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 Demonstrate an understanding of the core subfields of psychology — including but not limited to clinical, developmental, cognitive, social, and biological/neuroscientific psychology — and their interconnections with other scientific disciplines, critically evaluating the value of a multidisciplinary approach to scientific inquiry in psychology.
2. P02 Apply scientific methods, research techniques, measurement and psychometric principles (e.g., reliability, validity, scale development/adaptation), and quantitative/statistical reasoning to investigate psychological phenomena, recognizing methodological strengths, limitations, common reasoning fallacies, and the flaws of pseudoscience.
3. P03 Employ logical, intuitive, and creative thinking to analyze psychological concepts, evaluate theories (including their historical and philosophical development), synthesize information, and solve complex problems related to cognition and behavior.
4. P04 Integrate psychological theories and findings into practical settings (e.g., business, policy, clinical/counseling contexts, and daily life), applying foundational applied skills such as interviewing, observation, and case formulation, drawing meaningful conclusions to inform individual, organizational, and societal practices.
5. P05 Describe key ethical principles in psychological research and practice, critically applying these principles to dilemmas across academic, professional, and everyday contexts.
6. P06 Recognize how individual differences (e.g., beliefs, values, backgrounds) impact behavior and relationships; use psychological knowledge to prevent or resolve intercultural and interpersonal conflicts and promote inclusive, respectful interactions.
7. P07 Exhibit self-regulation and self-awareness, demonstrating a commitment to psychological well-being, effective time management, constructive incorporation of feedback, and ongoing personal and professional development.
8. P08 Collaborate effectively in diverse teams, demonstrating responsibility, bias awareness, conflict resolution skills, and leadership in achieving collective goals.
9. P09 Communicate psychological knowledge clearly and appropriately for academic, professional, and public audiences using inclusive language, both in written and oral formats, and by accurately summarizing and presenting research findings.
10. P10 Use information and communication technologies (including AI and digital media) responsibly and effectively for research, collaboration, and the dissemination of psychological knowledge.
11. P11 Embrace lifelong learning and adaptability in response to evolving psychological knowledge and societal needs, engaging with global perspectives and demonstrating intercultural awareness.

Po-Lo Matrix