Microeconomics Business & Economics Program Spring 2023 Semester - Cape Town

In any developed economy scarce resources have to be mobilised and used to meet the public?s needs. This course focusses on the processes involved, particularly those common to modern western economies. It begins with market mechanism and price formation. The background to demand (cardinal and ordinal utility) follow. The neo-classical theory of supply is then introduced, leading from production function analysis to the derivation of supply under perfect competition. Other market forms follow, and the course concludes with sections on factor pricing and international trade.

DP requirements: You are required to attend the assigned tutorials. If you do not attend 70% of these you will be refused a DP, i.e., you will not be entitled to write the examination. Your year mark contributes a half of your final total for the course. If your year mark is below 30% you will not be permitted to write the final examination. If you choose not to submit your essay or not to write a test you will be given a mark of zero for that component of the course, but will be allowed to write the examination provided your year mark is above 30%.

Assessment: Coursework 50%; Exam 50%. The course outline will detail the breakdown for submission weightings and variation for exemptions and absences.

The University of Cape Town awards credits based on the National Qualifications Framework (NQF) to determine course and contact hour recommendations per course. 1 NQF credit represents roughly 10 notional hours of work which includes study time, assignments and examinations. Notional hours may very per courses depending on the course level and modality therefore, CEA recommends using NQF credits as a basis to determine U.S. equivalencies (1 NQF=.222 semester credits)