COURSE OUTLINE (FALL-2013) Class: BBA-1 (A) Course: BA1102 Microeconomics Instructor: Sindhu Dawani Class details Class Timing and Room 08:00 - 11:00 Room 206 Session Day(s) Thursday Credit Hours: 3/class hours(per week) | 0/lab hours(per week) Course Prerequisites: None Consultation Time After class Email sindhudawani@hotmail.com Contact # 03212221046 Course Description Microeconomics studies how the individual parts of the economy, the household and the firms, make decisions to allocate limited resources. This course will be based on a comprehensive study of the market structures. It will also deal with application of demand and supply, cost analysis and factors of production. Course Objective The objective of the course is to built the fundamental concepts of Economics related to demand and supply and built the understanding how individual units in the economy (households and firms) take decisions regarding allocation of resources. Learning Outcomes LO1. Explain the relationship between scarcity, choice and opportunity cost. LO2. Analyze the factors that affect demand and supply. LO3 Explain how consumers optimize their level of satisfaction through economic decisions. LO4 Analyze how firms optimize their profits. LO5 Explain different market structures. Teaching and Learning Methodology To successfully participate in the class the students are advised to read economic articles from national and international newspapers and keep themselves aware on the microeconomic issues. There will be snap quizzes in the class to evaluate the preparation of the students for each session. Materials and Supplies Calculators Expected Class Conduct All the students are expected to come prepared for the class in advance by going through the text from the prescribed book according to the course outline. The emphasis during the session will be on understanding the microeconomic concepts and their relationship with the real world issues. Course Plan Week Chapters Session Topic Assesments % 1 Limits, Alternatives, Definition of Economics, Micro Economics, N/A and Choices Chapter 1 Macroeconomics, Scarcity, Choice and Opportunity Cost. 2 Limits, Alternatives, Production Possibility Frontier. and Choices Chapter 1 3 Demand, Supply and Market Equilibrium Chapter 3 Demand, Supply, Determinants of Demand and Supply, N/A How Supply and Demand Determine Market Equilibrium 4 Demand, Supply and Market Equilibrium Chapter 3 How changes in Demand and Supply affect equilibrium price and quantity What government-set prices are and how they can cause product surpluses and shortages. How Supply and Demand analysis can add insights on actual- economy situations. 5 Elasticity, Consumer About Price Elasticity of Demand and its application, Surplus, and Producer Total revenue test for price elasticity of demand, Price Surplus Chapter 6 Elasticity of supply and Its application N/A 6 Elasticity, Consumer Cross and Income Elasticity of demand, Consumer Surplus, and Producer Surplus, Producer Surplus and efficiency losses. Surplus Chapter 6 N/A 7 Consumer Behavior Chapter 7 Mid Term +Utility, Marginal Utility and Law of Diminishing Marginal Utility N/A 8 Consumer Behavior Chapter 7 Equi Marginal Principle N/A 9 The Cost of Fixed and Variable Costs Firms’ size and average cost in Production Chapter 8 the long run N/A N/A N/A 10 The Cost of Average cost in the long run Production Chapter 8 11 Pure Competition Chapter 9 Four Basic Market Models Profit, Conditions for Pure Competition Maximization, Supply Curve of Pure Competition N/A 12 Pure Competition Chapter 9 Constant cost, increasing cost and decreasing cost industries. N/A 13 Pure Monopoly Chapter 10 Pure Monopoly Characteristics, Profit Maximizing output and price.Economic Effects of Monopoly Price N/A discrimination 14 Monopolistic Characteristics of Monopolistic Competition, Normal Competition Chapter Profit in monopolistic competition. 11 N/A 15 Oligopoly Chapter 11 Characteristic of Oligopoly, Kinked Demand Curve, + Appendix Incentives and Obstacles to Collusion+ Game Theory N/A N/A Text Book Economics, McConnell/Brue/Flynn, 18th Edition, McGraw-Hill,2009. Reference Books 1 Economics, Samuelson/Nordhaus, 18th Edition, McGraw-Hill,2005. Course Pre-Requisites None Marks Distribution Marks Head Total Total Marks Frequency Exempted /Frequency Total Marks /Head For D Grade Holder(s) Quiz 6 1 2 10 Included Assignment/ Article Presentation 3 1 5 10 Included Final Paper 1 0 35 35 Included Mid Term Paper 1 0 30 30 Included Class Participation 1 0 5 5 Included Presentation 1 0 10 10 Included Total Marks 100 Learning Outcomes 100 (For DGs) Attendance Policy Prompt arrival and regular attendance are extremely important. For Academic policy refer to student handbook for policies on late entry, maximum absences allowed, leave application etc. Students with Physical or Educational Challenges Students with educational and/or physical challenges are entitled to extra attention and time from the instructor. Therefore students are advised to notify the course instructor at the beginning of the course. Special arrangement may also be made on prior request based on specific challenges. Academic Integrity This course seeks to empower students for independent learning, resourcefulness, clear thinking, and perception. All submitted work and activities should be genuine reflections of individual achievement from which the student should derive personal satisfaction and a sense of accomplishment. Plagiarism and cheating subvert these goals and will be treated according to the policy stated in the Student Handbook. The instructor reserves the right to utilize electronic means to help prevent plagiarism. Comments and/or Suggestions Students and Instructors may contact the Institutional Research Department if there is a need to make suggestions or comments that can help further improve the course. A link is also provided on your ZABDESK account for frequent and trouble-free feedback. The Institutional Research Department would like to hear your feedback about the following: Students Course Content/ thoroughness Lecture Delivery/Supplementary Material Facilities/Labs/Software/Hardware Support Course alignment with learning outcomes Any other comments/feedback Instructors Availability of teaching material Facilities/Internet/Administrative Support Labs: Software/Hardware/Technical support Availability and quality of Teaching Instruments Any other comments/feedback