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Course Title:    Microeconomics I      

Course Code:  AE-6503          

Credit Hours:  3(3-0) 

Instructor:       Nadeem Anwar          

Email:              [email protected]    

This course discusses the terminology, concepts, theory, methodology and limitations of current microeconomic analysis. The course provides students with a theoretical structure to analyze and understand economics as it relates to individuals and businesses. In addition, it seeks to provide students with an understanding of how political, social and market forces determine and affect the economy. This introductory course explores the principles of production and consumption – and the exchange of goods and services – in a market economy. In particular, it compliments other courses of agricultural economics by highlighting the various market mechanisms that influence managerial decision-making in agricultural business.

After completing the course, students will be able to understand economic issues pertaining to households and firms.

Scope of Economics; Theory of Consumer’s Behavior – Approaches to Utility analysis. Laws of Demand and Supply; Various dimensions of Elasticity of Demand and Supply; Theory of Production; Cost concepts in the short run and long run; Market equilibrium analysis.

Recommended Books

1. Parkin, M. (2007) Economics. 3rd Edition, Addison Weslay Publishing Company.
2. Nicholson, W. & Snyder C. M. (2009). Intermediate Microeconomics and its application. 11th Edition. Mason: South-Western Cangage learning Publisher.

Suggested Books

1. Varian, H.R. (2009). Intermediate Microeconomic, 8thEdition. New York: W.W. Norton Company inc.
2. Pindyck, R. & Daniel, R. (2012). Microeconomics, 8th Edition, Prentice Hall publisher.
3. Leftwich, R. H. & Eckert, R. H. (1989). The Price System and Resource allocation, 10th Edition, Islamabad, Pakistan: National Book Foundation.

1:         Exercise Page No. 92 – 93

2:         Exercise Page No. 116 – 117

3:         Exercise Page No. 162 – 163

Sessional:                    12 ( Class Attendance:2, Presentation: 4, Assignments: 6)

Mid Term Test:           18

Final Term Test:         30