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SCHEME OF WORK
TWINTECH
COLLEGE SARAWAK
PROGRAMME: BBA (HONS) INTERNATIONAL BUSINESS
GROUP: D-IB1
SUBJECT: MICROECONOMICS
CODE: ECO 3301
WEEK
1
2
LEARNING OUTCOMES
Upon completion of this chapter,
students should be able to:
 Define economics
 Define the concept of scarcity,
choices and opportunity costs
 Explain the three economics
problems
 Use the PPF framework to discuss
choices, opportunity costs,
economic growth, efficiency and
inefficiency
 Identify the differences between
economic systems
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LESSON CONTENT
 Briefing on course structure and
text books used
 Distribute scheme of work and
students questionnaire
 Ice breaking activities
CHAPTER 1: Introduction to
Economics
- Introduction
- Economics basic problems
- Economics systems
- Opportunity cost
- Production possibility frontier
CHAPTER 2: Demand Theory
Define demand and the law of
- Introduction
demand
Identify the factors that can change - The law of demand
- Changes in demand and changes in
demand
quantity demanded
Define and compute price elasticity
Relationship between price and
of demand
utility
Identify the 5 different categories
Price elasticity of demand
of price elasticity of demand
- Importance of elasticity
ASSESSMENT
OPPORTUNITIES
TEACHING RESOURCES
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Class
Exercises
Q&A
Master file
White Board
Reference book
Discussion
Extra notes
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Class
Exercises
Brainstorming
activity
Q&A
SCHEME OF WORK
TWINTECH
COLLEGE SARAWAK
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4
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Define supply and the law of supply CHAPTER 3: Supply Theory
Identify the factors that can change - Introduction
- The law of supply
supply
Define and compute price elasticity - Determinants of supply
- Supply changes
of supply
- Price elasticity of supply
Identify the 5 different categories
- Maximising total revenue
of price elasticity of supply
Explain how equilibrium price and
quantity are determined in a
market
Calculate the equilibrium price and
quantity
Work with supply and demand to
predict prices
CHAPTER 4: Market Equilibrium
- Introduction
- Market equilibrium
- Cobweb Theory
- Tax policy
- Price controls
5
REVISION AND TEST 1
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Master file
White Board
Reference book
Discussion
Extra notes
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Tutorial
Class
Exercises
Quiz
Q&A
Class
Exercises
Q&A
SCHEME OF WORK
TWINTECH
COLLEGE SARAWAK
6
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7
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8
Define total utility and marginal
utility
Describe the meaning of the Law of
Diminishing Marginal Utility
Use the MU theory to predict the
effects of changing prices and
incomes
Work out how the budget line
changes when prices or income
changes
Predict the effects of price and
income changes on consumption
choices
CHAPTER 5:Consumers' Behaviour
Theory
- Introduction
- Cardinal utility approach
- Diminishing marginal utility
- Consumer equilibrium
- Ordinal utility approach
- Indifference curve analysis
- Marginal rate of substitution
- Price consumption curve
- Income consumption curve
- Consumer surplus
Explain the relationship between a
firm’s output and labour employed
in the short run
Distinguish the two decision time
frames; short-run and long-run
Explain the relationship among
total product, marginal product
and average product
CHAPTER 6: Production Theory
- Introduction
- Production function
- Marginal product and average
product
- Law of diminishing marginal
returns
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SEMESTER BREAK
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Master file
White Board
Reference book
Discussion
Extra notes
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Class
Exercise
Q&A
Tutorial
Class
Exercises
Quiz
Q&A
SCHEME OF WORK
TWINTECH
COLLEGE SARAWAK
9
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Differentiate between explicit and
implicit cost, accounting profit and
economic profit
Explain the relationship between a
firm’s output and its costs
CHAPTER 7: Production Cost Theory
- Short-run versus long-run costs
- Costs in the short-run
- Long-run costs
- Profit maximization
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Master file
White Board
Reference book
Discussion
Extra notes
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Tutorial
Class
Exercises
Q&A
10
REVISION AND TEST 2
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Define perfect competition
Identify the characteristics of
perfect competition
Explain how price and output are
determined in perfect competitive
industry
CHAPTER 8: Perfectly Competitive
Market
- Introduction
- Determination of equilibrium price
and output
- Price system and consumer
efficiency
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12
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Differentiate between short run
and long run equilibrium
Explain why perfect competition
market is efficient
Master file
White Board
Reference book
Discussion
Extra notes
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- Short-run equilibrium
- Long-run equilibrium
- Pareto efficiency
Class
Exercises
Quiz
Q&A
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Class
Exercises
Q&A
SCHEME OF WORK
TWINTECH
COLLEGE SARAWAK
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14
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15
Explain why some markets have
only one seller
Analyse how a monopoly
determines the quantity to produce
and the price to charge
Compare the outcome under
monopoly and under perfect
competition
Identify the different types of price
discrimination
CHAPTER 9: Monopoly
- Determination of equilibrium price
and output
- Monopoly in the short-run and
long-run
- Perfect competition and monopoly
compared
- Price discrimination
- Monopoly and government
Explain the characteristics of
monopolistic competition and
oligopoly
Explain how price and output are
determined under monopolistic
competition and oligopoly
Compare the outcome under
monopolistic competition and
oligopoly
Examine the possible outcomes for
an oligopoly
CHAPTER 10: Monopolistic
Competition and Oligopoly
- Monopolistic competition
- Determination of equilibrium price
and output
- Short-run and long-run equilibrium
- Oligopoly
- The Kinked demand curve model
- Short-run and long-run equilibrium
- Non-price competition
- Short-run solutions
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REVISION WEEK
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Master file
White Board
Reference book
Discussion
Extra notes
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Class
Exercises
Q&A
Class
Exercises
Quiz
Q&A
SCHEME OF WORK
TWINTECH
COLLEGE SARAWAK
16 & 17
FINAL EXAMINATION
PREPARED BY :
DATE:
REVIEWED BY HOA:
DATE:
APPROVED BY AM:
DATE:
ZAKIAH HJ SULAIMAN
18 June 09
MAY LEE NYUK MOI
18 June 09
NORAZIAH ABD WAHAB
18 June 09
Reference books used : i) Rosnah M.S. (1997), Teori Mikroekonomi, Edisi Kedua. UTM
ii) Case, Karl E. and Fair, Ray C. (2008), Principles of Economics, 8th Edition, New Jersey: Prentice Hall
iii) Deviga Vengedasalam & Karunagaran Madhavan, (2007), Principles of Economics, Oxford Fajar