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. P01 PO1: To identify and use theoretical and applied knowledge as well as up-to-date/cutting edge laboratory techniques and analyses methods in the field of molecular biology and genetics.
2. P02 PO2: To identify problems related to molecular biology and genetics.
3. P03 PO3: To design and conduct experiments through hypothesis driven scientific research; and to analyze and interpret data to find solutions to molecular biology and genetics related problems.
4. P04 PO4: To work independently and as part of research group in a multidisciplinary team setting
5. P05 PO5: To apply the principles of scientific research ethics and academic integrity
6. P06 PO6: To interpret, explain and present primary scientific literature and novel findings in oral, written and visual presentation formats
7. P07 PO7: To evaluate experimental data and theoretical findings by using critical and analytical thinking techniques.
8. P08 PO8: To use the currently acceptable process of preparing research proposals and manuscripts for publishing in scientific journals.
9. P09 PO9: To apply the principles of molecular biology and genetics in generating/finding solutions to social problems / issues.
10. P10 PO10: To identify and implement environmental and laboratory safety procedures.
11. P11 PO11: To identify and apply the necessary professional skill set in projects and jobs involving independent and competitive careers in academia, industrial, medical or clinical research, science education, scientific writing and communication, health care, health care policy and civil service.

Po-Lo Matrix