College of Management &
GC University, Faisalabad.
Weekly Work Plan
Date: February, 2013
M. Tayyab Kashif
Principles of Microeconomics are an introductory course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course aims to introduce to students the concepts of scarcity and choice, and their influences in the decision-making process of individual consumers, groups of consumers, and firms. The course examines: price mechanism (demand, supply and price) and allocation of resources; comparative advantage and specialization; the theory of the firm – short run and long run cost/revenue structure and the interaction between markets .
SPECIFIC OBJECTIVES: Upon completion of the course, students should be able to: 1. Define economics.
2. Describe the “economic way of thinking,” including definitions of rational behavior, marginal cost, marginal benefits and how these concepts may be used in decision making. 3. Identify the three basic economic questions and describe how the market system answers each of these three basic questions. a) identify and explain the factors of production
4. State some important reasons for studying economics.
5. Explain how economists use the scientific method to formulate economic principles. 6. Differentiate between microeconomics and macroeconomics. 7. Differentiate between positive and normative economics. 8. Explain and give examples of some hidden fallacies.
9. Identify types of economic resources and types of income associated with various factors. 10. Explain the concept of equilibrium price and quantity and illustrate graphically equilibrium price and quantity. 11. Explain the effects of a price change for one good on the demand for its substitutes or complements 12. Explain briefly how concepts of supply and demand apply to factor markets. 13. Define normal profits and economic profits and explain the difference between them. 14. Define elasticity of demand
15. Explain why a consumer will buy more (less) of a commodity when its price falls (rises) by using income and substitution effects. 16. Define marginal utility and state the law of diminishing marginal utility. 17. Explain the law of diminishing return.
18. Differentiate between the short and long run.
19. Explain the difference between average and marginal costs. 20. Explain the difference between short run and long run costs. 21. Compute and graph total revenue, average revenue and marginal revenue.
TEACHING METHODOLOGY AND EXPECTATIONS OF STUDENTS
A combination of lectures, simulations, guest speakers, case studies, videos, small group-work and student presentations will be used. Class content may either complement the reading assignment or it may cover material in addition to the assigned readings. This course uses active learning activities, which requires a much greater involvement of the student in class than does the traditional lecture method. In the classroom, the instructor will act as discussion leader, with emphasis on students ’active participation. The very nature of the case discussion approach demands a high level of attendance, preparation and contribution in class. Students are expected to be fully engaged in the entire...
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