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Course Outline - Micro Econs - 2023 - 2024

This document outlines a course on Principles of Microeconomics taught in the first semester of the 2023/2024 academic year. The course will introduce fundamental microeconomic concepts including supply and demand analysis, consumer behavior, production costs, perfect competition, monopoly and welfare economics. It is a core foundation course for business and management students. Over 14 weeks, students will learn key microeconomic topics through lectures and tutorials to understand decision-making by economic agents under scarcity and gain mastery of microeconomic analysis approaches and their business applications.

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137 views3 pages

Course Outline - Micro Econs - 2023 - 2024

This document outlines a course on Principles of Microeconomics taught in the first semester of the 2023/2024 academic year. The course will introduce fundamental microeconomic concepts including supply and demand analysis, consumer behavior, production costs, perfect competition, monopoly and welfare economics. It is a core foundation course for business and management students. Over 14 weeks, students will learn key microeconomic topics through lectures and tutorials to understand decision-making by economic agents under scarcity and gain mastery of microeconomic analysis approaches and their business applications.

Uploaded by

josephfeh79
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Course Outline

Course Title: Principles of Microeconomics


Course Code ECNC2101
Semester & Academic Year First Semester, 2023 / 2024 Academic Year
Course masters Prof. Njimanted /Prof. Vukenkeng /Dr. Forbe / Dr. Dongho
/Dr. Takoulac
Department Management & Entrepreneurship
School/Faculty Higher Institute of Commerce and Management
University The University of Bamenda
Location & Address P. O. Box 64 Bambili – Bamenda

Course Description: Principles of Microeconomics is an introductory undergraduate course that


teaches the fundamentals of microeconomics. This course introduces students to microeconomic
concepts and analysis, supply and demand analysis, theories of the firm and individual behaviour,
competition, 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. It is one of the core foundation courses in business and management with focus on
decision analysis based on the marginality concept. One of the major goals of microeconomics is
to analyze the market and determine the price for goods and services that best allocates limited
resources among the different alternative uses. Microeconomics assumes businesses are rational
and produce goods that maximize their profit

Course Objectives:
At the end of the course, the student should be able to;
- Understand the meaning of economics and microeconomics
- Understand the different economic agents and the ways in which they make their choices in a
world of scarcity
- Understand concepts of demand, supply and market in relation to business and management
- Understand how consumers manage their preferences and make consumption choices as
economic agents
- Understand how producers combine their factors of production and choose optimal production
plans
- Have an understanding of the different market structures
Learning Outcome:
At the end of the course the students should be able to;
 Have a mastery of microeconomics concept and its main analysis approaches
 Have a mastery on the way economic agents take decisions to satisfy their needs using scarce
resources
 Handle easily concepts of demand and supply in a market

1
 Gain techniques on determination of consumer preferences and the choice of optimal
consumption
 Gain techniques on combination of production factors and the choice of optimal production
 Have a mastery of principles guiding markets in situations of perfect competition and
monopoly
Course Outline:
Weeks Lessons Day/Time Topics to be covered L T P
1 Introduction: what is economics, micro vs micro economics, x x
fundamental principles of economics, the economic problem, etc
One
2 The economic system and relevance to business and management x

Two 3 Production theory: factors of production, production possibility x


curves, laws of production, etc

4 Cost of production, cost concepts, types of cost, x


Choice of the optimal combination (isoquant, marginal rate of
technical substitution, costs of production) Producer equilibrium

5 Revenue concept, marginality principle, profit maximization and x


numerical application
Three
6 Theory of demand: meaning, laws, factors affecting quantity x
demanded

Four 7 Determinants of demand, x


8 elasticity of demand, factors affecting elasticity, types of elasticities,x
economics and business implications of demand elasticities,

9 Theory of supply: meaning, laws, factors affecting quantity x


Five 10 Determinants of supplied x
11 Determinants of supply and managerial implications x
Six 12 Elasticity of supply, factors affecting it x
12 Numerical applications, economic and business implications, x
Seven 13 Price determination, changes and implications in business x
management
Eight 14 Equilibrium pricing, pricing policies, x
15 Ceiling and floor price, x
16 Implications for market efficiency x

2
Nine 17 Continuous assessment I (CA) x

18 Theory of consumer behaviour: basics, utility, approaches x


Ten 19 Consumer equilibrium, pricing and income changes, etc x
Eleven 20 Continuous assessment II (CA) x
21 Perfect competition: basis, characteristics, functioning, equilibrium x
22 Economic implications of perfect competition x
Twelve 23 Monopoly theory: basis, characteristics, functioning, equilibrium
x
Thirteen 24 Monopoly power, implications, x x
25 Monopolistic competition and other forms of market x
Fourteen 26 Revision x
27 Revision x
Prerequisites
- Introduction to economics
Supporting Texts & Literature:
- Greenlaw S. A. & Shapiro D. (2018), Principles of Microeconomics, 2nd edition, OpenStax, Houston,
Texas, United States of America.
- Mankiw G. N. (2015), Principles of Microeconomics, 7th edition, Cengage Learning, Stamford, USA.
- Curtis D. & Irvine I. (2017), Principles of Microeconomics, Open text, Revision B, lyrix.
- Varian, H. (1992), Microeconomic analysis. W.W. Norton & Company, New York.

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