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 CONTENT
WEEK TOPICS LEARNING OUTCOMES
Week 1 NORSU VMG
Week 2 Introduction to LO1 Explain the meaning of economics
Economics LO2 Distinguish Microeconomics from macroeconomics
LO3 Describe the economics problems
LO4 Understand the different economic system
LO5 Circular flow of economic activities
Week 3 Application of LO1 Understand the concept of demand and supply
and 4 Demand, Supply LO2 Gain knowledge on the law of demand and supply
and Market LO3. Discuss the dynamics of demand and supply and how it shifts
Equilibrium
Week 5 Elasticity LO1. Understand price elasticity of demand and supply
and 6 LO2. Learn about the difference of arc and point elasticity
LO3. Discuss the income and cross elasticity of demand

Week 7 Theory of LO1. Understand utility and behavioral factors

and 8 Consumer LO2. Gain knowledge on the utility function
Behavior LO3. Understand consumption and the indifference curve
LO4. Learn about the income and substitution effects
Theory of LO1. Understand production function
Production LO2. Illustrate and explain law of diminishing returns
LO3. Know about the isoquant and isocost
LO4 Describe the characteristics of isoquant
LO4. Learn more about productivity as well as its concepts
Week 9 Cost Analysis LO1 Differentiate total costs from variable costs
and 10 LO2 Understand the different costs such as fixed and variable costs, imputed costs,
opportunity costs, marginal costs and more.
LO3 Illustrate and explain total cost curves and per unit cost curves
LO4 Know about the cost-output relationship in the short run

Week 11 Midterm Exam

Week 12 Pure LO1. Identify and describe the four market structures
and 13 Competition LO2. Learn the characteristics of pure competition
LO3. Illustrate and explain demand curve and marginal revenue
LO4. Understand how prices and output are determined under the perfectly competitive
market
Week 14 Monopoly LO5. Distinguish monopoly from the other market structures
LO6. Illustrate and discuss demand curve under monopoly
LO7. Understand common misconception about the monopolistic economy
Week 15 Monopolistic LO1. Distinguish monopolistic competition from perfect competition
Competition LO2. Learn the demand curve under the monopolistic market structure and how it shifts
LO3. Evaluate the monopolistic competitive market
Week 16 Oligopoly LO1. Distinguish oligopoly from the other market structures
and 17 LO2. Understand the kinked demand curve under oligopoly
LO3. Classify the oligopoly markets
Week 18 Final Exam