microeconomic theory and practice final

San Beda College AlabangCollege of Arts and Sciences

Business Administration & Entrepreneurship Department

“Catholic Christian in Principle, Benedictine in Orientation, and Filipino in Character”

Course Syllabus

Course Code / Title : BAE 102/ Microeconomic Theory and Practice

Credit Units / Hours : 3 UNITS/ 3 hours per week

Course Description : This course introduces the student to the three pillars of economic analysis (choice, scarcity, and coordination) and the mathematical techniques that economists use to represent these ideas (optimization, equilibrium, and adding-up constraints). Most of the course is devoted to “price theory”, elasticity, price regulation and consumer choice, which is the analysis of the role that price play in facilitating coordination in a market economy. The last part of the course deals with situations where coordination through prices may not result in desirable outcomes. This includes market structures: competition and monopoly, and monopolistic competition and oligopoly.

Course Objectives : At the end of the course, the students are expected to: 1. Analyze and understand the nature of economics.2. Examine critically the kinds of economic systems3. Distinguish the laws of supply and demand, and elasticity.4. Discuss marginal utility, consumer choices and preferences.5. Discuss intelligently the different market structures.6. Instill upon the students the Benedictine core value of excellence.

Grading System :Midterm Grade 60% Partial Class Standing (includes all aggregate CS grades prior to the midterm exam)40% Midterm ExamFinal Course Grade50% Final Class Standing (includes all aggregate CS grades for the whole semester)20% Midterm Exam30% Final ExamClass Standing (CS) Components

- Quizzes (inclusive of Long Tests), Assignments, Seatwork, Research Papers, Class Activities and Class Participation

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SPECIFIC OBJECTIVES CONTENTS / TOPICSSUGGESTED

STRATEGIES / METHODS

NUMBER OF WEEK /

HOURS

MODE OF EVALUATION / ASSESSMENT

At the end of the semester, the students are expected to:

Compare and contrast microeconomics and macroeconomic; normative and positive economicsDiscuss the factors and production and the Production Possibility CurveUnderstand the meaning of scarcity and its implication to society’s choices

Differentiate demand and supplyDraw up the demand and supply curvesDiscuss the kinds of goods and the factors shifting the demand and supply curves

Discuss the price elasticity of demand and supply..Draw up income elasticity and cross price elasticity of demand.

MODULE INATURE OF ECONOMICS

A. Microeconomics and MacroeconomicsB. Normative and Positive EconomicsC. MarketsD. Society’s ChoicesE. Factors of ProductionF. Production Possibilities Frontier (PPF)G. Scarcity, Efficiency and PPF

MODULE IITHE LAW OF DEMAND AND SUPPLY

A. Demand and Supply CurveB. Non-Price Determinants of DemandC. Non-Price Determinants of SupplyD. Kinds of GoodsE. Shortage and SurplusF. Shifts in Supply and DemandG. Changes in Market Equilibrium

MODULE IIIPRICE ELASTICITY

A. Price Elasticity of DemandB. Kinds of Price Elasticity of DemandC. Income Elasticity of DemandD. Cross Price Elasticity of DemandE. Price Elasticity of Supply

MODULE IV

LectureDiscussion

Debate

LectureDiscussionPractical

Applications


Applications

Week 1- 39 hours

Week 4 - 69 hours

Week 73 hours

QuizzesSeatworkRecitation

Group Presentation



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Explain the nature of consumer preferences and choices.Know and understand indifference curves.Discuss budget constraints and their impact on the law of diminishing marginal utility.

Compare and contrast average costs and marginal costsExplain economies of scale and economies of scope.Differentiate consumer and producer surplus.

.

Discuss the different market structures, their characteristics and profit maximization.

CONSUMER BEHAVIOR

A. Consumer PreferencesB. Indifference CurvesC. Consumer ChoiceD. Marginal Utility and Consumer ChoiceE. Law of Diminishing Marginal UtilityF. Budget Constraints

MIDTERMS

MODULE VPRODUCTION FUNCTION

A. Average Costs and Marginal CostsB. Marginal Revenue ProductC. Shifts in the Cost CurveD. Economies and Diseconomies of ScaleE. Economies of ScopeF. Costs in the Short RunG. Costs in the Long RunH. Consumer and Producer Surplus

MODULE VIMARKET STRUCTURES

A. Pure CompetitionB. MonopolyC. Monopolistic CompetitionD. Oligopoly

MODULE VIICOMPETITIVE FACTOR MARKETS

A. Industry Demand for Labor


Applications


Applications


Applications

Week 83 hours

Week 93 hours

Week 10-116 hours

Week 12-1512 hours

Week 16-17

QuizzesSeatwork

Reaction Paper



Quizzes

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Explain labor issues, rent, interest and the economies of taxation.

B. Backward Bending Supply of LaborC. Substitution and Income Effects of a Wage IncreaseD. Wage, Rent, Interest and ProfitE. Government and Market FailureF. Economics of Taxation

FINALS


Applications

6 hours

Week 18 3 hours

SeatworkRecitation

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San Beda College AlabangCollege of Arts and Sciences


REFERENCESArnold, Roger A. (2010). Microeconomics. Victoria, AUS Cengage Learning.Cruz, Peter T. (2011). Introduction to Economics. QC, Phils. C&E.Leano, Jr. Roman D. and Corpuz, Ronald M. (2012). Fundamentals of economics with agrarian reform, taxation and cooperatives. Manila, Phils. Mindshapers.McConnell, Campbell R., Brue, Stanley L. and Flynn, Sean M. (2012). Microeconomics: principles, problems and policies. New York, NY McGrawHill/Irwin.Taylor, John B. and Weerapana, Akila (2010). Microeconomics. Victoria, AUS Cengage Learning.Tucker Irvin B. (2010). Microeconomics for today’s world. Victoria, AUS. South-Western.

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Date Modified: June 2013

“That in all things God may be glorified.”

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microeconomic theory and practice final

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