Revised: 11/2022

COURSE STRUCTURE

Name of Course : INTRODUCTION TO MICROECONOMICS

Course Code : ECO151
Credit Hours :3
Prerequisite/co-requisite: None
Summary: This is an introductory course in microeconomics designed for students who have no prior
background in economics. This course introduces students to basic microeconomic concepts and
principles which can be applied to the day to day workings of an economy. This course covers basic
economic concepts of scarcity, opportunity costs and rational choice; market demand and supply,
elasticity, government intervention in markets; consumer theory, production and costs, market
structures, market efficiency and market failure.

Course Learning Outcomes

Upon completing this course, the students will be able to:
CLO1: Explain basic microeconomic principles in relation to demand and supply, government intervention,
consumers and producers, goods and factor markets. (C2, PLO1)
CLO2: Solve numerical problems, construct and interpret diagrams. (C3, PLO7)
CLO3: Analyze how economic theories are related to day-to-day events (C4, PLO2)

Course Format:
Total Student Learning Time (SLT) (L = Lecture; T = Tutorial; P = Practical; EL = E-Learning) :
Learning Hours Total Student Learning Time
Independent Learning (hr)
L T P EL (hr)

28 14 0 14 65 121

Teaching and Delivery Methods/ Teaching Methodology:

Lectures and Tutorial delivered in a combination of blended & independent learning

E-Learning provided by INTI makes learning more accessible and convenient for the students. The blended
model utilized by INTI is the integration of E-learning via INTI’s Learning Management System and the
conventional lecturer-led classroom activities. INTI students are required to access to the online learning
materials (additional notes, reading materials, online assessments, discussion forums and etc.), so as to
acquire a complete learning process. This also promotes self-directed learning in encouraging INTI students
to be independent learners
 Revised: 11/2022

Syllabus
Lecture(s) Course Content Outline CLO*
1 Introduction to Economics
Definition of Economics. Economic Concepts of Scarcity, Choice
1
and Opportunity Cost. Basic Economic Problem. Economic
Systems. Circular-Flow Model. Production Possibility Frontier
2-3 The Market Forces of Supply and Demand and the Applications
(1)
Demand, Determinants of Demand and Shifts in the Demand Curve.
Supply, Determinants of Supply and Shifts in Supply Curve. Market
1,2,3
Equilibrium. Applications : Price Ceiling and Price Floor, Taxes on
Sellers and Buyers. Price Elasticity of Demand and Its
Determinants. Price Elasticity of Supply and Its Determinants.
Income Elasticity of Demand, Cross Price Elasticity of Demand.
4 The Market Forces of Supply and Demand and the Applications
(2)
Demand,Determinants of Demand and Shifts in the Demand Curve.
Supply, Determinants of Supply and Shifts in the Supply Curve.
3
Market Equilibrium. Applications : Price Ceiling and Price Floor,
Taxes on Sellers and Buyers. Price Elasticity of Demand and Its
Determinants. Price Elasticity of Supply and Its Determinants.
Income Elasticity of Demand, Cross Price Elasticity of Demand.
5 Market Efficiency and Market Failure
Market Efficiency : Consumer Surplus and Producer Surplus, ; 1
Market Failure : Externalities and Public Goods
6 The Theory of Consumer Choices
Preferences: What the Consumer Wants, Four Properties of
Indifference Curves. Optimization: The Consumer’s Optimal 1,2
Choices, The Budget Constraint: What the Consumer Can Afford;
Changes in Income, Changes in Prices.
7 The Theory of Consumer Choices
Preferences: What the Consumer Wants, Four Properties of
Indifference Curves. Optimization: The Consumer’s Optimal 1,2
Choices, The Budget Constraint: What the Consumer Can Afford;
Changes in Income, Changes in Prices.
8 Cost of Production
What are cost? Total Revenue, Total Cost and Profit, Economic
Profit versus Accounting Profit, Production and Costs : The
1,2
Production Function; The Various Measures of Cost : Fixed and
Variable Costs, Average and Marginal Cost, Cost Curves and Their
Shapes, Costs in the Short Run and in the Long Run
9 Cost of Production
What are cost? Total Revenue, Total Cost and Profit, Economic
Profit versus Accounting Profit, Production and Costs : The
1,2
Production Function; The Various Measures of Cost : Fixed and
Variable Costs, Average and Marginal Cost, Cost Curves and Their
Shapes, Costs in the Short Run and in the Long Run
 Revised: 11/2022

10 Firms in Competitive Market

What is a Competitive Market? Profit Maximization and the
2
Competitive Firm’s Supply Curve, The Supply Curve in a
Competitive Market
11 Monopoly
Why Monopolies Arise? How Monopolies make Production and
2
Pricing Decisions? The Welfare Cost of Monopoly, Public Policy
toward Monopolies, Price Discrimination
12-13 Monopolistic Competition
Characteristics, The Output Equilibrium in the Short Run and Long
Run
2
Oligopoly
Characteristics, Cooperation and Non-Cooperation - Cartel,
Prisoner’s Dilemma
14 Factor Markets & Income Distribution
1
Labor Market .Income Distribution

Student Evaluation:
Continuous Assessment Percentage CLO
(%)
1 Tests 40 1,2
2 Quiz 10 1
3 Assignment 20 3
Final Assessment Percentage CLO
(%)
Final Exam 30 1,2
Total 100%

Final exam format:

Duration: 2 hours
The students will be required to answer:

Section A : 25 Multiple Choice Questions (25 marks)

Section B : 3 Essay/Short Answer Questions (75 marks)

Grading Scale:
A+ (96% – 100%), A (90% – 95%), A- (86% – 89%), B+ (82% – 85%), B (78% – 81%), B- (75% –77%),
C+ (70% – 74%), C (65% – 69%), C- (60% – 64%), D+ (55% – 59%), D (50% – 54%), F (Below 50%)

IMPORTANT NOTE:
Final Examination is compulsory. Missed Final Exam will result in F grade.

Additional Information: NIL

 Revised: 11/2022

Main Reference(s) Supporting Course:

1. Mankiw, N. Gregory., (2018), Principles of Economics, 8ed, Cengage.

Additional References:
1. McConnel, C.R. Brue, S.L. and Flynn, S.M., (2018), Economics, 21ed, McGraw-Hill Book Co.
2. Miller, Roger L., (2018) Economics Today, 19ed, Pearson.
3. Case, K.E., Fair, R.C. and Oster, S.E, (2019), Principle of Economics, Global Edition, 13ed,
Pearson Higher Ed.