University of South Africa Microeconomics II Latest Study Guide for Semester 1 and 2
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Course
UNISA Microeconomics 2| Study Guide Sem 1 & 2
Institution
UNISA Microeconomics 2| Study Guide Sem 1 & 2
University of South Africa Microeconomics II Latest Study Guide for Semester 1 and 2| Study unit 1: Assumptions of prior learning in microeconomics 1
Study Unit 2:
The basics of supply and demand 2
2.4 Elasticity of supply and demand (including 2.5: Short-run versus long-run elasticity) 3
Activ...
Printed and distributed by the
University of South Africa
Muckleneuk, Pretoria
Compiled by the Department of Economics
ECS2601/1/12012-2014
,iii ECS2601/1/2012-14
Contents Page
Introduction x
Aims of the module......................................................................................................................... ix
Prescribed tutorial matter ................................................................................................................. x
Suggested method of study ............................................................................................................. xi
Study unit 1: Assumptions of prior learning in microeconomics ......................1
Study Unit 2:
The basics of supply and demand ......................................................................... 2
2.4 Elasticity of supply and demand (including 2.5: Short-run versus long-run elasticity) ... 3
Further reading.............................................................................................................................. 10
Answers to some of the questions................................................................................................. 10
, iv ECS2601/1/2012-14
Economics in action revisited ........................................................................................................ 24
Further reading............................................................................................................................... 24
Answers to some of the questions ................................................................................................. 24
Study unit 4: Individual and market demand ...................................................... 26
Economics in action ....................................................................................................................... 26
Contents and learning outcomes .................................................................................................... 27
Individual demand .......................................................................................................................27
Activity 4.1 .................................................................................................................................... 29
Income and substitution effects ................................................................................................... 31
Activity 4.2 .................................................................................................................................... 32
Market demand ............................................................................................................................ 34
Activity 4.3 .................................................................................................................................... 35
Consumer surplus ........................................................................................................................37
Activity 4.4 .................................................................................................................................... 37
Network externalities ................................................................................................................... 39
Activity 4.5 .................................................................................................................................... 40
Empirical estimation of demand .................................................................................................. 40
Economics in action revisited ........................................................................................................ 41
Further reading............................................................................................................................... 41
Answers to some of the questions ................................................................................................. 41
Study unit 5: Uncertainty and consumer behaviour ............................................ 43
(Not included)
Study unit 6: Production ...................................................................................... 44
Economics in action ....................................................................................................................... 45
Contents and learning outcomes .................................................................................................... 45
The technology of production...................................................................................................... 46
Activity 6.1 .................................................................................................................................... 47
Production with one variable input (labour). ............................................................................... 47
Activity 6.2 .................................................................................................................................... 48
Production with two variable inputs (labour and capital) ............................................................50
Activity 6.3 .................................................................................................................................... 52
Returns to scale ............................................................................................................................ 54
Activity 6.4 .................................................................................................................................... 55
Economics in action revisited ........................................................................................................ 56
Further reading............................................................................................................................... 56
Answers to some of the questions ................................................................................................. 56
Study unit 7: The cost of production ................................................................... 60
Economics in action ....................................................................................................................... 60
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