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. Knowledge of mathematics, natural sciences, basic engineering, computer-based computation, and topics specific to the relevant engineering discipline.
2. 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. 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. 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. 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. Ability to design creative solutions to complex engineering problems.
7. 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. 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. 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. Ability to conduct literature research and use appropriate research methods for the investigation of complex engineering problems.
11. Ability to design experiments for the investigation of complex engineering problems.
12. Ability to conduct experiments, collect data, analyse results, and interpret findings for the investigation of complex engineering problems.
13. 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
14. Awareness of the legal implications of engineering solutions within the framework of the United Nations Sustainable Development Goals (SDGs).
15. Knowledge of ethical responsibility and adherence to the principles of professional engineering conduct.
16. Awareness of acting impartially without discrimination in any matter and of being inclusive of diversity.
17. Ability to work effectively as an individual.
18. Ability to work effectively as a team member or leader in intra-disciplinary teams (face-to-face, remote, or hybrid).
19. Ability to work effectively as a team member or leader in multidisciplinary teams (face-to-face, remote, or hybrid).
20. 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. 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. Knowledge of professional practices such as project management and economic feasibility analysis.
23. Awareness of entrepreneurship and innovation.
24. Ability for independent and lifelong learning.
25. Ability to adapt to new and emerging technologies.
26. Lifelong learning ability that includes the capacity to think critically about technological changes.

Po-Lo Matrix