, 7th

edition. New York: Norton & Company

2. Frank, R.H. (1994), Microeconomics and Behaviour, 7th edition. New York:
 McGraw Hill, Inc.

3. Schotter, A. (2009). Microeconomics: A Modern Approach, 3rd edition.

4. Nicholson W. and C. Snyder. Intermediate Microeconomics and Applications,

10th edition.

5. Hirshleifer J., A. Glazer and D. Hirshleifer. Price Theory and Applicatio:

Decisions, Markets, and Information. 7th edition.