BECO 201 – Microeconomics 
                    Basic Information 
                    Course Title:                  Microeconomics 
                    Code:                          BECO 201 
                    Hours:                         Lecture: 3      Tutorial: In-class    Credit Hours: 3         
                    Prerequisite(s):               None 
                    Academic Year / Level:         Year: 1                Term: 1 
                     
                    1 - C o u r s e   D e s c r i p t i o n   a n d   O v e r a l l   O b j e c t i v e s :  
                    This course provides students with the foundation theories of basic microeconomics 
                    including an introduction into the study of economics and analyses of economic agents’ 
                    behaviors, particularly that of the individual and the firm. The course begins with a 
                    description of the subject area, and continues to introduce the basic concepts and theories 
                    that are used as the foundation of microeconomic theory and analysis. This includes 
                    discussions and applications of the theory of the consumer; theory of producer; market 
                    operations; and market structures. 
                     
                    Course Objectives: 
                     
                    A.     Introduce tools and methods of economic analysis that will serve as the basis for 
                           other courses in economics such as Macroeconomics, Economic Analysis, 
                           Managerial Economics, and Economic Resources.  
                    B.     Provide non-specialists economics student with a good introduction to the 
                           fundamental principles of microeconomics.  
                    C.     Familiarize students to use the concepts to which they are introduced to facilitate 
                           analysis of the functioning of the micro economy.  
                            
                    2 - I n t e n d e d   L e a r n i n g   O u t c o m e s   o f   t h e   C o u r s e  
                    ( I L O s ) :  
                    (A) Through knowledge and understanding, students will be able to: 
                           (K1)    Define the nature of microeconomics. 
                           (K2)    Describe the functioning of a market economy through demand and 
                                   supply. 
                           (K3)    Recognize the difference between perfect competition and monopoly and 
                                   their implications on industry behavior. 
                    (B) Through intellectual skills, students will be able to: 
                           (I1)    Apply the concepts of demand and supply to explain the price and quantity 
                                   equilibrium of a market. 
                           (I2)    Compare and contrast production and cost, short run and long run, and 
                                   profits and revenues. 
                               (I3)    Analyze the behavior of industries using the perfectly competitive and 
                                       monopoly models. 
                      (C) Through professional and practical skills, students will be able to: 
                               (P1)    Apply microeconomic tools in real economic context. 
                               (P2)    Analyze the behavior of markets and industries. 
                               (P3)    Asses and justify the behavior of markets. 
                                        
                      (D) Through general and transferable skills, students will be able to: 
                               (G1)    Integrate several microeconomic models to explain the behavior of 
                                       markets. 
                               (G2)    Specify the reasons behind the behavior of markets. 
                               (G3)    Combine production and cost, short run and long run, and profit and 
                                       revenues to assess the behavior of markets.  
                                        
                      3 - C o u r s e   O u t l i n e :  
                      Week Number 1:            Introduction: The Economic Problem and Economic Systems  
                      Week Number 2:            How Economists Work 
                      Week Number 3:            Consumer Demand  
                      Week Number 4:            Supply and Equilibrium Price Determination 
                      Week Number 5:            Elasticity Analysis 
                      Week Number 6:            Continue: Elasticity Analysis  
                      Week Number 7:            First Assessment + Production Analysis 
                      Week Number 8:            Continue: Production Analysis  
                      Week Number 9:            Cost Analysis 
                      Week Number 10:           Perfect Competition 
                      Week Number 11:           Continue: Perfect Competition 
                      Week Number 12:           Second Assessment + Monopoly  
                      Week Number 13:           Continue: Monopoly 
                      Week Number 14:           Comparison of Monopoly and Perfect Competition  
                      Week Number 15:           Continue: Comparison of Monopoly and Perfect Competition  
                      Week Number 16:           Final Examination 
                       
                       
                      4 - T e a c h i n g   a n d   L e a r n i n g   M e t h o d s :  
                      The course comprises a combination of lectures, direct reading, case studies & projects. 
                      Required facilities: Overhead Projector and Data Show. 
                       
                       
                   5 - S t u d e n t   A s s e s s m e n t   M e t h o d s ,   S c h e d u l e   a n d  
                   Grading: 
                          Assessment                                      Start    Submit     Weight 
                              No.                    Type                 Week      Week         % 
                                                                           No.       No. 
                               1               First Assessment             1         7          30 
                               2              Second Assessment             8         12         30 
                               3               Final Examination                      16         40 
                                                       Total                                    100 
                    
                   6 - L i s t   o f   R e f e r e n c e s :  
                   (a) Course Notes: 
                           Notes will be distributed to the students throughout the semester. 
                                   
                   (b) Essential Books (Text Books): 
                           Case, K., Fair, R. and Oster, S., Principles of Economics, Pearson Education,  
                           10th Edition, 2014. 
                                   
                   (c) Recommended Books: 
                           Kolstad, C.D., Microeconomics, Oxford University Press, 2nd Edition, 2010. 
                            
                           Lipsey, R. and Chrystal, A., Economics, Oxford University Press, 12th Edition, 
                           2011.   
                                   
                   (d) General References: 
                           Emerald Database through iConnect.bau.edu.lb