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ECN501 - Introduction to Principles of Economics - Micro

ECN501 - Introduction to Principles of Economics - Micro

Subject Description 

This subject introduces the process and principles of microeconomic thought as they have been developed to explain price determination and resource allocation in a mixed market system. The application of microeconomic theory to current and emerging social and economic problems will be considered.

Learning Outcomes 
Upon successful completion of this subject the student will be able to:

1. Demonstrate comprehension of the nature of economics as it pertains to scarcity, choice and efficiency, and the scientific methodology of the theories and models developed for the sound understanding of economic principles.
2. Analyze the production possibilities model with reference to opportunity cost, optimal allocation, and economic growth.
3. Recognize the operation of the market economy, its expression in the circular flow model and the response to fundamental economic questions, as opposed to the command economy.
4. Analyze the operation of a competitive market in terms of demand, supply, market equilibrium, the rationing function of prices, and the predictive impact of changes in various determinants of demand and supply.
5. Calculate the benefit-surpluses received by producers and consumers, and the relation of these surpluses to allocative and productive efficiencies as they pertain to markets.
6. Evaluate the role of government intervention in failed markets and the support of their efficient operation.
7. Apply concepts of price elasticity of demand, price elasticity of supply, income elasticity, and cross elasticity in pricing strategies, taxation, and other real world situations of market activity.
8. Demonstrate knowledge of decision time-frames of firms, the short-run production relationships and the impact of the law of diminishing returns.
9. Evaluate the operation of firms in relation to economic costs in the short run, as opposed to the long run.
10. Explain using a marginal analysis as well as total-cost and total-revenue, the profit-maximizing, loss-minimizing, and close-down short-run positions of the perfectly competitive firm, and the derivation of the supply curve of the competitive market.
11. Analyze long-run equilibrium in perfect competition in constant-cost, increasing-cost and decreasing-cost industries.
12. Interpret the output and price determination of monopoly, including policy options for maximizing efficiency through average-cost and marginal-cost pricing solutions for government-regulated monopolies.
13. Describe traditional oligopoly models and collusive pricing strategies.
14. Evaluate the perfectly competitive, monopolistic, and oligopolistic market structures with respect to productive efficiency, allocative efficiency and deadweight loss.
15. Interpret the concepts of derived demand, resource supply, and pricing determination with applications to market for labour and capital inputs.

Essential Employability Skills 
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

Analyze, evaluate, and apply relevant information from a variety of sources.

Show respect for diverse opinions, values, belief systems, and contributions of others.

Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

Manage the use of time and other resources to complete projects.

Take responsibility for one`s own actions, decisions, and consequences.

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