SS2

SCHEME OF WORK FOR ECONOMICS
THIRD (3rd) TERM.

1.Elementary Treatment of Utility Theory
2. Money -Demand for and Supply of Money
3.Money – inflation and Deflation
4. Agriculture
5. Elements of National Income Accounting
6. Balanced and Unbalanced Budget
7. Types of Financial Institutions and Their Functions
8. Elementary Treatment of Fiscal Policy.

Lesson

Week I

Topic : Elementary Treatment of Utility Theory.

Content:
(a) The concept of Utility
(b) Concepts of total , average and marginal utility and utility maximisation
(d) principles of Utility maximisation and diminishing marginal utility
(e) Mathematical approach to Consumer Theory.

Performance Objectives:

By the end of the Lesson, students should be able to:
(i) Define utility and state the types of utility
(ii) explain the meaning of total utility, average utility, marginal utility and utility maximisation
(iii) Demonstrate the derivation of demand curve from utility theory
(iv) Solve some calculations on consumer theory.

Note:

(a) Total Utility = average utility × quantity consumed
(b) Average Utility= Total Utility ÷ quantity consumed
(c) Marginal Utility= ∆TU\∆ in consumption= TU2 – TU1 ÷ q2 -q1

Assignment: