Micro Economics

1. Define and apply basic microeconomic concepts.
2. Analyze consumer behavior using utility and indifference curve approaches.
3. Explain the laws of demand and supply and their determinants.
4. Determine market equilibrium and analyze the effects of changes in demand and supply.
5. Apply elasticity concepts to analyze market responsiveness.
6. Analyze production functions and cost structures.
7. Compare and contrast different market structures.

13 weeks, about 64 hours in total. Yours will differ.

1. Week 1Module 1: Introduction

   • Unit 1: Scope Economics · 4 hours

     Define economics and differentiate between microeconomics and macroeconomics.. Explain the concepts of resources, scarcity, choice, and opportunity cost.. Discuss the basic economic problems faced by individuals and nations..

2. Week 2Module 2: Consumer Behavior

   • Unit 2: Methodology of Economics · 4 hours

     Explain the relationship between economics and other social sciences.. Describe the economic approach to problem-solving.. Outline the steps in developing an economic theory and judging its validity..

3. Week 3Module 2: Consumer Behavior

   • Unit 3: Consumer Behavior, Cardinal Utility Analysis · 5 hours

     State the assumptions of cardinal utility analysis.. Explain utility, total utility, and diminishing marginal utility.. Derive a marginal utility curve from a total utility curve..

4. Week 4Module 2: Consumer Behavior

   • Unit 4: Consumer Behavior, Indifference Curve Analysis · 5 hours

     Explain indifference and preference.. Illustrate a budget line graphically.. Define the equilibrium point using the slope of the budget line and the marginal rate of substitution..

5. Week 5Module 3: Demand and Supply Principles

   • Unit 5: Consumer Surplus · 4 hours

     Define consumer surplus.. Explain consumer surplus in terms of cardinal utility and indifference curve approaches.. Discuss the effect of subsidy on consumer surplus..

6. Week 6Module 3: Demand and Supply Principles

   • Unit 6: Principles of Demand · 4 hours

     Define demand and state the law of demand.. Compare individual and market demand.. List the determinants of demand and illustrate their effects on the demand curve..

7. Week 7Module 3: Demand and Supply Principles

   • Unit 7: Principles of Supply · 4 hours

     Define supply and state the law of supply.. Compare individual and market supply.. List the determinants of supply and illustrate their effects on the supply curve..

8. Week 8Module 3: Demand and Supply Principles

   • Unit 8: Market Equilibrium · 4 hours

     Define market equilibrium.. Explain how equilibrium price and quantity are reached.. Discuss the causes of surplus and shortage in the market..

9. Week 9Module 4: Production Theory

   • Unit 9: Concept of Elasticity · 5 hours

     Define elasticity of demand and supply.. Differentiate between elastic, inelastic, and unit elastic demand and supply.. Calculate price, income, and cross elasticity coefficients..

10. Week 10Module 4: Production Theory

    • Unit 10: Production Function with One Variable Input · 5 hours

      Define production function.. Diagram total product, average product, and marginal product curves.. Explain the relationship between average product and marginal product..

11. Week 11Module 4: Production Theory

    • Unit 11: Production Function with Two Variable Inputs · 5 hours

      Define an isoquant and list its characteristics.. Explain input substitution and marginal rate of technical substitution.. Define an isocost line and its relevance in production decisions..

12. Week 12Module 5: Cost and Market Structures

    • Unit 12: Production Function of a Two Product Firm · 5 hours

      Derive a production possibility curve.. Explain marginal rate of product transformation.. Define an isorevenue line and illustrate output maximization with fixed inputs..

13. Week 13Module 5: Cost and Market Structures

    • Unit 13: Firms Short Run Cost · 5 hours

      Define short-run total costs, total fixed costs, and total variable costs.. Illustrate average fixed cost, average variable cost, and marginal costs.. Differentiate between short-run cost curves..

    • Unit 14: Firm's Long Run Cost · 5 hours

      Define long-run total costs, average cost, and marginal cost.. Illustrate the derivation of the long-run average cost curve.. Differentiate between short-run and long-run average and marginal costs..