Course Out Lines of Micro Economics

Foundation University Rawalpindi Campus
Faculty of Management Sciences
1. Brief Introduction
Course Name Micro Economics
Course Code: ECO 401

Instructor Rabia Saghir
Semester 3rd (BBA)
Credit Hours 3 credit hours

Instructors Rabia Saghir
Telephone No(s). 03445688780
Email [email protected]
Visiting Hours: Wednesday & Thursday

1. Pre-Requisite Knowledge
NIL
2. Course Coverage (Tick each)
 Knowledge
 Comprehension
 Application
Analysis () Synthesis ()Evaluation

3. Limited Course Objectives of This Course
Course Objective Precise, Realistic and Achievable Which Program Objective does this
Number Course Objective Course Objective Trace to?
CO1 Identify the economic problem of PO1

allocation and distribution of
resources
CO2 Identify the factors that determine PO2

demand and supply, concept of
budget, utility and production.
CO3 Analyze the effect of market PO2

structure on firm behavior; analyze
efficiency and the role of
government in promoting and
deterring efficiency.
4. Learning Outcomes
Course Learning Precise, Realistic and Achievable Which Course Objective does this
Outcome Learning Outcome Learning Outcome Trace to?
LOA Learn key concepts and theory about CO1

the economics.
LOB Understanding and analysis of CO 2

theories of demand supply and
about budget, utility and production.
LOC Learn about the economic analysis CO2, CO3

of market structure and role of
government.
Brief Description of the Course: This course is designed to introduce key
microeconomics concepts and techniques applicable as tools for rational economic
decision-making within the micro economics framework. The course aims to demonstrate
the relevance and usefulness of economic analysis to real world business situations.
Emphasis is placed on optimal decisions making within the firm and the strategic
relationship with other business. The goal of the course is to provide an introduction to
microeconomics. Using microeconomics theory, the students will be able to understand
the concepts of demand and supply, the the price determination in the market, firm
behavior and the structure of the markets.
Objectives of This Course

After studying this course the student will be able to understand:
CO1: Identify the economic problem of allocation and distribution of resources
CO2: Identify the factors that determine demand and supply, concept of budget, utility and
production.
CO3: Analyze the effect of market structure on firm behavior; analyze efficiency and the
role of government in promoting and deterring efficiency.
Learning Outcomes:
Students need knowledge of economics in order to develop, evaluate and implement
effective strategies. The focus of this course will be on the theoretical and empirical
concepts of demand and supply, markets, and production and revenue and the application
of these concepts in strategy and decision making. Student should work to achieve the
following learning outcome:
LOA: Learn key concepts and theory about the economics..
LOB: Understanding and analysis of theories of demand supply and about budget, utility
and production.
LOC: Learn about the economic analysis of market structure and role of government.
Course Contents Detailed Distribution
Note: This schedule is tentative and can be subject to change
Corresponding Corresponding Teaching Evaluation

Week Topics/ Content Course Objective Learning Method Method
Outcome
BASIC ECONOMIC CO1 LOA Knowledge Question

CONCEPTS /Answer
Economics: Basic Themes

and Nature
1 Micro versus Macro

Economics
Economic Systems
Capitalism and socialism
DEMAND AND CO2 LOB Class Derivation

SUPPLY ANALYSIS Lecture
And
The demand function. numerical
02-03 Changes in demand.
The supply function.
Changes in supply.
Elasticity CO2 LOB Class Assignment

Lecture
Price Elasticity of Numericals
4 Demand
Income Elasticity and

Cross Elasticity
5 EQUILIBRIUM CO2 LOB Class Derivation
Lecture
Equilibrium of Supply & And
Demand numerical
Elasticity of
demand/supply and its
measurement
APPROACHES TO CO2 LOB Discussion Class

UTILITY ANALYSIS practice
Interactive
Cardinal approach and lecture Written
consumer equilibrium. exams
06-07 Indifference curves from

utility.
Cobb Douglas preferences

marginal utility.
Marginal utility and MRS
BUDGET LINE CO2 LOB Active Written

participatio exam
Budget constraint n of
students /Part of Quiz
Properties of budget set,
8
Shift in budget line and
derivation
Effect on budget line due

to taxes and subsidy
PRODUCTION CO2 LOB Class Question/

ANALYSIS Lecture
Answer
Basic production
concepts.
9
Total, Average and
Marginal Product.
The technical rate of

substitutes
Written
Activity
9 MID TERM .
PRODUCTION CO2 LOB Class Dérivation/

ANALYSIS lecture Practice
Iso quant and Iso cost

derivation
10
Least-cost factor
combination.
Producer equilibrium.
Returns to scale.
COST AND REVENUE LOB Active Numerical /

ANALYSIS participatio Problems
CO2 n of
Various cost concepts. students
11
The cost of production:
Short-run cost, long-run
cost.
COST AND REVENUE CO2 LOB Class Question /

ANALYSIS Lecture/ Answer
Revenue and revenue Discussion

12
curves: Total, average and
marginal revenues.
Profit-Maximization
MARKET CO3 LO,C Class Question /

STRUCTURES AND Lecture Answer
PRICING
Assignments
13 Market and its forms.
Price and out-put under

perfect competition.
14 MARKET CO3 LO,C Class Derivation /

STRUCTURES AND Lecture practice
PRICING
Price and out-put under
monopoly, duopoly,
oligopoly and
monopolistic competition.
FIRM SUPPLY CO3 LO,C Class Question /

Lecture Answer
Markets environment, The
15 inverse supply function,
The long run supply curve
Final Exam Written Graded

Activity activity
16
of 50
marks.
2. Grade Distribution
Final Exam: 50%
Mid-Term Exam: 25%
Assignments, Quizzes 25%
3. Misc. Instructions:
 Class Participation:
The Participant is responsible for all information presented in class (unless
told otherwise) and all information in the reading assignments, whether or not
covered by the instructor. In case of absence it is the participant’s
responsibility to get class notes, handouts, and/or directions from a classmate.
 Quiz Policy/Assignments:
 If you miss a Quiz you get zero in that Quiz. You will lose 10 points if you
deliver your assignment / report after the given date.
 Final and Midterm Papers :
A student found in cheating on any exam his/her case will be referred to
Unfair Means Committee (UFM) that may result in no credit (i.e. no grade)
for that exam. A deduction from the sessional marks and financial penalties
are other possibilities as decided by the committee.
4. Text Book(s): Deviga Vengedasalam , Karunagaran Madhavan (Latest Edition)

5. Teaching Methodology: The teaching of the course will be via a series of
lectures. This will be complemented by the use of class notes and handouts.
Participants should expect 4-6 quizzes during the semester. Quizzes will be
unannounced. There shall be no makeup quizzes for missed sessions and/or low
scoring quizzes. Submission deadlines for assignments and cases will not be
extended. Participants shall not waste their time and energies to plead for one.
6. Instructor’s Profile: Rabia Saghir: Assistant Professor (PhD In Progress)
7. Final Comments: Regularity and punctuality will be very strictly observed. You
have an allowance of only six absences .This includes the leaves that are
approved from your Batch Advisor. In case you are absent in six classes, you will
get an ‘F’ in the course. Regarding punctuality, you will be marked present only if
you arrive in the class within five minutes of the scheduled time.
8. Yahoo Group:
[email protected]

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Foundation University Rawalpindi Campus

Faculty of Management Sciences

Course Name Micro Economics

Course Code: ECO 401

Semester 3rd (BBA)

Credit Hours 3 credit hours

Telephone No(s). 03445688780

Visiting Hours: Wednesday & Thursday

2. Course Coverage (Tick each)

Analysis () Synthesis ()Evaluation

CO1 Identify the economic problem of PO1

CO2 Identify the factors that determine PO2

CO3 Analyze the effect of market PO2

LOA Learn key concepts and theory about CO1

LOB Understanding and analysis of CO 2

LOC Learn about the economic analysis CO2, CO3

Objectives of This Course

Corresponding Corresponding Teaching Evaluation

BASIC ECONOMIC CO1 LOA Knowledge Question

Economics: Basic Themes

1 Micro versus Macro

Capitalism and socialism

DEMAND AND CO2 LOB Class Derivation

02-03 Changes in demand.

The supply function.

Elasticity CO2 LOB Class Assignment

Income Elasticity and

APPROACHES TO CO2 LOB Discussion Class

06-07 Indifference curves from

Cobb Douglas preferences

Marginal utility and MRS

BUDGET LINE CO2 LOB Active Written

Effect on budget line due

PRODUCTION CO2 LOB Class Question/

The technical rate of

PRODUCTION CO2 LOB Class Dérivation/

Iso quant and Iso cost

COST AND REVENUE LOB Active Numerical /

COST AND REVENUE CO2 LOB Class Question /

Revenue and revenue Discussion

MARKET CO3 LO,C Class Question /

Price and out-put under

14 MARKET CO3 LO,C Class Derivation /

FIRM SUPPLY CO3 LO,C Class Question /

The long run supply curve

Final Exam Written Graded

4. Text Book(s): Deviga Vengedasalam , Karunagaran Madhavan (Latest Edition)

6. Instructor’s Profile: Rabia Saghir: Assistant Professor (PhD In Progress)

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