Microeconomics 
              Basic Information 
               
              Title: Microeconomics                     
              Code: ECN101 
              Credit Hours: 3 C.H.                            
              Prerequisite(s): None 
              Classification: Compulsory Faculty Core 
               
              Course Description 
               
              Microeconomics is a basic core course for business students. It provides students 
              with basic knowledge and skills of economic analysis at the firm level. These 
              knowledge and skills are essential for the day-to-day decision making process in 
              businesses. This course also provides skills and knowledge required for further 
              business courses such as marketing, productions and operations, financial analysis 
              and  reporting,  finance  and  human  resources  management.  The  course  is  an 
              undergraduate course that provides basic skills, knowledge and tools/instruments 
              of economic analysis at the micro (firm or unit) level.  
               
              Learning Objectives 
               
                   To provide students with knowledge and skills required for understanding 
                     resource allocation within business organization, consumer choice, market 
                     demand and supply, production technologies and costs, market structure, and 
                     factor markets.  
                   To help student acquire skills and techniques necessary for market analysis 
                     and choice of production technologies and techniques. 
                   To  provide  students  with  tools  and  instruments  to  analyze  day-to-day 
                     economic decision at the firm level. 
                   To enhance student capabilities to conduct simple analysis of managerial 
                     and industrial economic topics at the firm level.    
               
              Learning Outcomes 
               
              Upon completing of microeconomics, students should be able to do the following: 
                   Describe the basic economic problem of scarcity and to identify opportunity 
                     costs.  
                    Explain how prices allocate scarce resources and to predict price changes 
                      from changes in demand and supply.  
                    Measure and interpret elasticity and its relationship to total revenue changes.  
                    Describe  consumer  choice  through  utility  theory  and  to  understand  its 
                      strengths and limitations.  
                    Analyze production technologies (techniques) in the short and long runs. 
                    Characterize and identify economic costs of production.  
                    Identify different market structures and the consequent differences in firm 
                      behavior.  
                    Describe how markets can fail to achieve the optional allocation of scare 
                      resources and to identify alternative allocating mechanisms.  
                    Explain how wages, interest, rent and profits are determined and measured.  
               Course Outline 
                
                               Module                                             Topic 
            Chapter 1: Basic Concepts.                       1-1: Introduction to Economics 
                                                              
                                                             1-2: Factors of Production 
                                                              
                                                             1-3: Field of the Economic Theory 
                                                              
                                                             1-4: Microeconomics and Scarcity 
                                                               
                                                             1-5: Economic Models 
                                                                   
                                                             1-6: The Opportunity Cost 
                                                              
                                                             1-7: The Production Possibility Frontier 
                                                               
                                                             1-8: Economic Systems 
                                                               
                                                             1-9: Specialization and Exchange 
            Chapter 2: Price Determination.                   
                                                             2-1: Introduction to Demand and Supply 
                                                              
                                                             2-2: Demand 
                                                              
                                                             2-3: Supply 
                                                              
                                                             2-4: Demand and Supply Together  
                                                                    (The Market Equilibrium) 
                               Module                                             Topic 
            Chapter 3: Market Equilibrium.                   3-1: Introduction to Market Equilibrium 
                                                              
                                                             3-2: The Effect of Changes in Demand on Market 
                                                             Equilibrium 
                                                              
                                                             3-3: The Effect of Changes in Supply on The 
                                                             Market Equilibrium 
                                                              
                                                             3-4: The Effect of Price Control 
                                                              
                                                             3-5: The Consumer and Producer Surplus 
                                                              
                                                             3-6: Demand and Supply Equations 
                                                               
                                                             3-7: The Four-Step Procedure 
            Chapter 4: Consumer Choice.                      4-1: Price Elasticity of Demand  
                                                             4-2: Income Elasticity of Demand 
                                                             4-3: Cross Elasticity of Demand 
                                                             4-4: Elasticity of Supply 
                                                             4-5: Elasticity  and  Total  Expenditure 
                                                             4-6: Determinants of Elasticity 
            Chapter 5: Applying Consumer Theory.             5-1: Introduction 
                                                             5-2: preferences 
                                                             5-3: Utility  
                                                              
                                                             5-4: Budget Constraints 
            Chapter 6: Production Function and Firm          6-1:   Introduction 
            Behaviour.                                       6-2: The Behaviour of Firms 
                                                              
                                                             6-3: Types of Costs and Profits 
                                                               
                                                             6-4: Short and Long-run Production 
                                                               
                                                             6-5: The Production Function 
                               Module                                              Topic 
                                                                
            Chapter 7: Cost Functions and Cost                7-1: What Are Cost Functions? 
            Curves.                                            
                                                              7-2: Long-term Costs 
                                                                
                                                              7-3: Short-run Costs 
                                                              7-4: The Long-run Production Costs 
                                                              7-5: Different Scales of Production 
                                                              7-6: Economies of Scale 
                                                                
            Chapter 8: Market Structure.                      8-1: Market Structure 
                                                               
                                                              8-2: Types of Market Structures 
                                                               
                                                              8-3: Perfect Competition 
                                                                
            Chapter 9: Pure Monopoly Market Structure.        9-1: Pure Monopoly Market Structure 
                                                                
                                                              9-2: Price and Output Decisions for A 
                                                              Monopolistic in The Short-run 
                                                               
                                                              9-3: Demand and Marginal Revenue for A 
                                                              Monopolistic 
                                                               
                                                              9-4: Profit Maximization for Monopoly 
                                                               
                                                              9-5: Price and Output under A Natural Monopoly 
                                                               
                                                              9-6: Comparison of Perfectly Competitive Firms 
                                                              and A Monopoly 
            Chapter 10: Market of Production Factors.         10-1: Market for The Production Factors 
                                                               
                                                              10-2: Factor Demand in The Short-run 
                                                              10-3: Average and Marginal Products of Labor 
                                                               
                                                              10-4: MRP Schedules for Competitive Firm and 
                                                              Monopolist 
                                                               
                                                              10-5: Factor Demand in The Long-run 
                                                               
                                                              10-6: Industry Demand for Factors of Production