Microeconomics for Accounting and IT
Description
This module is an introductory module in microeconomics for accountants and IT professionals. It introduces the basic analytical tools , reasoning and language of microeconomics. It explores the main pillars of microeconomic theory: the price-mechanism and economic decision-making; demand and supply; production costs of the firm; accounting and economic profit; the theory of the firm and industry structure; monopoly and competition.
Learning Outcomes
Explain the concepts of scarcity, choice and opportunity cost and understand choice in a world of scarcity.
Use demand and supply models to describe how prices are established in a market system.
Explain and apply price elasticity of demand and supply, cross elasticity of demand, income elasticity of demand and their determinants.
Describe and illustrate graphically how costs affects the way firms use factors of production and make production decisions.
Describe how price and output decisions are made in perfectly competitive, monopoly, monopolistic competition and oligopolistic market structures.
Discuss contemporary microeconomic issues for Accounting and IT professionals.