SCHOOL OF BUSINESS STUDIES UNIT PLAN LECTURES

Unit Code and Title Unit Leader Other Lecturers / Tutors : : : ABBE 1013 MICROECONOMICS YOU HUI LI WONG HK, WEE CK, HANIKA, TAN FM, CHIN MY, CHEN YI, GOH HH, TAN SH, KOK SH, TAN SL, TANG YW. Semester Academic Year Course Hours / week Week/Date Topic Chapter 1 : Introduction 1.1 What is economics? 1.2 Key concepts in economics 1.3 Positive and normative economics 1.4 Microeconomics and Macroeconomics Chapter 1 : Introduction 1.5 The production possibilities frontier (PPF) 1.6 Economic systems Chapter 2 : The Mechanics of the Market 2.1 The law of demand 2.1.1 The individual and market demand curves 2.1.2 Change in demand and change in quantity demanded 2.1.3 Determinants of demand Chapter 2 : The Mechanics of the Market (continuation) 2.2 The law of supply 2.2.1 The individual and market supply curves 2.2.2 Change in supply and change in quantity supplied 2.2.3 Determinants of supply 2.3 Equilibrium and disequilibrium 2.3.1 Price ceilings and shortages 2.3.2 Price floors and surpluses Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 2 : : : : 1 2009/2010 DAC1, DBU1, DBF1, DEM1, DFI1, DMK1, DIN1, DEC1, DHR1, DLM1,DRM1 2 hours *

Reference Material Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 1

Week 1 (25/5-31/5)

Week 2 (1/6-7/6)

Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 3

Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 3

Week 3 (8/6-14/6)

Week/Date Week 4 (15/6-21/6)

Topic Chapter 2 : The Mechanics of the Market (continuation) 2.4 The price elasticity of demand 2.4.1 Calculating price elasticity of demand 2.4.2 Graphical analysis of elasticity 2.4.3 Applications of price elasticity of demand 2.4.4 Determinants of price elasticity of demand Chapter 2 : The Mechanics of the Market (continuation) 2.5 Cross elasticity of demand 2.6 Income elasticity of demand 2.7 Price elasticity of supply Chapter 3 : The Theory of Consumer Behavior 3.1 Marginal utility and total utility 3.2 Law of diminishing marginal utility 3.3 Consumer equilibrium and demand 3.4 Income and substitution effects Chapter 4 : Theory of the Firm 4.1 The firms objective: maximizing profit 4.1.1 Explicit and implicit costs 4.1.2 Accounting profit and economic profit 4.2 The distinction between short run and long run 4.3 Short-run production costs 4.3.1 The law of diminishing marginal returns 4.3.2 Relationship between costs and output Chapter 4 : Theory of the Firm (continuation) 4.3 Short-run production costs 4.3.3 The average-marginal rule 4.4 Long-run production costs 4.4.1 Economies and diseconomies of scale 4.4.3 Constant returns to scale

Reference Material Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 17

Week 5 (22/6-28/6)

Roger A. Arnold, (2008), Economics,8th Edition, Thomson South-Western, Chapter 17

Week 6 (29/6-5/7)

Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 18

Week 7 (6/7-12/7)

Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 19

Week 8 (13/7-19/7)

Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 19

Week/Date Week 9 (20/7-26/7)

Topic Chapter 4 : Theory of the Firm (continuation) 5.1 Perfect competition 5.1.1 Market characteristics of perfect competition 5.1.2 Demand and revenue curves in perfect competition 5.1.3 Profit maximization in the short-run and long-run Chapter 5 : Market Structure 5.1 Perfect competition 5.1.4 Marginal cost and short-run supply 5.1.5 Perfect competition and efficiency Chapter 5 : Market Structure (continuation) 5.2 Monopoly 5.2.1 Market characteristics of monopoly 5.2.2 Forms of barriers to entry 5.2.3 Demand and revenue curves in monopoly 5.2.4 Output and price determination 5.2.5 Price discrimination Chapter 5 : Market Structure (continuation) 5.3 Monopolistic competition 5.3.1 Market characteristics of monopolistic competition 5.3.2 Price and output in monopolistic competition 5.3.3 Monopolistic and efficiency 5.4 Oligopoly 5.4.1 Market characteristics of oligopoly 5.4.2 Oligopoly and efficiency

Reference Material Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 20

* **

Week 10 (27/7-2/8)

Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 20

Week 11 (3/8-9/8)

Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 21

Week 12 (10/8-16/8)

Roger A. Arnold, (2008), Economics, 8th Edition, Thomson South-Western, Chapter 22

Week/Date

Topic Chapter 6 : Factor Markets and Distribution of Income

Reference Material Roger A. Arnold, (2008), Economics, 8th Edition,

Week 13 (17/8-23/8)

6.1 The factor markets 6.1.1 Marginal revenue product and value marginal product 6.1.2 Marginal factor cost 6.2 Labor market 6.3 Interest 6.4 Rent 6.5 Profit Revision

Thomson South-Western, Chapter 24 & 27

Week 14 (24/8-30/8)

Semester examination Week 15 (31/8-6/9)

Approve by Head of Division, Name Date of Approval Please note:

: _MS. WONG HWA KIONG :

Signature

: _____

____________________

This unit plan, upon approval by the Head of Division, will be distributed to students. 2) Lecturers are advised to take account of the public holidays when planning the unit plan as replacement of lectures missed as result of public holidays will not be always possible. Kindly return the completed unit plan to the office by 1st week of the semester. Indicate by: * against the week when course work will be given to students. ** against the week when assignment topics will be given to students.