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Microeconomics studies how the individual parts of the economy, the households and the firms, make decisions to allocate limited resources. This course is based on a comprehensive study of the market structures, product markets and resource markets. It also deals with application of demand and supply, cost analysis and factors of production.
Upon successful completion of the course, students should be able to:
CLO 1: Acquire the knowledge, skills, and understanding of the fundamental concepts of microeconomics related to individuals, and firms in different market structures.
CLO 2: Evaluate the importance of consumer behavior theory in economic decision making.
CLO 3: Analyze the firms’ decision making with respect to cost and production theories to explain the relationship between production inputs and output
CLO 4: Determine how managers can maximize firm profits in various market structures including perfect competition, monopoly, monopolistic competition, and oligopoly
This course targets to
CO 1 Understand the difference between macro and micro economics and their area of application.
CO 2 Explain the responsiveness of the demand and supply functions in varied scenarios
CO 3 Describe the consumer theory and the cost of production theories with corresponding stakeholders
CO 4 Identify the factors behind pricing and producers’ decisions in various market structures
A diversified methodology shall be followed that include interactive class discussions, quizzes, assignments, case studies, discussion on handouts, videos, team work exercises, presentations, and semester project. An inquiry-based, reflective, collaborative, and subject based approach shall be pursued with formal and informal feedback. Instructor will encourage the students towards arguments and context-based learning.