COURSE OUTLINE

Course Title : MICROECONOMICS

Semester : 1st Semester 2021-2022
Instructor : Hazel B. Pinili, MBA

Course Description
The course covers the basic principles of Microeconomics for business students. The course
introduces the students to the economics of the firm and how resource is allocated by
individual decision making units. In particular, this course expounds on the basic
microeconomic theories governing the concepts of demand and supply, production theory,
costs and pricing and output determination.

COURSE CONTENTS

WEEK TOPICS LEARNING OUTCOMES

Week 1 NORSU VMG
Week 2 Introduction to LO1 LO1 Explain the meaning of economics
Economics LO2 Distinguish Microeconomics from macroeconomics
LO3 Describe the economics problems
LO4 Understand the different economic system

Week 3 Application of LO1 Understand the concept of demand and supply

and 4 Supply, LO2 Gain knowledge on the law of demand and supply
Demand, and LO3 Discuss the dynamics of demand and supply and how it shifts
Market LO4 Determine market equilibrium both equilibrium price and quantity
Equilibrium

Week 5 Elasticity LO1 Use elasticity as the key to flexibility

and 6 Concept LO1. Know and determine price elasticity of demand
LO2. Measure elasticity of demand
LO3. Discuss and determine income and cross elasticity of demand

Week 7 Theory of
and 8 Consumer LO1. Understand utility and behavioral factors
Behavior LO2. Gain knowledge on the utility function
LO3. Understand consumption and the indifference curve
LO4. Learn about the income and substitution effects
LO5 Determine how to maximize please through consumer choice and
constrained optimization
Week 9 Midterm Exam
Week 10 Theory of
and 11 Production LO1. Identify the types of inputs and timely production
LO2. Define production function
LO3 Describe long run and short run production
LO4 Illustrate and explain the Law of Diminishing Returns
LO5 Examine production function isoquants and define isocost curves

Week 12 Production
Costs LO1 Determine the cost of Everything: Opportunity Costs
LO2 Recognize short run and long run production costs
LO3 Illustrate total cost curves and per unit cost curves
 LO4 Examine the relationship between cost and output
LO5 Figuring out which costs to ignore
LO6 Examine the relationship between costs and output
Week 13 Perfect LO1 Discover that perfect competition has no competition
and 14 Competition LO2 Maximize profit in perfect competition
LO3 Calculate profit
LO4 Know when to quit
LO5 Eliminate profit in the long run
Week 15 Oligopoly LO1 Distinguish oligopoly from the other market structures
LO2 Understand the kinked demand curve under oligopoly
LO3 Classify the oligopoly markets
LO4 Recognize mutual interdependence and develop theories for
anticipating rival behavior
LO5 Understand the concept of game theory
Week 16 Monopoly LO1 Identify the source of monopoly power
LO 2 Separate demand and marginal revenue
LO3 Determine the profit-maximizing quantity and price
LO4 Minimize cost with multiple factories
Week 17 Monopolistic LO1 Understand the impact of competition
Competition LO2 Set and determine price with many rivals
LO3 Determine profit in the long run

week 18 Final Exam