UNIVERSITY OF GHANA

(All rights reserved)

DEPARTMENT OF FINANCE
UNIVERSITY OF GHANA BUSINESS SCHOOL
SEMESTER 2022/2023 ACADEMIC YEAR

COURSE SYLLABUS

COURSE CODE AND TITLE: UGBS201 MICROECONOMICS AND BUSINESS

Credits: 3

Lecture Period(s) and Venue: Thursday, 15:30 am- 17:20 pm, A1

COURSE WEBSITE http://sakai.ug.edu.gh

Course Instructor(s)
Dr. Agyapomaa Gyeke-Dako
Dept. of Finance
University of Ghana Business School
P. O. Box LG 78
Legon, Accra
Email: agyeke-dako@ug.edu.gh
Office: S6, UGBS

Dr. Patrick Asuming

Dept. of Finance
University of Ghana Business School
P. O. Box LG 78
Legon, Accra
Email: poasuming@ug.edu.gh
Office: S5, UGBS

Dr James Dzansi
Dept. of Finance
University of Ghana Business School
P. O. Box LG 78
Legon, Accra
Email: jydzansi@ug.edu.gh
Office: Room 7, Computer Science Floor, ISSER

Teaching Assistants
Gabriel Azu

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Email: gabrielazu7@@gmail.com

Introduction/Subject or Course Overview

The fact that our wants are unlimited, but our resources are scarce means that we cannot have
everything that we want. Therefore, choices have to be made. The importance of economics
therefore lies in how to make choices in the presence of these scarce resources. In
microeconomics, we seek to introduce students to economic analysis of buyers and sellers. The
course is generally concerned with how these market participants behave, how they interact with
each other and how their interaction leads to efficient allocation of scarce resources.
This course first provides an overview of the nature of economics. It then provides a general
discussion on demand and supply before providing a much-detailed analysis of these concepts. A
discussion on Consumer Behaviour, and Production and Cost will give a more detailed
understanding on Demand and Supply respectively. This leads us naturally on to market structure
which discusses how firms have to select price and output in the different markets to maximize
profit. By studying this course students should be able to make sound economic analysis from
the micro-perspective.

Course Objective/Goals:
Specifically, this course is designed to:
• to ensure that students are able to make sound economic analyses of real-world
situations using theory learnt;
• to develop proper analytical skills using mathematical tools and diagrams; and
• analyze economic problems and give solutions;
• model economic situations in a coherent, rigorous and exact way

Course Format
The course content will be delivered through face-to-face lectures every week.

• Session Slides
• Session Reading Materials
• Assessments – Tests, Quizzes and Assignments (including a Problem-based Term
Paper)
• Group activities – Discussions and Presentations

Announcements will be posted to the course website and/or email accordingly. It is the
responsibility of students to check on announcements made in class, on the Course Website, and
through email.

Learning Outcomes
The learning outcomes for the course are outlined along three strands: knowledge, skills and
outcomes.
Knowledge
Students must have knowledge on
1) Have knowledge and understanding of important aspects of microeconomics
2) Arrive at how market participants may react to certain changes in market conditions

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 3) How to solve economic problems with quantitative techniques
Skills
Students must be able to
1) Plan, organise and manage time through meeting submission deadlines
2) Perfect computer skills through communication
3) Build Numeracy Skills through the use of quantitative skills.
Competence
Students should in the future be able to
1) Use techniques learnt to analyse particular real-life situations
2) Build a strong analytical skill
3) Make coherent and rich arguments
4) Resolve real life economic situations

Course Delivery:
The delivery method is basically lecturing (and PPT presentation). All teaching materials can be
found on sakai Learning Management System. To access sakai, log on to sakai.ug.edu.gh using
your ID number and PIN and click on “Resources”. For help accessing sakai, contact ITS help
desk.

Plagiarism policy
The University of Ghana is committed to ensuring that its staff and students do not plagiarize the
work of other. According to the paragraph 41 (1) (d) of the Statutes of the University of Ghana,
2012, plagiarism “is to represent, without acknowledgment of its authorship by another, an
expression of an idea or work of another in any academic examination or term test or in
connection with any other form of work attributed to an individual, such as a publication,
invention or creative work”. Plagiarism can also constitute the re-use of one's own work without
appropriate acknowledgment. This is referred to as self-plagiarism, text recycling and salami
publishing. Participants should be aware that consistent with the University’s plagiarism policy,
in this class, there will be zero tolerance for plagiarism. Note that copying academic work of
other students (including assignments, problem sets, quizzes and exams) without due
acknowledgement is plagiarism. Participants are encouraged to familiarize themselves with the
University’s plagiarism policy available at
http://www.ug.edu.gh/sites/default/files/documents/PLAGIARISM%20POLICY.pdf

Assessment and Grading

The assessment for this course has been designed to help all students to maximize their
individual and group/team learning opportunities. A summary of the assessment tasks is
provided below.

ITEM FORM OF ASSESSMENT DELIVERED MARKS

Individual Multiple Choice Questions Alongside 10%
Quizzes and (MCQs) Sessions
Tutorial
Attendance

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 Interim Middle of 30%
Assessment Semester
Written Semester Examination End of 60%
Examination semester
Total 100%

Individual Quizzes
Individual quizzes will be done alongside the different sessions. These quizzes would have to be
done after every session. These quizzes will be timed and will have specific submission times.
The quizzes may be in the form of Multiple-Choice Questions (MCQs). The quizzes will be put
on Sakai.

Interim Assessment
An Interim Assessment will be done in the middle of the semester. As there are thirteen sessions
in general, this will usually cover up to the topics treated in Sessions 6 and 7. Interim
Assessment may either take the form of Multiple-Choice Questions, Calculations or Questions
that will require written explanations. Failure to take the Interim Assessment will result in zero
points for that. The grade of the final examination will then account for your full mark. An
additional quarter mark will be deducted from every wrong answer.

Submission Guidelines: Each quiz should be submitted on Sakai before the deadline.

Final Examination: The final examination will usually be a three-hour paper. This paper will
usually cover all the topics covered under this course. It may be made up of mathematical,
problems, multiple choice questions or short answers or it may even be a blend of all three.

Grading Scale:
Please refer to undergraduate handbook.

Reading List /Required Text (As Applicable)

Basic Text:
1) Bade, R. & Parkin, M. (2017). Foundations of Microeconomics, 9 th Edition, Pearson
Education,
Inc., Publishing as Addison-Wesley

Supplementary Texts:
1) Perloff, J. M. (2018). Microeconomics, 8th Edition, Pearson
2) Pindyck, R. & Rubinfeld D. (2017). Microeconomics, 9th Edition, Pearson
3) Begg, D., Fischer S. & Dornbusch R. (2002). Economics, 7 th Edition, Pearson McGraw-Hill
International Company, UK.

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 Other Information
Students are expected to attend lectures on time. Any student who comes in 10 minutes after the
start of the class will be sent away. Students should also ensure their phones are off during
lectures. Phones ringing in class disrupt lessons. Please do not talk unless you are asked to do so.
Feel free to ask questions in class.

Course Delivery Schedule

Week Session
1 Sessions 0
2 Session 1
3 Sessions 2
4 Sessions 3
5 Sessions 4 and 5
6 Session 6
7 Session 7
8 Session 8
9 Session 9
10 Session 10

1. SESSION 0 – INTRODUCTION TO UGBS 201

1.1 Goals and Objectives
At the end of the session, the student will
1) Understand why we study Economics
2) Understand the Nature of Economics.
3) Distinguish between Microeconomics and Macroeconomics

1.2 Activities and Assignments

This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Read Chapter 1 of Bade & Parkin (2013) and the 5 th Edition of Begg, Dornbusch &
Fischer
4) Take session assignment by logging onto the UG Sakai LMS course site:
http://sakai.ug.edu.gh/ugbs201 and take Multiple choice Questions

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 2. SESSION 1 – DEMAND
2.1 Goals and Objectives
At the end of the session, the student will
1) Understand what demand is
2) Identify the factors that influence consumers to purchase products
3) Understand how these factors influence demand
2.2 Activities and Assignments
This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Read Chapter 2 of Bade & Parkin
4) Log onto the UG Sakai LMS course site: http://sakai.ug.edu.gh/ugbs201 and take
Multiple Choice Set 2

3. SESSION 2 – Supply
3.1 Goals and Objectives
At the end of the session, the student will
1) Understand what Supply is.
2) Identify the factors that will influence producers to put goods on the market for sale
3) Understand how these factors will influence producers.

3.2 Activities and Assignments

This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Read Chapter 3 of Recommended Text
4) Log onto the UG Sakai LMS course site: http://sakai.ug.edu.gh/ugbs201 and complete
multiple choice set 3

4. SESSION 3 – MARKET EQUILIBRIUM

4.1 Goals and Objectives
At the end of the session, the student will
1) Understand and explain market equilibrium
2) Be able to understand how equilibrium price and quantity will change when supply or
changes
3) Be able to identify how a simultaneous change in demand and supply will influence
equilibrium price and quantity

4.2 Activities and Assignments

This week, complete the following tasks:

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 1) Attend Lectures
2) Read Session Slides
3) Read Chapter 3 of Basic Text
4) Log onto the UG Sakai LMS course site: http://sakai.ug.edu.gh/ugbs 201 and answer
Multiple Choice Set 3.

5. SESSION 4– Elasticity of Demand and Supply

5.1 Goals and Objectives
At the end of the session, the student will
1) Understand how to measure how consumers demand will respond to changes in the
factors that influence demand
2) Understand how to measure how producers will respond to changes in the factors that
influence supply
5.2 Activities and Assignments
This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Review Lecture Slides: Session 4
4) Read Chapter 4 of Recommended Text
5) Log onto the UG Sakai LMS course site: http://sakai.ug.edu.gh/ugbs 201 and answer
Multiple Choice Set 4.

6. SESSION 5– Theory of Consumer Behaviour

6.1 Goals and Objectives
At the end of the session, the student will
1) Understand why consumers will buy more when prices are low and buy less when prices
are high to be able to make effective business decisions
2) Understand why consumers buy the products they buy
3) Understand why consumers will buy the products when they buy it, how often they buy it
and even how they consume it

6.2 Activities and Assignments

This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Read Chapter 5 of Recommended Text
4) Complete the Individual Quiz for Session
5) Log onto the UG Sakai LMS course site: http://sakai.ug.edu.gh/ugbs 201 and answer
Multiple Choice Set 5.

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 7. SESSION 6 – Production and Cost
7.1 Goals and Objectives
At the end of the session, the student will
1) Distinguish between the Short Run and the Long Run
2) Understand the different productivity measures
3) Understand how these different measures of productivity will vary with inputs
4) Understand how to show the relationship between inputs and the different measures of
productivity with diagrams

7.2 Activities and Assignments

This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Log onto the UG Sakai LMS course site: http://sakai.ug.edu.gh/ugbs201 and take the
Session quiz
4) Review Lecture Slides: Session 6
5) Read Chapter 6 of Basic Text

8. SESSION 7 – PRODUCTION AND COST (PART 2)

8.1 Goals and Objectives
At the end of the session, the student will
1) Be able to explain how cost varies with output
2) Understand the different measures of cost
3) Be able to use diagrams to explain how these different measures of cost will vary with
output

8.2 Activities and Assignments

This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Log onto the UG Sakai course site: http://sakai.ug.edu.gh/ugbs201
4) Review Lecture Slides: Session 7
5) Read Chapter 7 of Recommended Text

9. SESSION 8– REVENUE
9.1 Goals and Objectives
At the end of the session, the student will
1) Be able to explain revenue
2) Be able to distinguish between price-takers and price-makers
3) Understand how revenue varies with these two different groups of firms above
4) Understand the conditions required for profit maximisation

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9.2 Activities and Assignments
This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Log onto the UG Sakai LMS course site: http://sakai.ug.edu.gh/ugbs201and take the
module quiz
4) Review Lecture Slides: Session 8
5) Read Chapter 8 of Recommended Text

10. SESSION 9 – MARKET STRUCURE (PART1)

10.1 Goals and Objectives
At the end of the session, the student will
1) Be able to identify the different market structures based on some characteristics
2) Understand what a Perfectly Competitive Industry is
3) Be able to select the price and output that will maximize profit in the short run
4) Be able to select the price and output that will maximize profit in the long run

10.2 Activities and Assignments

This week, complete the following tasks:
1) Attend Lectures
2) Read Session Slides
3) Log onto the UG Sakai LMS course site: http://sakai.ug.edu.gh/ugbs201and complete
Session Quiz
4) Review Lecture Slides: Session 10

11. SESSION 10 – MARKET STRUCTURE (PART2)

11.1 Goals and Objectives
At the end of the session, the student will
1) Understand the nature of markets under imperfect competition
2) Select the price and output that will maximize profit in both the short run and the long
run for Monopoly and Monopolistic Competition.
3) Compare the welfare effects of these markets to Perfect Competition

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