THE CO-OPERATIVE UNIVERSITY OF KENYA
SCHOOL OF BUSINESS AND ECONOMICS
BACHELOR OF ECONOMICS
COURSE OUTLINE
BECO 1101: INTRODUCTION TO MICROECONOMICS (42 LECTURE HOURS)
Trimester: September – December 2023
Course Lecturer: John K. Omurwa, Email: [email protected]
Class Schedule: Mondays 10.00AM-1.00 PM, Venue -Online
Prerequisite – None
Course Content
This course unit seeks to introduce students to principles and concepts of micro economics for
aiding in economic decision making.
Expected Learning Outcomes
By the end of the course, the students should be able to:
1. Explain essential micro economic concepts;
2. Apply the basic economic concepts and principles in solving economic issues
3. Discuss the types of market structures.
Course Content
Nature and scope of economics; basic economic concepts; scarcity, choice, opportunity cost, economic
methodology and its basic concepts, economic systems and types of economies, demand and supply;
demand analysis, determinants of demand, supply analysis, determinants of supply, elasticity,
determinants of elasticity, application of elasticity, equilibrium analysis and economic application,
consumer theory; cardinal or utilitarian approach, ordinal or preference ranking approach, indifference
curves, consumer equilibrium, consumer surplus, theory of production; factors of production, levels of
production, short –run production; law of variable proportions ( diminishing returns ), long – run
production; law of increasing and diminishing returns to scale, theory of costs, optimum size of the firm,
theory of the firm; profit maximization, market structures, factor markets, demand and supply analysis of
factor markets, pricing of factors of production
COURSE SCHEDULE
WEEK TOPIC/CONTENT/ACTIVITY
1&2 Introduction to Economics: Definition of economics, nature and scope of
economics; basic economic concepts; scarcity, choice, opportunity cost, economic
methodology and its basic concepts, economic systems and types of economies,
demand and supply
3 Demand: Demand analysis, determinants of demand
4 Supply: Supply analysis, determinants of supply
1
5 Elasticity: Determinants of elasticity, application of elasticity
6 The Equilibrium condition: Equilibrium analysis and economic application,
7&8 Consumer theory: Cardinal or utilitarian approach, ordinal or preference ranking approach,
indifference curves, consumer equilibrium, consumer surplus,
9 Theory of Production: long – run production; law of increasing and diminishing returns to
scale.
10 Theory of production: factors of production, levels of production, short –run production;
law of variable proportions (diminishing returns),
11 & 12 Theory of costs: Ooptimum size of the firm, theory of the firm; profit maximization
13 & 14 Markets: Market structures, factor markets, demand and supply analysis of factor
markets, pricing of factors of production
15 & 16 University Examinations
Course Assessment
Continuous Assessment Tests (CATs),
Assignments and Presentation 30%
Final Examination 70%
Total 100%
Course Text Books
Andrew. G. (2013). Business Economics, 2nd edition. Oxford University Press. ISBN 978-0199657995
Michael.,B. (2013). Managerial Economics & Business Strategy, 8 edition. McGraw-Hill/Irwin. ISBN 978-
0073523224
Paul.,K.&Robin, W.(2013). Economics. (3rd Edition). Worth Publishers ISBN 978-1429251631
McConnell, C. and Brue, S. (2013). Economics (19thEd). McGraw-Hill Publishing Company. ISBN-
10: 0072978600
Reference Text Books
Robert, S., Pindyk, R. andRubinfeld, D. (2013). Microeconomics, (5rd edition). Prentice Hall.ISBN-10:
0132080230
Samuelson, P. and William, L. (2014). Economics (19th Ed). McGraw-Hill Companies, IncISBN:
0072314885
Ahuja, H. (2014). Modern Economics (17th Ed). New Delhi: S. Chand ISBN: 978-812903745
McConnell, C. and Bruce, S. (2015). Economics, principles, problems and policies (19thed.). Toronto:
McGraw-Hill. ISBN: 978-0-07-312663-0
Course Journals
Journal of Microeconomics. ISSN: 0570-1864
Journal of Cultural Economics. ISSN: 0885-2545
Journal of Applied Economics. ISSN: 0003-6846
International Journal of Money, Banking and Finance. ISSN: 2277-9388
Reference Journals
Review of Economics of the Household Journal, Springer. ISSN:1569-5239
American Economic Journal: Microeconomics. ISSN: 1945-7669
Journal of Economic Analysis and Policy. ISSN: 0313-5926
Journal of Business Economics. ISSN: 1611-1699
