This course provides an introduction to the central concepts of microeconomic analysis and decision-making, such as scarcity, allocation of resources, demand and supply, elasticity and marginal utility. The concepts are then used to explain and analyze market structures, including perfect competition and monopoly. Other topics may include analysis of labor markets, property rights and international economic. The student will be able to:

1. Demonstrate an understanding, usage and application of basic economic principles.
2. Describe and apply the methods for analyzing consumer behavior through demand and supply, elasticity and marginal utility.
3. Understand the factors of production and their their proper allocation
4. Identify and appraise various models of how markets are organized, and the price and output decisions for maximizing profit.
5. Know how markets that fail to use resources efficiently create unintended effects

Prerequisites: NIL

Description of Evaluation Procedure: Mid-Term 30 Marks (Online, MCQs)   Final Term Exam: 25 Marks(Online MCQs)   Viva: 25 Marks    Sessional: 20 Marks

Key Dates: Commencement of Class: 26, October 2020        Mid Term Exam: January 11-14, 2021   Final Term Exam: March 1-5, 2021     Declaration of Result: March 12, 2021

Class Timing: 1:00-2:30 PM  Thursday, 2:30-4:00 PM Friday (SSA)   4:00-5:00 PM Thursday& Friday (SSB)