Course Plan/
Scheme of Work
Program
Course Code
Course Title
Year
Semester
Course Objectives
BSBA in Management
ECON 101
Microeconomics
2
3






Understand basic concepts of microeconomics such as markets and prices.
Acquaint the students with the basics of supply, demand and their equilibrium and
the concepts of elasticity.
Comprehend the elements of consumer behaviour
Discuss the notion of production
Learn top estimate various types of cost of production
Understand as to how price and output are determined in various markets
References:
A: Pindyck, Robert S and Daniel L. Rubinfeld (2009), Microeconomics, Pearson International Edition, 7th ed.
Concept / Topic to Teach
Introduction: Welcome students
Faculty’s Bio
Go through the syllabus and make
sure each student has a copy of the
syllabus
Set ground rules – students to ask if
they do not understand a
word/phrase; pls come on time; there
will be team project, homework
assignments, quizzes; mid-term & end
of term final exam.
Introduce the course
1
2
Session 1. The themes of
microeconomics
Session2. What is a market?
Objectives
Resources
Homework
Assignments
Introduction of the faculty and the
course topics.
Outline the usefulness of the
course.
Academic integrity and University
Policies related to attendance.
Grading procedures
Explain, discuss, of the first
session’s chapter (s).
Check for understanding
1. Trade-offs
2. prices and markets
3. theories and models
4. positive versus normative
analysis
1. competitive versus non
competitive markets
2. market price
3. market definition
4. the extent of market
Course Plan/ Scheme of Work – Management Department, CBAK
Page 1 of 5
A:3-6, White
board and ppt
A: 7-11. White
board and ppts
AssignmentExercise 1,
Textbook pp: 18
Concept / Topic to Teach
3
4
5
6
Session 3. Real versus nominal prices,
Why study microeconomics?
Session4. Supply and demand
Session5. The market mechanism,
changes in market equilibrium
Session6. Elasticities of supply and
demand
Objectives
Resources
1. real price
2. nominal price
A: 12-18. White
board and ppts
1. the supply curve
2. the demand curve
1. interaction of supply and
demand
2. Changes in market equilibrium
1. point elasticity of supply
2. arc elasticity of supply
3. point elasticity of damand
4. arc elasticity of demand
A: 22-24, White
board and ppts
1. Demand elasticities
2. supply elasticities
A: 34-39. White
board and ppts
7
8
Session8. Understanding and
predicting the effects of changing
market condition
Mathematical approaches
A: 49-57,
White board
and ppts
9
Session9. Effects of government
intervention
1. price controls
A: 58-61 White
board and ppts
10
MID TERM EXAM I
11
12
13
Session10. Consumer Behaviour
Session11. Indifference curves
Session 12. Consumer choice
1. Indifference maps
2. shape of indifference curves
3. Marginal rate of substitution
4. perfect substitutes and
complements
5. budget line
1. effects of change in income and
prices
2. marginal benefit & marginal cost
3. corner solutions and marginal
utility
Course Plan/ Scheme of Work – Management Department, CBAK
Page 2 of 5
Quiz I
A: 25-33, White
board and ppts
Session7. Short run versus long run
elasticities of demand
1. consumer preferences
2. Market baskets
3. Basic assumptions
4. indifference curves
Homework
Assignments
A: 40-48, White
board and ppts
A: 67-72 White
board and ppts
A: 72-84 White
board and ppts
A: 85-100
White board
and ppts
AssignmentExercise 1,
Textbook pp: 62
Quiz II
Concept / Topic to Teach
14
Session13. Individual demand
15
session 14: Individual demand
(continued)
16
session 15: Income and substitution
effect
17
Session 16: Market demand
18
Session17. Consumer surplus
19
Session18. Network externalities
20
Session19. production
21
Session20. Production with one
variable input
22
Session21. Production with one
variable input (continued)
23
Session22. Isoquants
24
Session23. Production with two
variable input
Objectives
1. price change
2. individual demand curve
3. Income changes
4. normal versus inferior good
1. normal versus inferior good
2. Engel curves
3. substitutes and complements
1. Income effect
2. substitution effect
3. giffen good
1.from individual to market
demand
2. elasticity of demand
To learn the topic
1. Bandwagon effect
2. the snob effect
1. technology of production
2. production function
3. short run versus long run
1. average and marginal products
2. slopes of the product curves
3. average product of labor curve
4. marginal product of labor curve
5. Labor productivity
A: 112-115.
White board
and ppts
A: 115-119
White board
and ppts
A:120-125
White board
and ppts
A: 125-131
White board
and ppts
A: 132-135.
White board
and ppts
A: 136-139.
White board
and ppts
Homework
Assignments
AssignmentExercise 2,
Textbook pp: 107
Quiz III
AssignmentExercise 1,
Textbook pp: 146
A: 195-197.
White board
and ppts
A: 198-202.
White board
and ppts
A: 202-206
Law of diminishing marginal returns White board
and ppts
1. Assumptions
A: 207-209.
2. properties
White board
3. isoquant map
and handouts
1. input flexibility
2. diminishing marginal returns
3. substitution among inputs
To learn the topic
25
Resources
Session24. Returns to scale
Course Plan/ Scheme of Work – Management Department, CBAK
Page 3 of 5
A:209-214
White board
and ppts
A: 215-218
White board
and ppts
AssignmentExercise 2,
Textbook pp: 219
Quiz IV
Concept / Topic to Teach
Objectives
26
Session25: Cost of production
1. economic cost versus accounting
cost
2. opportunity cost
3. sunk cost
4. fixed cost versus variable cost
5. marginal and average cost
27
Session26. Cost in the short run
1. determinants of short run costs
2. Shapes of cost curves
28
Session27. Costs in the long run
29
Session28. Long run versus short run
cost curves
30
Session29. Production with two
outputs
31
Session30. Dynamic changes in cost
32
MID TERM II
33
Session31. Perfect competition
34
Session32. Short run equilibrium under
Perfect competition
1. user cost of capital
2. cost minimizing input choice
3. isocost line
4. choosing inputs
Cost minimization with varying
output levels
4. expansion path and long run
costs
1. inflexibility of short run
production
2. long run average cost
3. economies and diseconomies of
scale
4. relationship between short run
and long run costs
1. economies of scope
2. product transformation curves
3. economies and diseconomies of
scope
4. The degree of economies of
scope
1. the learning curve
2. graphing the learning curve
3. learning versus economies of
scale
1. perfectly competitive markets
2. profit maximization
3. marginal revenue
4. marginal cost
1. choosing output in short run
2. short run supply curve
3. short run market supply curve
Resources
A: 221-227
White board
and ppts
A: 228-233
White board
and ppts
Homework
Assignments
A: 234-242,
White board
and ppts
A: 243-247
White board
and ppts
A: 248-250.
White board
and ppts
Quiz V
AssignmentExercise 4,
Textbook pp: 261
A: 251-255.
White board
and ppts
A:271-279
White board
and ppts
AssignmentExercise 4,
Textbook pp: 306
A: 279-291.
White board
and ppts
Quiz VI
35
Session33. Long run equilibrium under
Perfect competition
1. output in long run
2. industry long run supply curve
Course Plan/ Scheme of Work – Management Department, CBAK
Page 4 of 5
A: 292-303
White board
and ppts
Concept / Topic to Teach
36
Session34. Monopoly
37
Session35. Monopoly power
38
Session36. Pricing with market power
39
Session37. Monopolistic competition
40
Session38. Monopolistic competition
(continued)
41
42
Session39. Oligopoly
Session40. Oligopoly(continued)
43
Session41. Oligopoly(continued)
44
Session42. Oligopoly(continued)
Objectives
Resources
1. average revenue
2. marginal revenue
3. output decision
A: 350-360.
White board
and ppts
1. measuring monopoly power
2. sources of monopoly power
3. social cost of monopoly power
1. Capturing consumer surplus
2. first degree price discrimination
3. second degree price
discrimination
4. third degree price discrimination
A: 361-372.
White board
and ppts
equilibrium in short run
equilibrium in long run
A: 444-446
White board
and ppts
A: 446-447
White board
and ppts
Economic efficiency
1. equilibrium in oligopoly market
2. Cournot model
3. Stackelberg model
1. price competition with
homogeneous products
2. price competition with
heterogeneous products
1.competetion versus collusion
2. Prisoner’s dilemma
3. price rigidity
4. price signalling
5. price leadership
Cartels
FINAL EXAMINATIONS
Course Plan/ Scheme of Work – Management Department, CBAK
Page 5 of 5
Homework
Assignments
AssignmentExercise 4,
Textbook pp: 388
A: 391-428.
White board
and ppts
A: 449-456
White board
and ppts
Quiz VII
AssignmentExercise 3,
Textbook pp: 476
A:456-459
White board
and ppts
A: 461-469
White board
and ppts
A: 469-475
White board
and ppts
Quiz VIII