Principles of Microeconomics

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• Course Introduction

  Principles of Microeconomics (BM3106) module focuses on the knowledge and understanding of the economic behaviour of individual economic decision-makers such as consumers, workers, firms, or managers. It also analyses the interaction and behaviour of groups of these individuals such as households, industries, markets, labour unions, and trade associations. As the focus of this module is on the underlying economic principles, it making the module suitable for any student whose programme of study does not require a deeper knowledge of economic theory. In the beginning of the classes, students will be introduced to price and output as determined by the forces of demand and supply. They will learn how these forces are themselves determined as the outcome of decisions of households and firms. 
  

  
  
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• Course Guide

  Please read the course guide given below. This course guide will contains important information about this course  such as the course learning outcomes, the minimum amount of time you should spend for this course, the outlines of the topics covered, class schedules, contact details of your course facilitator, assessments and others. You are required to go through the course guide before you proceed to other learning activities. You are advised to consult your course facilitator either through the discussion forum or during consultation hours if you wish to seek clarification on any matters related to this course. 

  
  

  • Course Guide File
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• Online Class Schedule
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• Assessment

  Coursework = 70%

  • Assignment 1= 20%
  • Assignment 2= 20%
  • Assignment 3= 30%

  Final Examination = 30%
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• Topic 1: Introduction to Microeconomics

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To apply basic economic concepts
  • To apply the production possibilities frontier.

  
  

  
  

  • Lecture Note Topic 1 File
  • Lecture Slide Topic 1 File
  • Introduction to Microeconomics URL

    
    

  • Self Check 1 File
  • Self-Check Topic 1 Quiz

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• Topic 2: Demand

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To apply the demand curve law of demand
    
  • To use information on price and quantity to determine what caused a change in price
    

  
  

  • Lecture Note File
  • Lecture Slide File
  • Demand URL

    
    

  • Self Check 2 File
  • Self-Check Topic 2 Quiz

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• Topic 3: Supply

  Restricted Not available unless: The activity Self-Check Topic 2 is marked complete

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To apply the supply curve law of supply.
    
  • To demonstrate the effect on a change in supply on the equilibrium price.
    

  
  

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• Topic 4: Elasticity

  Restricted Not available unless: The activity Self-Check Topic 3 is marked complete

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To apply elasticity of demand and elasticity of supply
  • To use cross elasticity and income elasticity
    

  
  

  Topic
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• Topic 5: Theory of Consumer Behaviour

  Restricted Not available unless: The activity Self-Check Topic 4 is marked complete

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To carry out consumer surplus and producer surplus
  • To use the equilibrium of supply and demand maximizes total surplus in a market

  
  

  Topic
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• Topic 6: The Theory of Production and Cost

  Restricted Not available unless:

  • The activity Lecture Note Topic 5 is marked complete
  • The activity Lecture Slide Topic 5 is marked complete

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To illustrate the short-run marginal and average cost curves.
  • To illustrate the long-run marginal cost and average cost curves.
    

  
  

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• Topic 7: Perfect Competition

  Restricted Not available unless:

  • The activity Lecture Note Topic 6 is marked complete
  • The activity Lecture slide Topic 6 is marked complete
  • The activity Short-Run Cost (Part 1) is marked complete
  • The activity Short-Run Cost (Part 2) is marked complete

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To differentiate four market structures
  • To outline the characteristics of perfect competition

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• Topic 8: Monopolistic Competition

  Restricted Not available unless:

  • The activity Lecture Note Topic 7 is marked complete
  • The activity Lecture Slide Topic 7 is marked complete
  • The activity Perfect Competition (Part 1) is marked complete
  • The activity Perfect Competition (Part 2) is marked complete

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To contrast monopolistic competition and perfect competition
  • To analyze the role of advertising in monopolistic competition

  
  

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• Topic 9: Oligopoly

  Restricted Not available unless:

  • The activity Lecture Note Topic 8 is marked complete
  • The activity Lecture Slide Topic 8 is marked complete
  • The activity Monopolistic Coopetition is marked complete

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To outline the characteristics of oligopoly
  • To analyze Cartel Pricing
    

  
  

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• Topic 10: Monopoly

  Restricted Not available unless:

  • The activity Lecture Note Topic 9 is marked complete
  • The activity Lecture Slide Topic 9 is marked complete
  • The activity Oligopoly is marked complete

  Learning Outcomes

  Upon completion of the course, students should be able:

  • To outline the characteristics of monopoly 
  • To analyze why a monopoly is socially inefficient
    

  
  

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• Text Book

  
  
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• References

  Main reference:

  Mankiw, N.G, 2021. Principles of economics.South-(9th ed), Boston, MA : Cengage Learning, Inc.

   

  Supporting references:

  1.Krugman, P. & Wells, R. 2015. Economics. (4th ed) Worth Publishers.

  2.Bade, R. & Parkin, M. (2017). Essential Foundations (8th ed), EconomicsPrentice Hall. 

  
  
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