Microeconomics

212213  Microeconomics

Course Objectives:

The purpose of this course is to provide you with a basic understanding of the principles of microeconomics. Some specific course objectives are:
 Introduce tools and methods of economic analysis that will serve as the basis for other courses in economics such as Macroeconomics, Economic Analysis, Managerial Economics, and Economic Resources.
 Provide non-specialist economics students with a good introduction to the fundamental principles of microeconomics.
 Familiarize students with the concepts to which they are introduced to facilitate analysis of the functioning of the microeconomy.

Course Learning Outcomes (CLOs):
After completing this course, students will be able to:
CLOs Descriptions
CLO-1 Explain fundamental economic concepts including scarcity, opportunity cost, the production possibilities frontier, and distinguish between microeconomics and macroeconomics.
CLO-2 Describe and analyze the laws of demand and supply, including shifts and movements, and determine market equilibrium.
CLO-3 Evaluate the effects of different market regulations (e.g., price ceilings, floors, quotas, and taxes) on consumer and producer surplus.
CLO-4 Calculate and interpret various elasticities of demand and supply, and analyze their determinants and implications for decision-making.
CLO-5 Apply utility theory, including marginal utility and indifference curve approaches, to explain consumer behavior and derive demand curves for different types of goods.
CLO-6 Analyze the theory of production and cost, including production functions, returns to scale, cost curves, and optimization of production levels.
CLO-7 Compare different market structures and determine price and output levels under perfect and imperfect competition, including monopolistic and oligopolistic settings.
CLO-8 Explain the theory of distribution and apply factor pricing theories for wages, rent, interest, and profit.