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ECO401 : Economics

Course Overview

Course Synopsis

This course mainly focuses on Microeconomics and Macroeconomics. Microeconomic theory focuses on the behavior of consumers, firms and resource suppliers. We will develop an understanding of how markets work to allocate limited resources to their most highly-valued uses. Macroeconomic theory focuses on the economy as a whole. One of the goals of this course is to help you develop a basic understanding of how the macro economy works in particular the extent to which different policies can be used to achieve specific macroeconomic objectives. This course also highlights the areas of international trade, money and banking etc.

Course Learning Outcomes

At the end of the course, you should be able to:

  • Explain basic economic concepts pertaining to the market system and demonstrate the ability to comprehend terminology used in news media, national debates over issues, and daily conversation.
  • Describe the functioning of market forces, i.e. demand and supply in competitive market system.
  • Give reasoning, evaluation of the national and international economic issues in and out of the classroom.
  • Apply the basic principles of economics in your own life.


Course Calendar

TopicLectureResourcePage
Branches of Economics1Handouts1
Factors of Production1Handouts1
Economic System1Handouts2
Rational Choice and Cost-Benefit Analysis2Handouts4
Opportunity Cost2Handouts4
Production Possibility Frontier2Handouts5
Goods Market and Factor Market3Handouts10
Shortage and Surplus3Handouts10
Law of Supply4Handouts13
Equilibrium4Handouts14
Role of Government in Price Determination and Equilibrium Analysis5Handouts16
Price Elasticity of Demand6Handouts26
Elastic and Inelastic Demand6Handouts27
Effects of Advertising on Demand Curve7Handouts32
Price Elasticity of Supply7Handouts33
QUIZ 01
Income Elasticity of Demand8Handouts34
Cross-Price Elasticity of Demand8Handouts35
Cardinal and Ordinal Utility Approach9Handouts40
Law of Diminishing Marginal Utility9Handouts40
Law of Equi-Marginal utility9Handouts41
Budget Line11Handouts45
Assignment
Optimum Consumption Point for Consumer12Handouts46
Income Consumption Curve12Handouts46
The Price Consumption Curve12Handouts47
QUIZ 02
Firm13Handouts53
Production Function13Handouts53
The Law of Diminishing Marginal Returns13Handouts54
Theories of Production14Handouts56
The Scale of Production14Handouts56
Economies of Scale14Handouts56
Optimim Combination of Factors14Handouts57
Isoquant15Handouts58
Marginal Rate of Technical Substitution15Handouts58
Isocost15Handouts59
Optimal Combination of Factors15Handouts59
Sunk Cost15Handouts59
MID TERM EXAMS
Cost16Handouts60
Revenues17Handouts63
Profit Maximization17Handouts64
Market Structures18Handouts72
Perfect Competition18Handouts72
Monopoly19Handouts74
Price Discrimination21Handouts78
Monopolistic Competition21Handouts79
Oligopoly22Handouts80
Collusive and Non-Collusive Oligopoly22Handouts81
Graded Discussion Board
Market for Factors of Production24Handouts93
The Economics of Information Products24Handouts94
Aggregate Demand and aggregate Supply25Handouts103
Classical Economics25Handouts103
Classical Views about Great Depression25Handouts104
Keynesian Views about Great Depression25Handouts104
National Income Accounting28Handouts117
Methods to Measure GDP28Handouts118
QUIZ 03
National Income Accounting (Continued)29Handouts120
Price Deflator29Handouts121
Purchasing Power Parity29Handouts122
Leakages and Injections30Handouts124
Macroeconomic Equilibrium30Handouts125
Consumption and Consumption Function30Handouts125
The Saving Function30Handouts126
Investment and Investment Demand Curve31Handouts128
Determination of National Income31Handouts129
Multiplier31Handouts130
Keynes Paradox of Thrift32Handouts134
The Accelerator32Handouts135
Unemployment33Handouts142
QUIZ 04
Inflation34Handouts148
The Balance of Payments35Handouts152
Devaluation and Revaluation36Handouts154
Appreciation and Depreciation36Handouts154
Equilibrium in Foreign Exchange Market36Handouts155
Economic Growth38Handouts161
FINAL TERM EXAMS
 
 
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