Course Number: EC220
Course Title: Microeconomics

 STUDENT LEARNING OUTCOMES

General

 To build on the understanding of how the economy works, the study of maximation and, optimization of scarce resources, and how the production and distribution choices are made in an economic system. The function of the market and consumer behavior, the market process in the real world and externalities; comparative advantage, specialization, and trade. Cost and revenue structure of the firm in the short and long run and price mechanism.

Specific

 The student will be able to:

  1. Explain interdependency of scarcity, economic value, and price, and its relationship with economic problem. Draw
     a graphic illustration of the economic problem.
 2. Solve the economic problem with the use of the marginal concept and economic model.
 3. Identify the three basic economic questions and the three ways of answering these questions. Identify and
    explain the factors of production.
 4. Be able to explain the determinants of supply and demand and the market equilibrium.
 5. Show the role of specialization and comparative advantage and gains achieved in trade. Also to be able to show
    the graphical representation of comparative advantage and gain from trade. Explain the economic integration in
    facilitating international trade.
  6. Analyze the question of demand and supply for input factors such as labor, land, and capital. Also use graph to
    demonstrate the understanding of the concept of demand and supply of factor input.
 7. Use indifference curves and budget lines in explaining consumer behavior. Also, calculate the three types of
    elasticity of demand, and explain their significance towards pricing of goods.
  8. Analyze the price mechanism from the supply point of view in relation ot cost of production. Be able to show
    graphically the law of diminishing returns and how it influences the other cost curves.
 9. Calculate the three types of elasticity of demand, and explain their significance towards pricing of goods. Be able
    to use graph to explain the average and marginal revenue in pure and monopoly market competition.
10. Be able to use graph to show and explain the relationship between cost curves for the most profitable output
     such as fixed cost, variable cost, total costs, average variable cost, average total cost and marginal cost.
11. Be able to use graph to illustrate all the revenue curves for both monopoly and pure competition markets such as
     total revenue, average cost and marginal cost curves.
12. Derive the optimum output through the use of cost and revenue structure. Describe the functional
     interrelationships among the input and output market.
13. Explain how the supply and demand works in the real world. Be able to use supply and demand graph to illustrate
     both the converging and diverging the cobweb theorem. Also explain the inequality and self-perpetuating nature
     of wealth.
14. Define various types of competition in the real world market structure. Be able to show graphically the demand
     for various types of competition.
15. Explain the role of price in the real world market model. Be able to show the various types of pricing policies by
     using graphs.