MICRO ECONOMICS EC-210

School of Business and Economics Program Semester Credit Hours Pre requisites (if any) Resource Person Contact information
BBA(H),

SPRING, 2012 3 NIL AFIA MUSHTAQ Afia.mushtaq@umt.edu.pk

Course Description: Microeconomics studies the behavior of specific economic units that make up the economic aggregates. Microeconomics is the subject matter of this course explaining the behavior of specific economic units. The main focus will be on theories of consumption, production, distribution and role of the government. Topics include demand, supply, household behavior and consumer choice, the cost structure of the firms, market structures, market failures and externalities, economic regulations and Good governance. The course will rely heavily on graphical analysis and simple numerical calculations. Learning Objectives: Sr # 1 Course Learning Objectives Link with Program Learning Objectives Apply general concepts of ethical behavior in dealing with stakeholders

It focuses on how various classes of economic units come to terms with the economic problem of scarcity
Students should be able to fully understand the mechanism of demand and supply, decision making and choices of consumers and producers,. to real world situations and gain better

Use critical thinking skills to evaluate information, solve problems, and make sound decisions.

3 1

Conceptualize a complex issue into a

understanding of how the economic System works especially in cost and production scenario. 4

coherent, persuasive statement.

written

or

oral

microeconomics analysis developed in this course is in the particular context of an economy characterized by the private ownership of property and free markets and which is populated by economic units who seek rationally to maximize their utility

Understand the importance of group dynamics in achieving organizational goals and use the skills needed for effective teamwork.

Textbooks & Supplies: 1Mankiw,PrinciplesofMicroEconomicsThomsonLearning. 2.RogerLeroyMiller(1998),EconomicsTodayAddisonWesley Supplementary Material: Macro Economics by Magazines/ Journals: Economics by Edition, McGraw-Hill (1998 The Economist Gulf and Economist McConnell and Brue, Fourteenth Edition, McGraw-Hill Inc. Samuelson P.A and Nordhaus W.D., Sixteenth Weekly magazine. Magazine

Classroom Behavior: Positive and constructive class participation will be monitored for each class. Particular emphasis will be given during the presentation sessions. The manner in which the question is asked or answered will also be noted. Your behaviour, as business executive will contribute to the class participation marks.

Participant Responsibilities: The learning process is based on independent work with texts, textbook, and cases supported by lectures and assignments/cases - see schedule. You are supposed to have read the text chapters under discussion in advance. Questions answered to these text chapters, will contribute to the class participation marks. Honesty Policy: Academic integrity is a major part of the foundation of any institution of higher learning. Plagiarism and cheating are among the most common form of academic dishonesty. Plagiarism includes all offences in which the work of another person is claimed, even unintentionally, to be ones own either by copying, purchasing or borrowing such work or failure to give credit for its source. Participants are expected to achieve high standards in their expressions. Participants are required to thoroughly study the topic to be discussed in the next session apart from completing and handing over their assignments. IMPORTANT!!!! Mobiles phones & other electronic gadgets (except non-programmable calculators) are strictly prohibited & participants are not allowed to carry these [even if turned off/silent] in the examination room during 2 hours of examination. If any participant is found guilty during examination timings [for whatever reason], he shall be disqualified from that examination (UMC Case) and shall be awarded Grade "F" for that course. Tests and Grading: Quizzes/Class Participation: Quizzes will be taken according to calendar of activities. The quizzes are aimed at evaluating the participants understanding and clarity of different concepts. Some corrective action will be taken if necessary, to fill the gap between desired and actual. Surprise quizzes may also be taken. Quizzes may be either subjective or objective. Assignments/Project: Assignments are evaluated on the basis of the material, expression, graphical representation (if required), and list of references. Plagiarism is not allowed. Late submission of assignments will not be accepted in any case. Assignments will be returned after grading the next week. At the end of the course, the participants are required to submit a project. The purpose of the project is to enable the participants fully apply the knowledge acquired during the course. It will come up with more clear understanding of what is going on in practical

Assessment Mode Quizzes Assignments Project/ Presentation/Viva Case Studies Class Activity Class Participation Mid Term End term Total

Marks 10 10 10 10 5 5 20 30 100

Calendar of Activities Semester Spring 2012

Sr. #

Topics to be covered in the course

Learning objective of this topic

Link with course learning objectives

Teaching method

Assessment criteria

1.

An Introduction to Economic Theory

This topic is designed to conceptualize the basics of micro economics both theoretically and mathematically. To sound students skills about the consumers attitude in the market and by the help of this how demand curve can be derived. This topic will help students to conceptualize the formation and operations of market forces. This topic helps students to understand the basic concepts, functions and measurement of elasticity in the market. To let the students know that what is disequilibrium, why it is developed and how it can be eradicated This topic gives students an understanding about the returns faced by the firms both in short run and in long run. To understand the short run and long run behavior of cost. To make them understand about the fundamental concept of different market structures and specifically perfectly competitive market MONOPLY

Link with objective 1 Link with objective 2 Link with objective 2 Link with objective 2 Link with objective 3 Link with objective 3 Link with objective 4

Lecture Class Discussion Lecture Class Discussion Case Study Lecture Group Discussion Case study, Lecture, Problem solving Lecture, Group Discussions Lecture, Problem solving

Quiz

2.

Consumer Behaviour

Class Participation Assignment Assignment

3.

Demand and Supp

4.

Demand and Supply Elasticity

assignment

5. 6.

Efficiency and Exchange Theory of production and Cost

QUIZ Class Participation on case study QUIZ

7.

Market Structure Perfect Competition vs. Pure Competition Different Possibilities of SR firm Equilibrium Profit Maximization in the Short-run and long-run Monopoly Short run and Long run Equilibrium under Monopoly Conclusion ( Comparison of both) Imperfect Competition Monopolistic Competition Duopoly Oligopoly

Case Study Lecture Group Discussion

8.

To clear a picture of imperfectly competitive market to the students and also giving them understanding of strategic behavior of the firms

Link with objective 4

Case Study Lecture Group Discussion

Assignment