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Microeconomics Basic Information Title: Microeconomics Code: ECN101 Credit Hours: 3 C.H. Prerequisite(s): None Classification: Compulsory Faculty Core Course Description Microeconomics is a basic core course for business students. It provides students with basic knowledge and skills of economic analysis at the firm level. These knowledge and skills are essential for the day-to-day decision making process in businesses. This course also provides skills and knowledge required for further business courses such as marketing, productions and operations, financial analysis and reporting, finance and human resources management. The course is an undergraduate course that provides basic skills, knowledge and tools/instruments of economic analysis at the micro (firm or unit) level. Learning Objectives To provide students with knowledge and skills required for understanding resource allocation within business organization, consumer choice, market demand and supply, production technologies and costs, market structure, and factor markets. To help student acquire skills and techniques necessary for market analysis and choice of production technologies and techniques. To provide students with tools and instruments to analyze day-to-day economic decision at the firm level. To enhance student capabilities to conduct simple analysis of managerial and industrial economic topics at the firm level. Learning Outcomes Upon completing of microeconomics, students should be able to do the following: Describe the basic economic problem of scarcity and to identify opportunity costs. Explain how prices allocate scarce resources and to predict price changes from changes in demand and supply. Measure and interpret elasticity and its relationship to total revenue changes. Describe consumer choice through utility theory and to understand its strengths and limitations. Analyze production technologies (techniques) in the short and long runs. Characterize and identify economic costs of production. Identify different market structures and the consequent differences in firm behavior. Describe how markets can fail to achieve the optional allocation of scare resources and to identify alternative allocating mechanisms. Explain how wages, interest, rent and profits are determined and measured. Course Outline Module Topic Chapter 1: Basic Concepts. 1-1: Introduction to Economics 1-2: Factors of Production 1-3: Field of the Economic Theory 1-4: Microeconomics and Scarcity 1-5: Economic Models 1-6: The Opportunity Cost 1-7: The Production Possibility Frontier 1-8: Economic Systems 1-9: Specialization and Exchange Chapter 2: Price Determination. 2-1: Introduction to Demand and Supply 2-2: Demand 2-3: Supply 2-4: Demand and Supply Together (The Market Equilibrium) Module Topic Chapter 3: Market Equilibrium. 3-1: Introduction to Market Equilibrium 3-2: The Effect of Changes in Demand on Market Equilibrium 3-3: The Effect of Changes in Supply on The Market Equilibrium 3-4: The Effect of Price Control 3-5: The Consumer and Producer Surplus 3-6: Demand and Supply Equations 3-7: The Four-Step Procedure Chapter 4: Consumer Choice. 4-1: Price Elasticity of Demand 4-2: Income Elasticity of Demand 4-3: Cross Elasticity of Demand 4-4: Elasticity of Supply 4-5: Elasticity and Total Expenditure 4-6: Determinants of Elasticity Chapter 5: Applying Consumer Theory. 5-1: Introduction 5-2: preferences 5-3: Utility 5-4: Budget Constraints Chapter 6: Production Function and Firm 6-1: Introduction Behaviour. 6-2: The Behaviour of Firms 6-3: Types of Costs and Profits 6-4: Short and Long-run Production 6-5: The Production Function Module Topic Chapter 7: Cost Functions and Cost 7-1: What Are Cost Functions? Curves. 7-2: Long-term Costs 7-3: Short-run Costs 7-4: The Long-run Production Costs 7-5: Different Scales of Production 7-6: Economies of Scale Chapter 8: Market Structure. 8-1: Market Structure 8-2: Types of Market Structures 8-3: Perfect Competition Chapter 9: Pure Monopoly Market Structure. 9-1: Pure Monopoly Market Structure 9-2: Price and Output Decisions for A Monopolistic in The Short-run 9-3: Demand and Marginal Revenue for A Monopolistic 9-4: Profit Maximization for Monopoly 9-5: Price and Output under A Natural Monopoly 9-6: Comparison of Perfectly Competitive Firms and A Monopoly Chapter 10: Market of Production Factors. 10-1: Market for The Production Factors 10-2: Factor Demand in The Short-run 10-3: Average and Marginal Products of Labor 10-4: MRP Schedules for Competitive Firm and Monopolist 10-5: Factor Demand in The Long-run 10-6: Industry Demand for Factors of Production
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