Course Title : Microeconomics
Call Number : Econ 101
Credit Hours : 3

Text books
1. Economics Samuelson, P. A., Nordhaws, W. D. 17th ed. McGraw-Hill
2. Economics McConnell, C.R., Brue, S.L., 16th ed. McGraw-Hill
3. Economics Anderton, A., Causeway Press Ltd.

Grading
Individual Assignment 10
Group Assignment 20
Mid Semester Exam 30
Final Examination 40

For every day that an assignment is late 10 % will be deducted up to a maximum of 3 days. After that assignments will not be accepted.

Aim of the subject
The aim of this subject is to expose students to some of the key principles of economics theory and their applicability to economic and social problems. At the end of the course, candidates should have attained an understanding of microeconomics and in particular the problems of resource allocation.

1. Introduction Definition of Economics Microeconomics vs. Macroeconomics Positive vs. normative economics Economics as a science Scarcity and wants Opportunity cost. Production Possibility Frontiers Factors of Production

2. Demand, Utility and Supply Demand - price and income Distinction between a movement along and a shift of the demand curve Elasticity of demand Inferior and griffen goods Supply price and cost of production Elasticity of supply Determinants of supply

3. Price Mechanism and Allocation of Resources. Interrelationship between demand and supply Equilibrium price and output Interrelationship between markets Compliments and substitutes Government intervention in the market - Maximum price, minimum price Tax and subsidies

4. Consumer Choice Utility Consumer Equilibrium Marginal utility theory Consumer surplus Indifference Curves

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