Date Issued: 15th June

2023
Course Title Micro Economics
Subject Code 112
Instructor Name Naveed Iqbal
Instructor Contact Number 0321-5189836
Course Description
Interpret, apply and relate economic principles to current. economic issues. Explain and predict how supply and
demand concept will affect prices in market economies. Distinguish between the economic outcomes associated
with perfect competition, monopolistic competition, oligopoly and monopoly

Course Division
Week 1
Lecture 1 Unit 1: Basic Economic Concepts
1.1 What is Microeconomic about?
Lecture 2 1.2 The scope and role of microeconomics?
Lecture 3 1.3 Normative and positive analysis
Week 2
Lecture 4 1.4 Key assumptions underpinning standard microeconomic models - Scarcity,
trade-offs, sunk costs and opportunity costs
Lecture 5 Unit-2 Utility theory
2.1 Law of diminishing marginal utility
Lecture 6 2.2 Law of Equi-marginal utility
Week 3
Lecture 7 Unit-3 Demand and Supply
3.1 Demand determinants of demand, law of demand,
Lecture 8 3.1 Shifts and shift factors in demand
Lecture 9 3.2 Law of supply; shifts & shift factors in supply.
Week 4
Lecture 10 3.3 Market equilibrium-surplus and shortage conditions
Lecture 11 3.4 Elasticity of Demand and Supply
Lecture 12 3.4.1 Elasticity of demand, Price, income and cross elasticity, Point and Arc
Elasticity
Week 5
Lecture 13 3.4.2 Measurement of elasticity of demand: Percentage, graphic and Total Outlay
methods
Lecture 14 3.4.3 Elasticity of supply, Measurement & Determinants of elasticity of supply.
Lecture 15 Unit- 4 Production and Cost
4.1 Law of Variable Proportions

Week 6
Lecture 16 4.2 Traditional theory of costs, average, marginal and total costs
Lecture 17 4.3 Long run average cost
Lecture 18 Unit-5 Markets, Efficiency and Welfare
5.1 Concept of Perfect competition, the short and long run
Week 7
Lecture 19 5.1 Price and output determination under Perfect Competition
Lecture 20 5.2 Monopoly: Price and output determination in the short and long run,
Lecture 21 5.2 Price discrimination
Week 8
Lecture 22 5.3 Monopolistic Competition: Price and output determination in the short and
long run
Lecture 23 5.4 Economics of public sectors
Lecture 24 5.5 Economic of labor markets
Week 9
Lecture 25 5.6 Consumer Surplus and Producer Surplus
Lecture 26 5.7 Economic efficiency and deadweight loss
Lecture 27 5.8 The impact of: price ceilings; price floors; and government taxes and subsidies
Week 10
MID Term
Week 11
Lecture 28 Unit-6 Analysis of Competitive Markets
6.1 The costs of production in the short run and the long run
Lecture 29 6.2 Profit and entry and exit in a perfectly competitive market
Lecture 30 6.3 The “Invisible Hand” – perfect competition leads to economic efficiency
Week 12
Lecture 31 6.4 Market Power: Monopoly and Monopsony
Lecture 32 6.5 Pricing with Market Power
Lecture 33 6.6 Monopolistic Competition and Oligopoly
Week 13
Lecture 34 Unit-7 Markets and the role of Government
7.1 The economic bases for government intervention
Lecture 35 7.1 Public goods, externalities
Lecture 36 7.2 The welfare implications of different market structures
Week 14
Lecture 37 7.3 Asymmetric information
Lecture 38 7.3 Game theory
Lecture 39 7.4 Market failure vs. government failure
Week 15
Lecture 40 Reserved
Lecture 41 Reserved
Lecture 42 Reserved
Week 16
Lecture 43 Reserved
Lecture 44 Reserved
Lecture 45 Reserved
 Week 17
Lecture 46 Reserved
Lecture 47 Reserved
Lecture 48 Reserved
Extra Resource Material
A combination of lecturing, computer lab, presentations, and discussions will be used to conduct the course.
Students will be expected to read extensively ahead of each class session and actively participate in discussions
and practical work.

Final Term Exams

Naveed
______________________ __________________________ _______________________
Iqbal
Instructor Academic Coordinator Principal
Signature Signature Signature