Microeconomic Theory And Practice Final 171n4u
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San Beda College Alabang College of Arts and Sciences Business istration & Entrepreneurship Department
“Catholic Christian in Principle, Benedictine in Orientation, and Filipino in Character” Course Syllabus Course Code / Title :
BAE 102/ Microeconomic Theory and Practice
Credit Units / Hours :
3 UNITS/ 3 hours per week
Course Description :
This course introduces the student to the three pillars of economic analysis (choice, scarcity, and coordination) and the mathematical techniques that economists use to represent these ideas (optimization, equilibrium, and adding-up constraints). Most of the course is devoted to “price theory”, elasticity, price regulation and consumer choice, which is the analysis of the role that price play in facilitating coordination in a market economy. The last part of the course deals with situations where coordination through prices may not result in desirable outcomes. This includes market structures: competition and monopoly, and monopolistic competition and oligopoly.
Course Objectives
At the end of the course, the students are expected to: 1. Analyze and understand the nature of economics. 2. Examine critically the kinds of economic systems 3. Distinguish the laws of supply and demand, and elasticity. 4. Discuss marginal utility, consumer choices and preferences. 5. Discuss intelligently the different market structures. 6. Instill upon the students the Benedictine core value of excellence.
:
Grading System : Midterm Grade 60% Partial Class Standing (includes all aggregate CS grades prior to the midterm exam) 40% Midterm Exam Final Course Grade 50% Final Class Standing (includes all aggregate CS grades for the whole semester) 20% Midterm Exam 30% Final Exam Class Standing (CS) Components Page 1 of 5
- Quizzes (inclusive of Long Tests), Assignments, Seatwork, Research Papers, Class Activities and Class Participation SUGGESTED NUMBER SPECIFIC OBJECTIVES CONTENTS / TOPICS STRATEGIES / OF WEEK / METHODS HOURS At the end of the semester, the MODULE I students are expected to: NATURE OF ECONOMICS Compare and contrast microeconomics and macroeconomic; normative and positive economics Discuss the factors and production and the Production Possibility Curve Understand the meaning of scarcity and its implication to society’s choices
Differentiate demand and supply Draw up the demand and supply curves Discuss the kinds of goods and the factors shifting the demand and supply curves
Discuss the price elasticity of demand and supply.. Draw up income elasticity and
A. B. C. D. E. F. G.
Microeconomics and Macroeconomics Normative and Positive Economics Markets Society’s Choices Factors of Production Production Possibilities Frontier (PPF) Scarcity, Efficiency and PPF
MODE OF EVALUATION / ASSESSMENT
Lecture Discussion Debate
Week 1- 3 9 hours
Quizzes Seatwork Recitation Group Presentation
Lecture Discussion Practical Applications
Week 4 - 6 9 hours
Quizzes Seatwork Recitation
Week 7 3 hours
Quizzes Seatwork Recitation
MODULE II THE LAW OF DEMAND AND SUPPLY A. B. C. D. E. F. G.
Demand and Supply Curve Non-Price Determinants of Demand Non-Price Determinants of Supply Kinds of Goods Shortage and Surplus Shifts in Supply and Demand Changes in Market Equilibrium MODULE III PRICE ELASTICITY
A. B. C. D. E.
Price Elasticity of Demand Kinds of Price Elasticity of Demand Income Elasticity of Demand Cross Price Elasticity of Demand Price Elasticity of Supply
Lecture Discussion Practical Applications
Page 2 of 5
cross price elasticity of demand.
Explain the nature of consumer preferences and choices. Know and understand indifference curves. Discuss budget constraints and their impact on the law of diminishing marginal utility.
Compare and contrast average costs and marginal costs Explain economies of scale and economies of scope. Differentiate consumer and producer surplus.
MODULE IV CONSUMER BEHAVIOR A. B. C. D. E. F.
Consumer Preferences Indifference Curves Consumer Choice Marginal Utility and Consumer Choice Law of Diminishing Marginal Utility Budget Constraints
Week 8 3 hours Lecture Discussion Practical Applications
Quizzes Seatwork Reaction Paper
Week 9 3 hours
MID MODULE V PRODUCTION FUNCTION A. B. C. D. E. F. G. H.
Average Costs and Marginal Costs Marginal Revenue Product Shifts in the Cost Curve Economies and Diseconomies of Scale Economies of Scope Costs in the Short Run Costs in the Long Run Consumer and Producer Surplus
Week 10-11 6 hours
Quizzes Seatwork Recitation
Week 12-15 12 hours
Quizzes Seatwork Recitation
Lecture Discussion Practical Applications
MODULE VI MARKET STRUCTURES . Discuss the different market structures, their characteristics and profit maximization.
A. B. C. D.
Pure Competition Monopoly Monopolistic Competition Oligopoly MODULE VII COMPETITIVE FACTOR MARKETS
Lecture Discussion Practical Applications Page 3 of 5
Explain labor issues, rent, interest and the economies of taxation.
A. B. C. D. E. F.
Industry Demand for Labor Backward Bending Supply of Labor Substitution and Income Effects of a Wage Increase Wage, Rent, Interest and Profit Government and Market Failure Economics of Taxation FINALS
Week 16-17 6 hours
Lecture Discussion Practical Applications
Quizzes Seatwork Recitation
Week 18 3 hours
Page 4 of 5
REFERENCES Arnold, Roger A. (2010). Microeconomics. Victoria, AUS Cengage Learning. Cruz, Peter T. (2011). Introduction to Economics. QC, Phils. C&E. Leano, Jr. Roman D. and Corpuz, Ronald M. (2012). Fundamentals of economics with agrarian taxation and cooperatives. Manila, Phils. Mindshapers. San reform, Beda College Alabang McConnell, Campbell R., Brue, Stanley L. and Flynn, Sean M. (2012). Microeconomics: principles, policies. New York, NY McGrawHill/Irwin. Collegeproblems of Arts andand Sciences Taylor, John B. and Weerapana, Akila (2010). Microeconomics. Victoria, AUS Cengage BusinessLearning. istration & Entrepreneurship Department Tucker Irvin B. (2010). Microeconomics for today’s world. Victoria, AUS. South-Western.
Prepared by: Business istration & Entrepreneurship Department
Date Modified: June 2013
“That in all things God may be glorified.”
Page 5 of 5
“Catholic Christian in Principle, Benedictine in Orientation, and Filipino in Character” Course Syllabus Course Code / Title :
BAE 102/ Microeconomic Theory and Practice
Credit Units / Hours :
3 UNITS/ 3 hours per week
Course Description :
This course introduces the student to the three pillars of economic analysis (choice, scarcity, and coordination) and the mathematical techniques that economists use to represent these ideas (optimization, equilibrium, and adding-up constraints). Most of the course is devoted to “price theory”, elasticity, price regulation and consumer choice, which is the analysis of the role that price play in facilitating coordination in a market economy. The last part of the course deals with situations where coordination through prices may not result in desirable outcomes. This includes market structures: competition and monopoly, and monopolistic competition and oligopoly.
Course Objectives
At the end of the course, the students are expected to: 1. Analyze and understand the nature of economics. 2. Examine critically the kinds of economic systems 3. Distinguish the laws of supply and demand, and elasticity. 4. Discuss marginal utility, consumer choices and preferences. 5. Discuss intelligently the different market structures. 6. Instill upon the students the Benedictine core value of excellence.
:
Grading System : Midterm Grade 60% Partial Class Standing (includes all aggregate CS grades prior to the midterm exam) 40% Midterm Exam Final Course Grade 50% Final Class Standing (includes all aggregate CS grades for the whole semester) 20% Midterm Exam 30% Final Exam Class Standing (CS) Components Page 1 of 5
- Quizzes (inclusive of Long Tests), Assignments, Seatwork, Research Papers, Class Activities and Class Participation SUGGESTED NUMBER SPECIFIC OBJECTIVES CONTENTS / TOPICS STRATEGIES / OF WEEK / METHODS HOURS At the end of the semester, the MODULE I students are expected to: NATURE OF ECONOMICS Compare and contrast microeconomics and macroeconomic; normative and positive economics Discuss the factors and production and the Production Possibility Curve Understand the meaning of scarcity and its implication to society’s choices
Differentiate demand and supply Draw up the demand and supply curves Discuss the kinds of goods and the factors shifting the demand and supply curves
Discuss the price elasticity of demand and supply.. Draw up income elasticity and
A. B. C. D. E. F. G.
Microeconomics and Macroeconomics Normative and Positive Economics Markets Society’s Choices Factors of Production Production Possibilities Frontier (PPF) Scarcity, Efficiency and PPF
MODE OF EVALUATION / ASSESSMENT
Lecture Discussion Debate
Week 1- 3 9 hours
Quizzes Seatwork Recitation Group Presentation
Lecture Discussion Practical Applications
Week 4 - 6 9 hours
Quizzes Seatwork Recitation
Week 7 3 hours
Quizzes Seatwork Recitation
MODULE II THE LAW OF DEMAND AND SUPPLY A. B. C. D. E. F. G.
Demand and Supply Curve Non-Price Determinants of Demand Non-Price Determinants of Supply Kinds of Goods Shortage and Surplus Shifts in Supply and Demand Changes in Market Equilibrium MODULE III PRICE ELASTICITY
A. B. C. D. E.
Price Elasticity of Demand Kinds of Price Elasticity of Demand Income Elasticity of Demand Cross Price Elasticity of Demand Price Elasticity of Supply
Lecture Discussion Practical Applications
Page 2 of 5
cross price elasticity of demand.
Explain the nature of consumer preferences and choices. Know and understand indifference curves. Discuss budget constraints and their impact on the law of diminishing marginal utility.
Compare and contrast average costs and marginal costs Explain economies of scale and economies of scope. Differentiate consumer and producer surplus.
MODULE IV CONSUMER BEHAVIOR A. B. C. D. E. F.
Consumer Preferences Indifference Curves Consumer Choice Marginal Utility and Consumer Choice Law of Diminishing Marginal Utility Budget Constraints
Week 8 3 hours Lecture Discussion Practical Applications
Quizzes Seatwork Reaction Paper
Week 9 3 hours
MID MODULE V PRODUCTION FUNCTION A. B. C. D. E. F. G. H.
Average Costs and Marginal Costs Marginal Revenue Product Shifts in the Cost Curve Economies and Diseconomies of Scale Economies of Scope Costs in the Short Run Costs in the Long Run Consumer and Producer Surplus
Week 10-11 6 hours
Quizzes Seatwork Recitation
Week 12-15 12 hours
Quizzes Seatwork Recitation
Lecture Discussion Practical Applications
MODULE VI MARKET STRUCTURES . Discuss the different market structures, their characteristics and profit maximization.
A. B. C. D.
Pure Competition Monopoly Monopolistic Competition Oligopoly MODULE VII COMPETITIVE FACTOR MARKETS
Lecture Discussion Practical Applications Page 3 of 5
Explain labor issues, rent, interest and the economies of taxation.
A. B. C. D. E. F.
Industry Demand for Labor Backward Bending Supply of Labor Substitution and Income Effects of a Wage Increase Wage, Rent, Interest and Profit Government and Market Failure Economics of Taxation FINALS
Week 16-17 6 hours
Lecture Discussion Practical Applications
Quizzes Seatwork Recitation
Week 18 3 hours
Page 4 of 5
REFERENCES Arnold, Roger A. (2010). Microeconomics. Victoria, AUS Cengage Learning. Cruz, Peter T. (2011). Introduction to Economics. QC, Phils. C&E. Leano, Jr. Roman D. and Corpuz, Ronald M. (2012). Fundamentals of economics with agrarian taxation and cooperatives. Manila, Phils. Mindshapers. San reform, Beda College Alabang McConnell, Campbell R., Brue, Stanley L. and Flynn, Sean M. (2012). Microeconomics: principles, policies. New York, NY McGrawHill/Irwin. Collegeproblems of Arts andand Sciences Taylor, John B. and Weerapana, Akila (2010). Microeconomics. Victoria, AUS Cengage BusinessLearning. istration & Entrepreneurship Department Tucker Irvin B. (2010). Microeconomics for today’s world. Victoria, AUS. South-Western.
Prepared by: Business istration & Entrepreneurship Department
Date Modified: June 2013
“That in all things God may be glorified.”
Page 5 of 5
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