ECO 101 (Credit hours 3)
Microeconomics
BBA, First Year, Second Semester
Course Objective
The courses aims to acquaint students the basic fundamentals of micro economic theory. It enhances the skills of the students in tabular and graphic interpretation of the economic concepts with respect to business decisions.
Course Content
1. Introduction 3 hours
Introduction to economic theory: Problem of scarcity, Introduction to microeconomics and macroeconomics, Function of microeconomic theory, Comparative statics and dynamics, Positive and normative economics
2. Demand, Supply and Equilibrium 7 hours
Meaning and Concept of Demand, Individual demand (Law of demand and Demand curve), Market demand curve, Meaning and Concept of Supply, Individual supply (Law of Supply and Supply Curve), Market supply curve, Shifts in demand and supply curves and the changes in equilibrium
3. Measurement of Elasticities 4 hours
Price elasticities of demand, Arc and point elasticity, Total expenditure (revenue) and elasticity, Income elasticity, cross elasticity and price elasticity of supply.
4. Consumer Demand Theory 10 hours
Cardinal approach of utility, Consumer equilibrium, Ordinal approach of utility, Indifference curve, Marginal rate of substitution, budget line, consumer equilibrium, income consumption curve, price consumption curve, Separation of substitution and income effect from price effect for normal, inferior and Giffen good
5. Theory of Production 7 hours
Production function, Production with one variable input: total, average and marginal product, Law of diminishing marginal returns, Production function with two variable inputs: Isoquants, marginal rate of technical substitution, Law of returns to scale, Isocost lines, Optimum Combination of inputs, Expansion path
6. Costs of Production 4 hours
Short-run total, average and marginal cost curves, Geometry (shape) of short-run cost curves with their relationships, Long-run average and marginal cost curves: derivations and their shapes
7. Concept of Revenue Curves 2 hours
Nature of revenue curves in various markets, Total, average and marginal revenue curves, Relationship between average and marginal revenue curves in different market situations
8. Product Pricing 7 hours
Perfect competition; pricing under perfect competition; equilibrium in short run and long run, Monopoly; pricing under monopoly, short and long period, Monopolistic competition; pricing under monopolistic competition; short and long period, Comparison among various market structures
9. Theory of Factor Pricing 4 hours
Factor pricing in perfectly competitive markets, factor pricing in imperfectly competitive markets, Bilateral monopoly
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