SINDH MADRESSATUL ISLAM (SMI) UNIVERSITYDepartment of Business Administration

COURSE SYLLABUS – BBA Program

1. COURSE INFORMATION

Course Title MicroeconomicsCourse CodeCredit Hours 3(3+0) – Total Credit Hours(Theory) Pre-requisite If anyType of Course Core / Supporting / CS Elective / General Education CourseAcademic Year Spring 2015-16

2. COURSE DESCRIPTION

This course is suitable both for economics and non-economics majors as gives an overview of economics as a social science for those wishing to learn the basics of economics while pursuing other undergraduate majors, however at the same time, the course provides a solid grounding in microeconomics for those wishing to pursue further education in economics. The class as well gives an overview of “thinking like an economist” and as such provides a solid grounding in economic thought and not just microeconomics as a sub-field. Differing perspectives from mainstream economics, especially Austrian School Economics, Marxist Economics and Cultural Economics, are also introduced throughout the course in order to give the student an insightful perspective to understand and critique contemporary debates over economic policy and to provide an understanding of these differing views of societal economic organization and the welfare and political philosophy perspectives of these differing views.

3. COURSE SUPERVISOR

Coordinator Name Mubashir Ali Khan, Ph.D.Contact Details Office Extension: 307

Phone: +92(21)99217501-3Email: Office Hours: Mon/Thu: 12:30 – 15:30

4. COURSE GOALS1. To guide students toward communicating an understanding of how social science knowledge is established, how this knowledge changes over time and why, the Principles of Microeconomics course addresses the application of Scientific Method and utilizes economic models. Students are introduced to the nature of assumptions in economic modeling and general problems involving comparative statics. This outcome is assessed primarily through in-class (multiple choice and/or short essay) examinations, but also through in-class discussion and homework assignments. 2. To guide students toward evaluating evidence and applying it to solving problems through social science methods, the Principles of Microeconomics course addresses specific models of price or output determination. For example, students are introduced to concepts of opportunity cost in order to explain patterns of international trade and 2- person exchange. Students are acquainted with market models like the demand and supply model and asked to explain the impact of various types of public policy (e.g. rent control, price regulation, etc.), to forecast how exogenous events may affect market prices and output, discuss how differences in market structure affect price and output, and explain how consumers make purchasing choices. This outcome is assessed primarily through in-class (multiple choice and/or short essay) examinations, but also through in- class discussion and homework assignments. Other sections of Principles of Microeconomics may also assign short papers that require this analysis. 3. To guide students toward communicating an understanding of a body of social science knowledge and its disciplinary perspective, the Principles of Microeconomics course follows a cross-disciplinary perspective. Students are introduced to regulatory issues and expected to explain contemporary events in light of the tools of microeconomic analysis. These contemporary events typically contain political, sociological and psychological components. The Principles of Microeconomics course is cumulative, in that the course builds upon successive sets of material. Students in this course develop a perspective into how economic analysis flows through a variety of areas. First, concepts of demand and supply are developed. Following this, students apply these concepts to the workings of competitive markets. Both long and short run decision making is addressed during this time. Afterwards, students are introduced to markets characterized by monopoly and imperfect competition, and then presented with the various regulatory issues that confront all markets. This outcome is assessed primarily through in-class (multiple choice and/or short essay) examinations, but also through in-class discussion and homework assignments.

5. COURSE LEARNING OUTCOMES

Upon completion of this course, students should be able to:

1. Basic economic concepts including opportunity costs, scarcity, positive and normative economics 2. How to analyze production possibilities of firms and countries, the sources of their comparative advantages, and gains from trade.3. How to use the supply and demand model to understand how markets work. 4. How elasticity is calculated and its relevance to understanding markets. 5. How to analyze consumer behavior with respect to decisions about consumption, savings and employment. 6. How to analyze decisions firms make about pricing, output, employment and investment. 7. How to analyze the behavior of firms in alternative market structures including perfect competition, monopoly, monopolistic competition and oligopoly. 8. How to apply basic game theory to strategic interaction between companies and individuals 9. How to use the concepts of equity, efficiency, and market failure to analyze and evaluate government policies such as price floors and ceilings, tax policy, environmental policy, etc. 10. How to apply economic concepts and ideas to situations not specifically covered in class

6. COURSE CONTENTS AND TOPICS ( Week by Week )

Week Topic Covered1 Introduction to Economic Thinking: Ten Principles of Economics

Mankiw, Chapter 12 Introduction to Economics: Economist as Scientist and Policy Advisor

Mankiw, Ch. 23 Introduction to Economics: Graphs and Curves

Mankiw, Ch. 24

Test/Quiz5 Societal Organization and Gains Through Trade

Mankiw, Ch. 36 Supply and Demand

Mankiw, Ch. 47 Elasticities of Supply and Demand

Mankiw, Ch. 58

Mid Term9 Welfare Economics: Consumer and Producer Surplus Mankiw, Ch. 710 Government Policy: Price Controls and Taxes

Mankiw, Ch. 6;11 Perfect Competition, Externalities and Public Goods Mankiw, Chapters 10 and

1112

Test/Quiz13 Economics of the Labor Market14 Mankiw, Chapters 18 and 1915 Inequality and Political Economy

Mankiw, Ch. 2016 Final Examination

7. OUT-OF-CLASS ASSIGNMENTS ( Book Review, Project, Term Paper etc ):

Submission Date:

Week-3 Assignment

Week-6 Assignment

Week-9 Assignment

Week-12 Project

8. COURSE TEXTBOOK, RECOMMENDED READINGS AND RESOURSES :

Textbook TITLE: Principles of Microeconomics, 5th Edition (2007) AUTHOR: N. Gregory Mankiw PUBLISHER: South-WesternReference Book(s)

1. Perloff, Jeffrey M. Microeconomics. 5th ed. Addison Wesley, 2008. ISBN: 9780321558497.

2. Rittenberg, Libby, and Timothy Tregarthen. Principles of Microeconomics (PDF - 15.1MB). 2009. (Courtesy of Libby Rittenberg, Timothy Tregarthen, and the Saylor Foundation.)

9. LEARNING STRATEGIES

Active learning strategies are employed in this course to encourage students' participation in class and to foster their abilities to gather information and data from its sources and analyze it.

Active learning strategies will focus on Theory, Problem Analysis, Design and/or Solution and Social Ethical Issues related to Computer Science in general and course in particular.

Active learning strategies include assignments/projects where students work in individual and in teams to solve certain problems and do projects on their own.

Readings may include many Internet sites.

10. STUDENT EVALUATION

Following is a distribution of 100 score across assessment tools:

Course Work Evaluation (Tests / Quizzes / Assignments / Project)

40

Midterm 20Final 40

11. ATTENDANCE POLICY

Students are expected to attend their classes. Absence never exempts a student from the work required for satisfactory completion of the courses. Excessive absences of any course will result in:

1. First warning for absence of 10% of the class hours2. Second warning for absence of 20% of the class hours3. A failing grade in the course for an absence of 25% of the class hours (as

per HEC guidelines)4. Exception to (3) may be made in the case of serious illness or death to an

immediate family member if approved by the dean of the college. In such case, the student will receive a W grade in the course

12. PLAGIARISM

It is use of someone else’s idea, words, projects, artwork, phrasing, sentence structure, or other work without properly acknowledging the ownership (source) of the property. Plagiarism is dishonest because it misrepresents the work of someone else as ones own. Students who are suspected of plagiarism will answer to an investigation. Those found guilty will face a disciplinary action as per the university rules.

13. Class Rules:

There will be no cellphone or text use during class, computers (and iPhones etc.) are acceptable if they are used to do research in order to participate in class discussion. There will be no prolonged “side discussions” tolerated during class as they distract from the learning of others. Anyone who persists in disrupting the class will be asked to leave the classroom. There will be no make-up exams, homework assignments, or “extra-credit” opportunities. It is expected that you will conform to the above grading protocols. If emergencies arise, it is expected that you will meet with the instructor during office hours or by appointment via email to work-out a realignment of the grading protocol, including providing verifiable documentation for emergency-based missed deadlines. There will be no realignment of the grading protocol for any student unless it is due to an unforeseen emergency.