KEB2123 MICROECONOMICS

Pre-Requisite Semester Course Leader Office Location Consultation Hours Telephone E-mail : : SEPTEMBER 2011 : MISS OOI : Faculty of Business Administration, Universiti Tun Abdul Razak : Friday, 12.30pm 3.00 pm : : mbaeconomics@gmail.com

Course Synopsis This course covers an in depth analysis of economic concepts and application involving mainly partial equilibrium analysis of demand, production supply and the structures of markets. Market efficiency and market failure are discussed in the context of social welfare. Course Objectives This course is orientated towards the study of consumers and firms in markets. It is designed to show how microeconomics theory can be used and applied to evaluate business issues of current interest. Learning Outcomes At the completion of the subject, students should be able to: 1. describe the principles of demand and supply, equilibrium, elasticity and their effect on the prices of goods and services in the goods markets; 2. discuss the components of production function and costs function in the context of short-term and long term perspectives; and, explain the four types of market structures and understand firms' behaviour in each of

the type on the basis of demand, supply, equilibrium and cost principles.

Recommended/Required Materials Recommended/Required Textbook 1. Michael Parkin (2007). Microeconomics, 9th Edition, Longman. 2. Mankiw, N. Gregory (2009). Principles of Economics, 5th Edition, Cengage / South-Western. 1. McConnel & Brue. (2008). Microeconomics: Principles, Problems, and Policies, 17th Edition, McGraw-Hill. 2. Hubbard & O'Brien. (2008). Microeconomics, 2nd Edition. Pearson Prentice Hall. 3. Bade & Parkin. (2009). Foundations of Microeconomics, 4th Edition. Pearson Prentice. Optional/Additional Materials Printed Materials Class notes and slides are available in your VOISS. YOU ARE REQUIRED TO PRINT THE NOTES AND TO BRING IT TO EVERY CLASS. Course Assessment Attendance/Participation Quizzes Mid Term Exam Assignment Final Examination Total: : : : : : 5% 10% 20% 15% 50% 100%

Course Requirements & Policies You are expected to fulfill the following requirements of the course to obtain a grade: In Class Presentation/ Assignment (50%) Each group is required to submit In Class Presentation/ Assignment which had been assigned by the lecturer before OR on the due date. The In Class Presentations will be assigned by the lecturer during face to face sessions. The assignment question will be posted by your lecturer in SMS. Your failure to attend classes will affect your carry marks. Due date of the submission will be informed by the lecturer during each session. In Class Presentations/ Assignment must be submitted in the form of hard copy to the respective lecturer or tutor. For any assignments given, the format of the paper should be as follows: o o o A cover page with your details Name, Student ID and Sections (as registered in SMS/VOISS) Font Times New Roman , size 12 with 1.5 spacing Include a reference page for every assignment that you submitted.

The course leader may inform students of any additional format or requirement. IMPORTANT NOTICE You are required to be in a group of 5-6 persons, at your own will, strictly no individual task will be accepted. You are graduating students that need to understand the concept of teamwork. However, if you encountered any problems in managing the group, you need to deal with the issue internally. You are required to rate each persons contribution in the group work at the end of the semester, that is the less you contribute, the lower your

rating will be. During class presentation, if the group member is absent, his/ her name MUST NOT BE included, to be fair to the rest of the members Final Examination (50%) You will be examined on your level of understanding and knowledge acquired in this course. The final exam is comprehensive covering all the topics. .Course Policies o Academic Honesty is required of all members of a learning community. Hence, UniRazak will not tolerate cheating or plagiarism on tests, examinations, papers or other course assignments. Students who engage in such dishonesty may be given failing grades or expelled from UniRazak. o Attendance policy You are encouraged to attend classes as per your class registration. However, if you can not attend the registered section, you are allowed to attend any other sections, with the lecturers consent. YOUR FAILURE TO ATTEND CLASSES WILL AFFECT YOUR CARRY MARKS. o Question Compilation A compilation of past semesters examination is available for your reference in SMS. However, most of the questions do not come with answer scheme. I will not be providing the answer scheme. You are required to work on the question, and should you need any assistance, you need to submit your answer and I will comment on your answer. VOISS and SMS You are required to check your SMS on regular basis throughout the semester. IGNORANCE is not an excuse! Optional: In Class Presentations, Assignment, and examinations must be taken/ submitted on the specified date. If you are unable to do so, you must inform your lecturer or the respective department within 24 hours after the specified date and time. OTHERWISE, YOUR RIGHT TO THE PRESENTATIONS, ASSIGNMENT AND EXAMINATION IS FORFEITED.

Examination Format The Mid-term will cover Topic 1 to 3 and the final exam will cover Topic 4 to 9. You will be examined on your level of understanding and knowledge acquired in this course. The format of the examination will include multiple-choice questions, essay and/or discussion type of questions. Study Plan Class Topic Go through the course/lesson plan Discuss nature and requirements of the course and set expectations Introduction to MicroeconomicsAreas to be covered: Concept of scarcity Production Possibilities Frontier Opportunity Costs Demand & Supply Areas to be covered: Date Learning Activities/ Evaluation Remarks/Deadlines Discuss the conduct of Assignment

2 3

Assign questions to student

Class

Topic Concept of Demand & Supply Determinants of Demand & Supply Demand & Supply Curves & Schedules Change in Demand/Supply & Change in Quantity Demanded/Quantity Supplied Market Equilibrium Elasticity Areas to be covered: Price Elasticity of Demand Calculation of Price Elasticity of Demand Factors Determining Price Elasticity of Demand Total Revenue Test Cross Elasticity of Demand Income Elasticity of Demand Price Elasticity of Supply

Date

Learning Activities/ Evaluation

Remarks/Deadlines

4 Output and Cost Areas to be covered: Product Concepts & Curves Cost Concepts & Curves Short run & Long run 5 6 MID BREAK Perfect Competition Areas to be covered: Characteristics Firms Demand Curve and Revenue Concepts Marginal Analysis Determination of profit-maximizing output Shut-down point Firms and Industry Supply Curve Short-run and Long-run Equilibrium Mid Term Continue Perfect Competition Review of Mid Term Monopoly Areas to be covered: Characteristics Single-price monopoly and price discrimination Firms and Market Demand Curve Price and Output Determination Profit Equation Monopolistic Competition DEEPAVALI (26/10) EIDUL ADHA (6/11)

7 8 9 10

7/11 PUBLIC HOLIDAY Due date for Assignment

11 12

BIRTHDAY HRH SULTAN

Class

Topic Areas to be covered: Characteristics Firms Behaviour in the Short Run and Long Run Excess Capacity Oligopoly and Game theory Areas to be covered: Kinked Demand Curve theory Dominant-firm Oligopoly Prisoners Dilemma Duopoly Cartel Revision Class Revision Class

Date

Learning Activities/ Evaluation

Remarks/Deadlines

SELANGOR (11/12)

13 14 15

CHRISTMAS (25/12) FINAL EXAMINATION WEEK