MICROECONOMICS

Course Description

This course involves introduction to economics with the question; 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 all will be focused on.

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 Learning and applying the system of ideas regarding the economic thought and decision making
2. L02 Comprehending and being able to apply the cost-benefit principle,
3. L03 Having a clear idea about factors of production and production costs,
4. L04 Ability to apply opportunity cost, economic profit and production possibilities frontier concepts in problem solving
5. L05 Understanding and interpreting the demand and supply concepts in the market
6. L06 Ability to understand and evaluate the total utility and marginal utility concepts,
7. L07 Learning elasticity concept and being able to define the factors which affects the elasticity of demand and elasticity of supply.

Program Outcomes

1. Should be able to write effective reports, understand written reports, and prepare design and production reports.
2. Should have the ability to make effective presentations.
3. Should have the ability to give and have clear and understandable instructions.
4. Should gain consciousness (awareness) about the necessity of lifelong learning.
5. Should have the ability to access information.
6. Should have the ability to follow developments in science and technology and constantly renew himself/herself.
7. Should gain the awareness of professional and ethical responsibility and should act in accordance with ethical principles.
8. Should gain knowledge about the standards used in engineering applications.
9. Should gain knowledge about project management, risk management, and change management practices in business life.
10. Should gain awareness about entrepreneurship, and innovation.
11. Should gain knowledge about development in sustainability.
12. Should gain knowledge about the effects of engineering practices on health, environment, and security at universal and social dimensions and the problems of the age reflected in the field of engineering.
13. Awareness should be gained about the legal consequences of engineering solutions.
14. Should have sufficient knowledge in mathematics, science, and subjects specific to the relevant engineering discipline.
15. Should have the ability to use theoretical and applied knowledge in mathematics, science, and related engineering disciplines in complex engineering problems.
16. Should have the ability to detect, define, formulate, and solve complex engineering problems.
17. Should have the ability to select and apply appropriate analysis and modeling methods to solve complex engineering problems.
18. Should have the ability to design a complex system, process, device, or product to meet specific requirements under realistic constraints and conditions.
19. Should have the ability to apply modern design methods.
20. Should have the ability to develop, select, and use modern techniques and tools necessary for the analysis and solution of complex problems encountered in engineering applications.
21. Should have the ability to use information technologies effectively.
22. Should have the ability to design experiments, for the study of complex problems or discipline-specific research topics.
23. Should have the ability to conduct experiments, collect data, analyze and interpret results for the study of complex problems or discipline-specific research topics.
24. Should have the ability to work in intradisciplinary teams.
25. Should have the ability to work in interdisciplinary teams.
26. Should have the skills to work individually.
27. Should have the ability to communicate effectively verbally and in writing.
28. Should have the knowledge of at least one foreign language.

Po-Lo Matrix