Course Objectives:

This course is designed to introduce key microeconomics concepts and techniques applicable as tools for rational economic decision-making within the micro framework. The course aims to demonstrate the relevance and usefulness of economic analysis to real world business situations. Emphasis is placed on optimal decisions making within the firm and the strategic relationship with other business.

The goal of the course is to provide an introduction to microeconomics. Using microeconomics theory, the students will be able to understand the concepts of demand and supply, the price determination in the market, firm behavior and the structure of the markets.

Primary objective to the study microeconomics is to learn the concepts, theories and laws of economics relating to the individuals, households and firm's economic behavior and optimization analysis. Learning economics helps the studetns to become the part of economics development process. 

Course Contents in Brief:

Micro economics is the study of individuals, households and firm's economic behavior inorder to optimize decison making and allocation of resources process. It is the study of Production, exchange, consumption and distribtuion of goods and services to be managed at equilibrium. It is the study of material welfare. It is the study of economics problem which related to the  fulfilment of unlimited wants from scarce resoureces. It is science of efficieny and growth.  

It relates to the markets, consumer theory, demand theory, production and supply of goods and services and Market structures etc. It helps in resolving the economic problems or issues of individual dicision making agent of an economy.  

Learning Outcomes:

After studying this course the student will be able to understand:
1. The Economic problem of allocation and distribution of resources.
2. The factors that determine demand and supply
3. The concept of elasticity of demand and supply
4. Analyze the effect of market structure on firm behavior
5. Analyze efficiency and the role of government in promoting and deterring efficiency
6. The concept of derived demand for labor and capital
7. The existence of impact of externalities
8. Income distribution and “fairness”.

Pre-requisite: No

Recommended Text:

1. David M. Winch, Micro Economics: Problems and Solutions, Oxford University Press. (Latest Edition)

2. Mc Connell & Brue, Economic 15th Edition., McGraw Hill, INC.

3. Muhammad Hussain Choudhry, Economic Theory Volume 1, Caravan Book House, Lahore 2002.
3. Muhammad Hussain Choudhry, Economic Theory Volume 1, Caravan Book House, Lahore 2002.

4. Ruffin and Gregory, Principles of Economics, Illionois: Scott Foresman and Company, (Latest Edition).
5. Samuelson and Nordhaus, Economics, New Delhi, Tata McGraw Hill, (Latest Edition).
6. Scott and Nigro: Principles of Economics, New York; Macmillan Publishing Co., Inc., (Latest Edition)

7. Saeed A. Nasir: Principles of Economics  (Latest Edition).

8. Dominick Salvatore: Managerial Economics in a Global Economy. (Latest Edition)  

Evaluation System: 

     Mid Term: 30% Marks

     Final Term: 50% Marks

     Sessoinals: 20% Marks

Class Timings: 

     Monday and Tuesday: 8.00 am to 9:30 am