Course Name: YMICROECON
Course Title: Microeconomics Theory
Instructors: Punsalan, Lao, Ramoneda, Corpuz
Required Text: Arnold, Roger A., Econmics 11th ed. South Western: Cengage Learning 2014.
Course Description: This course introduces the students to the three pillars of economics 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” (demand and supply, 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 in a market structure: perfect competition, monopoly,
monopolistic, and oligopoly.
Topic Outline: Estimated No of Hours
1. Orientation and introduction 6.00
Definition of Economics
Economic Concepts
Economic Categories
2. Production Possibilities Frontier (PPF) Framework 6.00
Economic Concepts in PPF Framework - Straight Line PPF
- Constant Opportunity Cost - Bowed Outward PPF
- Law of Increasing Opportunity Cost
Moving Beyond the PPF - Specialization - Trade
3. Demand and Supply 6.00
Law of Demand
Law of Supply
Market Conditions
4. Elasticity 6.00
Types of Elasticity
Determinants of Elasticity
Elasticity and Total Revenue
Elasticity and Taxes
Other Elasticity Concepts
5. Consumer Choice: Maximizing Utility and Behavioral 6.00 Economies
Utility Theory
Consumer Equilibrium and Demand
Behavioral Economics
Budget Constraint
Indifference Curves
6. Production and Costs 6.00
Short-run Conditions and Long-run Directions
Long-run Costs: Economies and Diseconomies of Scale
Long-run Adjustment to Short-run Conditions
7. Perfect Competition 3.00
Allocative efficiency
Pareto Efficiency
The Efficiency of Perfect Competition
Sources of Market Failure
Imperfect Markets
Public Goods
Externalities
Imperfect Competitions
8. Monopoly 6.00
Imperfect Competition and Market Power: Core Concepts
Price and Output Decisions in Pure Monopoly Markets
Perfect Competition and Monopoly Compared
Monopoly in the Long-run: Barriers to Entry
The Case against Monopoly
Price Discrimination
9. Oligopoly 3.00 - Market Structure in Oligopoly
- Game Theory
10. Monopolistic Competition 3.00
Total Sessions Express As Contact Hours 54
Recap
Identification of CPC Topics Covered in this Course Estimated Contact Hours Accounting
Marketing 3
Finance
Management 3
Organizational Behavior
Human Resource Management 3
Operations Management
Legal Environment of Business
Economics 40
Ethics 3
Information System
Quantitative Methods/ Statistics
International/ Global Dimensions of Business 2
Integrative Experience
Total Estimated Contact Hours 54
