MICROECONOMICS

Course Description

Course involves introduction to economics, what is economics? Micro and Macro Economics, Needs, wants, preferences, scarcity and consumer preferences, Production Possibilities Frontier, Opportunity Cost, Budget Line, Cost-Benefit Principle, Explicit and Implicit costs, Elasticity -Inferior goods, normal goods, luxury goods, complement goods and substitute goods, Demand Curve and Supply Curve, Excess demand and supply,Demand and Supply functions, Equilibrium price and quantity by using functions, Types of taxes and their effects on demand and supply,Types of Costs; Fixed costs and variable costs. Calculating total revenue and total costs,Calculating profit and loss,Calculating Break even quantity,Drawing Break Even chart,Types of Depreciation and calculating depreciation.

MICROECONOMICS

Evaluation Tools (Active Term)

Course outcomes

1. 01 Learning and applying the system of ideas regarding the economic thought and decision making
2. 02 Comprehending and being able to apply the cost-benefit principle,
3. 03 Having a clear idea about factors of production and production costs,
4. 04 Ability to apply opportunity cost, economic profit and production possibilities frontier concepts in problem solving
5. 05 Understanding and interpreting the demand and supply concepts in the market
6. 06 Ability to understand and evaluate the total utility and marginal utility concepts,
7. 07 Learning elasticity concept and being able to define the factors which affects the elasticity of demand and elasticity of supply.

Course Syllabus

Reference Books & Course Materials

1. 01 Micheal PARKIN , Economics ( 10 th edition ), 2011 ,Pearson, Addison Wesley
2. 02 Robert FRANK and Ben BERNANKE , Principles of Micro Economics, Brief Edition, Second Edition, 2011, McGraw Hill
3. 03 N.Gregory MANKIW, (3rd edition), Thomson,South-Western

Learning Outcomes

1. L01 To derive possible outcomes by observing microeconomic data SOLO 4
2. L02 To define and calculate the factors which affect the elasticity of demand and elasticity of supply. SOLO 2
3. L03 To define factors of production and forces of the market. SOLO 2
4. L04 To assess the economic performance of markets and the market participants SOLO 5
5. L05 To sketch economic models SOLO 2
6. L06 To compare the economic performance of different markets with reference to the degree of their competitiveness SOLO 4
7. L07 To predict the future economic performance of markets SOLO 5
8. L08 To plan production possibilities under scarcity and the gain from trade SOLO 4

Program Outcomes

1. P01 Knowledge of mathematics, natural sciences, basic engineering, computer-based computation, and topics specific to the relevant engineering discipline.
2. P02 Ability to apply knowledge of mathematics, natural sciences, basic engineering, computer-based computation, and topics specific to the relevant engineering discipline to the solution of complex engineering problems.
3. P03 Ability to define complex engineering problems by using knowledge of basic sciences, mathematics, and engineering, while considering the relevant United Nations Sustainable Development Goals (SDGs) related to the problem addressed.
4. P04 Ability to formulate complex engineering problems using knowledge of basic sciences, mathematics, and engineering, while considering the relevant United Nations Sustainable Development Goals (SDGs) associated with the problem addressed.
5. P05 Ability to analyse and solve complex engineering problems using knowledge of basic sciences, mathematics, and engineering, while considering the relevant United Nations Sustainable Development Goals (SDGs) associated with the problem addressed.
6. P06 Ability to design creative solutions to complex engineering problems.
7. P07 Ability to design complex systems, processes, devices, or products in a way that meets present and future needs while considering realistic constraints and conditions.
8. P08 Ability to select and use appropriate techniques and resources—including estimation and modelling—for the analysis and solution of complex engineering problems, while being aware of their limitations.
9. P09 Ability to select and use modern engineering and computational tools—including estimation and modelling—for the analysis and solution of complex engineering problems, while being aware of their limitations.
10. P10 Ability to conduct literature research and use appropriate research methods for the investigation of complex engineering problems.
11. P11 Ability to design experiments for the investigation of complex engineering problems.
12. P12 Ability to conduct experiments, collect data, analyse results, and interpret findings for the investigation of complex engineering problems.
13. P13 Knowledge of the impacts of engineering practices on society, health and safety, the economy, sustainability, and the environment within the framework of the United Nations Sustainable Development Goals (SDGs).
14. P14 Awareness of the legal implications of engineering solutions within the framework of the United Nations Sustainable Development Goals (SDGs).
15. P15 Knowledge of ethical responsibility and adherence to the principles of professional engineering conduct.
16. P16 Awareness of acting impartially without discrimination in any matter and of being inclusive of diversity.
17. P17 Ability to work effectively as an individual.
18. P18 Ability to work effectively as a team member or leader in intra-disciplinary teams (face-to-face, remote, or hybrid).
19. P19 Ability to work effectively as a team member or leader in multidisciplinary teams (face-to-face, remote, or hybrid).
20. P20 Ability to communicate effectively in spoken form on technical matters, taking into account the diverse characteristics of the target audience (such as education, language, and profession).
21. P21 Ability to communicate effectively in written form on technical matters, taking into account the diverse characteristics of the target audience (such as education, language, and profession).
22. P22 Knowledge of professional practices such as project management and economic feasibility analysis.
23. P23 Awareness of entrepreneurship and innovation.
24. P24 Ability for independent and lifelong learning.
25. P25 Ability to adapt to new and emerging technologies.
26. P26 Lifelong learning ability that includes the capacity to think critically about technological changes.

Po-Lo Matrix