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Key Learning Outcomes of the Course Unit
On successful completion of this course unit, students/learners will or will be able to:
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1 |
Student who has completed Microeconomics should be able to think critically and be able to apply economic reasoning in making personal and business decisions and in analyzing public policies. |
2 |
Students should be able to interpret graphs, charts and other forms of data to become economically literate. |
3 |
Explain the cost of choices and trade-offs
Illustrate society’s trade-offs by using a production possibilities frontier (or curve)
Explain the assumption of rationality by individuals and firms
Define marginal analysis
Differentiate between positive and normative statements |
4 |
Explain the determinants of demand
Explain the determinants of supply
Explain and graphically illustrate market equilibrium, surplus and shortage |
5 |
Explain the price elasticity of demand and price elasticity of supply, and compute both using the midpoint method |
6 |
Define and calculate consumer, producer and total surplus; graphically illustrate consumer, producer and total surplus |
7 |
Define the concept of utility and satisfaction.Calculate and graph the firm’s fixed, variable, average, marginal and total costs; calculate and graph the firm’s average, marginal and total revenues; determine the profit maximizing output level and price using graphs and demand schedules; is able to calculate and graphically illustrate where marginal revenue equals marginal costs |
8 |
Define the term “production” and explain what a production function is; define the term “production inputs,” and differentiate between labor, land, capital, entrepreneurship, technology |
9 |
Define the characteristics of Perfect Competition |
10 |
Define the characteristics of a monopoly, Oligopoly and monopolistically competitive industry |