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COURSE: ECO1203 ECONOMICS 1 (4 cr) ECO1207 MICROECONOMICS (4cr)
This course is designed to enhance the students’ understanding of basic microeconomic concepts and theories in order to equip them with the basic conceptual abilities and skills in economic problem solving. The theories will include the basic economic problem, supply and demand analysis, consumer behaviour, market structure, production and cost and market failure.
The aims of this course are to enable students to:
Apply basic theoretical microeconomic models as a framework for understanding the real world problems.
Establish the ability to …show more content…
A+ (90 – 100) (4.00), A (80 – 89) (4.00), A_ (75 – 79) (3.67), B+ (70 – 74) (3.33), B (65 – 69) (3.00),
B_ (60 – 64) (2.67), C+ (55 – 59) (2.33), C (50 – 54) (2.00), C_ (45 – 49) (1.50), D (40 – 44) (1.00),
F (0 – 39) (0.00).
McConnell, R.C. & Brue, S.L. (2008). Economics: principles, problems and policies. (17th Ed.) New York: McGraw-Hill.
Case, K.E., Fair, R.C. & Oster, S.M. (2009). Principles of economics. (9th Ed.) New Jersey: Pearson Education.
Sloman, J. (2006). Economics. (6th Ed.) London: Prentice Hall.
1-2 Introductions to Economics
Definition of economics. Two main branches of economics-microeconomics and macroeconomics. Economic statements- positive and normative economics. Three basic questions of economics. Foundation to economic studies–unlimited wants, scarcity. Four categories of economic resources.
3–5 Production Possibilities Curve
Definition. Assumptions. Law of increasing opportunity costs. Using production possibilities curve to illustrate unemployment and productive inefficiency. Shift of production possibilities curve. Applications of production possibilities curve.
Definition of demand. Law of demand, demand function and demand curve. Individual to market demand. Changes