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COURSE SYLLABUS
Second Semester, AY 2014 – 2015
Vision-Mission Statement :
San Beda College, a Catholic educational institution, is committed to the Christian formation of the Bedan Community as its
service to the Church, the Philippine society, and the world.
Vision : San Beda College envisions a community that is Fully Human, Wholly Christian, Truly Filipino, and Globally Competitive.
Mission : San Beda College aims to form its members in Faith, Knowledge, and Virtue
Core Values : Inculcate in the students the Benedictine core values of Study, Community, and Pursuit of Peace
____________________________________________________________________________________________________________________________________
Course Title : ECON3
Course Code : Microeconomics
Prerequisite : ECO01
Credits : 3 units
I. Course Description:
This is a course that deals with the principles, concepts, and theories of Microeconomics. The course covers methods and tools of economic analysis; organizational
structure of an economy and economic systems; supply and demand analysis including the concept of elasticity; equilibrium price and price controls; theory of
consumer behavior and concept of marginal analysis; theory of production, cost and revenue; and theory of markets. Practical application of the principles, theories,
and concepts to real economics situations and/or problems is an integral part of the course, which are vital to managerial decision making.
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II. Course Objectives:
1. Define and discuss the nature, functions, scope and limitations of microeconomics and its relationship to other disciplines.
2. Understand microeconomic theory including introductory basic principles such as scarcity, choice and maximization theory for the individual, the firm
and government entities.
3. Explain the microeconomic principles, concepts, theories that guide economic activities and relationships of man and the various sectors of society;
4. Apply the microeconomic principles, concepts, and theories learned to individual decision making and economic problems and issues as well as policy
formulation.
5. Apply various economic methods and tools of analysis like graphs, diagrams, tables and charts for purposes of presentation and application of economic
principles, theories, and concepts.
6. Compare and contrast current microeconomic events and evaluate the impact of microeconomic decisions made by business, consumers and government
entities on the student’s life, present and future.
7. Evaluate the impact of government policy actions on free market operation, identifying positives and negatives and appraising efficiency and welfare.
8. Demonstrate the Benedictine values of discipline, humility, stewardship and community in doing assigned tasks.
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▪ Differentiate the two branches of C. Branches (Microeconomics &
economics Macroeconomics
▪ Describe several reasons to study D. Overview of the
economics Microeconomic System
▪ Describe the forces that shape E. Ten Principles of Economics
microeconomics
Determine the underlying principles in
economics, its foundation, scope,
problems and framework under which
economic activities are undertaken
1,2,3,4,5 Students must be able to: Week 2 DEMAND, SUPPLY AND ▪ Lecture ▪ Recitation
,8 ▪ Explain how the law of demand affects 3 hours MARKETS ▪ Discussion ▪ Quiz
market activity A. Demand and Supply ▪ Board Work ▪ Case Analysis
▪ Explain how the law of supply affects ▪ Definitions ▪ Small Group Discussion ▪ Article Review
market activity ▪ Determinants
▪ Describe how the interaction between ▪ Law of Demand & supply (Case analysis and
supply and demand creates markets ▪ Tabular and graphical analysis article review should
▪ Describe how markets reach B. Market Equilibrium be submitted in short
equilibrium C. Changes in Equilibrium Price bond paper,
▪ Explain how markets react during and Quantity standard margin,
periods of disequilibrium ▪ Shifts of demand and supply Arial font size 12,
curves single space and
▪ Simultaneous shifts of demand maximum of only
and supply curves 1000 words)
D. Disequilibrium
▪ Price Floors Guide for
▪ Price Ceilings assessment:
● The answer is
complete and
concise (40 pts.)
● Ideas are clearly
explained and
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supported by
examples (40 pts.)
● Strictly followed
the prescribed
format (20 pts.)
1,2,3,4,5, Students will be able to: Week 3 CONCEPT OF ELASTICITY ▪ Lecture ▪ Small group
8 ▪ Define and compute the coefficient of 3 hours ▪ Price elasticity ▪ Discussion discussion/case
elasticity of demand and supply ▪ Income elasticity ▪ Board work study
▪ Identify the determinants of the ▪ Cross elasticity ▪ Quiz
elasticities of demand and supply
▪ Describe other measures of elasticity
1,2,3,4,5, Students will be able to: Week 4-5 THEORY OF CONSUMER ▪ Lecture ▪ Recitation
6,8 ▪ Explain the basics of the two 6 hours BEHAVIOR ▪ Discussion ▪ Seatwork/
approaches in understanding consumer A. Approaches ▪ Board work exercises
behavior ▪ Utility ▪ Small group discussion ▪ Quiz
▪ Describe how to measure and maximize ▪ Indifference curve
utility B. Brief introduction on calculus
▪ Explain how marginal utility and the C. Utility maximizing conditions
law of demand can create consumer D. Consumer surplus
surplus
1,2,3,4,5, Students will be able to: Week 6-7 THE PRODUCTION ▪ Lecture ▪ Recitation
6, 8 ▪ Explain the relationship between cost 6 hours ANALYSIS ▪ Discussion ▪ Newspaper article
and profit A. Cost and Profit ▪ Small group sharing review
▪ Identify the elements that affect B. Production in the short-run ▪ Board work ▪ Quiz
production in the short term C. Costs in the short run
▪ Explain how the costs of production D. Costs in the long run
vary with output in the short run
▪ Describe how firms use the long-run
average cost curve to make choices
about production
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▪ Assess and evaluate how business firms
utilize the factors of production t
maximize output relative to their costs
minimization and revenue/profit
maximization goals
3,4,5,6,8 Students will be able to: Week 8 THEORY OF THE FIRM: A ▪ Discussion ▪ Quiz
▪ Understand the theoretical 3 hours GENERAL OVERVIEW ▪ Required reading: ▪ Newspaper article
underpinnings of the market structures A. Types of Market Structures “Seven Assumptions of a analysis
in economics B. Characteristics of Market Theory of the Firm” by
▪ Differentiate the characteristics of Structures Evan J. Douglas
market structures
Week 9 MIDTERM EXAMINATIONS WEEK
3,4,5,6,7, Students will be able to: Week PRICE AND OUTPUT ▪ Lecture ▪ Recitation
8 ▪ Define a perfectly competitive market 10-11 DETERMINATION IN: ▪ Discussion ▪ Board work
and explain its effect on demand 6 hours A. Pure Competition ▪ Required reading: (graphing)
▪ Explain how firms maximize profit in B. Monopoly “Agricultural Markets: An ▪ Quiz
the short run Illustration of Some of the
▪ Identify ways firms minimize losses Characteristics of Perfect
▪ Identify how concepts of efficiency are Competition”
used to judge market performance Economics of the Firm, 5th
▪ List and describe the barriers to market ed., by Arthur Thompson
entry
▪ Explain sources of revenue for the
monopolist
▪ Describe the problems that interfere
with estimating the deadweight loss of
a monopoly
▪ Describe conditions that create price
discrimination
3,4,5,6,7, Students will be able to: Week 12 C. Monopolistic Competition and ▪ Lecture ▪ Recitation
8 ▪ Discuss the factors that lead to 3 hours Oligopoly ▪ Discussion ▪ Board work
monopolistic competition ▪ Graphing ▪ Article review
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▪ Explain the concept of oligopoly ▪ Submission of an article ▪ Quiz
▪ Describe the models of oligopoly review of not more than
1000 words
▪ Quiz
▪ Required reading:
Advertising: Its Impact and
Economic Significance”
Economics of the Firm, 5th
Ed. by Arthur Thompson
▪ Required Article Reading:
“The Philippine Power
Sector: Issues and
Solutions’, by Ma. Rowena
M. Chan, Philippine
Review of Economics, Vol.
XLIV, No. 1, June 2007
3,4,5,6,7, Students will be able to: Week 13 RESOURCE MARKETS ▪ Simulation Exercises ▪ Group Discussion
8 ▪ Identify examples of resource demand 3 hours A. The Demand and Supply of ▪ Data Analysis on Labor ▪ Quiz
and supply in daily life Resources
▪ Explain the resource supply and B. Opportunity Cost and
demand Economic Rent
▪ Define opportunity cost and economic
rent MARKETS AND UNIONS
A. Labor Supply
▪ Discuss issues affecting labor supply B. Market Supply of Labor
and utility maximization C. Unions and Collective
▪ Explain the market supply factors that Bargaining
lead to differing wages D. Union Wages and Employment
▪ List types of unions and describe their
collective bargaining strategies
▪ Describe the relationship between
union wages and employment
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4,6,7,8 Students will be able to: Week 14 ECONOMIC REGULATION ▪ Lecture ▪ Selection of a
▪ Describe the different types of 3 hours A. Regulating natural monopolies ▪ Discussion newspaper article
government regulation B. Theories of economic ▪ Data Analysis related to economic
▪ Explain why and how natural regulation regulation for
monopolies are regulated C. Deregulation presentation in the
▪ Explain why producers are interested in D. Per se illegality class
economic regulation E. Rule of reason ▪ Quiz
▪ Describe the relationship between F. Merger Waves
public policy and merger activity G. Competitive Trends
▪ List competitive trends in the global
economy
4,6,7,8 ▪ Define public goods Week 15 PUBLIC GOODS ▪ Film Viewing on ▪ Group
▪ Discuss the role of public choice in a 3 hours A. Private vs. Public goods environmental issue/s presentation on
representative democracy B. Public Choice proposed
▪ Describe the underground economy C. Underground economy environmental
▪ Define externalities and explain the protection in
common-pool problem EXTERNALITIES AND THE Mendiola area
ENVIRONMENT
▪ Explain the optimal level of pollution A. Externalities and the
▪ Assess the role of environmental Common-Pool Problem
problems in the economy B. Optimal Level of Pollution
▪ Describe positive externalities C. Environmental Protection
D. Positive Externalities
5,6,7,8 Students must be able to: Week Individual Presentation of Industry ● Data gathering ● Industry Paper
A. Submit a research paper (industry 16-18 Paper ● Data analysis Defense
paper) to: 9 hours ● Individual consultation
● Determine the history and background Evaluation of the Course
of a particular industry in the
Philippine setting
● Assess the performance of the industry
from the perspective of economics
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● Discuss and analyze the problems
facing the industry
● Analyze the role of government on the
performance of the industry
● Identify areas for future policy
prescriptions for the improvement of
the performance of the industry
B. Identify the strengths and
weaknesses of the course in terms of
content, methodology and the
instructor
V. Course Requirements
Beside active class participation, students are expected to submit the following as deemed necessary by the instructor depending on the topic’s level of
contemporary appeal for business and economics:
1. Case Analyses (individual and by group)
2. Article Review (individual)
3. Assignments
4. Seatwork (individual and by group)
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● Performs assigned tasks but needs
● Does not perform assigned tasks many reminders
● Performs all assigned tasks ● Performs all tasks very effectively
● Often misses meetings and, when ● Attends meetings regularly but
Taking ● Attends meetings regularly and ● Attends all meetings and participates
present, does not have anything generally does not say anything 35%
responsibility usually participates effectively enthusiastically
constructive to say constructive
● Generally reliable ● Very reliable
● Relies on others to do the work ● Sometimes expects others to do
his/her work
● Usually does much of the talking
● Often argues with team mates
● Does not pay much attention when ● Generally listens to others' points
● Does not let anyone else talk ● Always listens to others and their ideas
others talk, and often assumes their of view
● Occasional personal attacks and ● Helps them develop their ideas while
Valuing other team ideas will not work ● Always uses appropriate and
"put-downs" giving them full credit 30%
members ● No personal attacks and put-downs respectful language
● Wants to have things done his way ● Always helps the team reach a fair
but sometimes patronizing ● Tries to make a definite effort to
and does not listen to alternate decision
● When others get through to him, understand others' ideas
approaches;
works reasonably well with them
Total: 100%
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• Demonstrates strong enthusiasm
• Shows no interest in topic about topic during entire presentation
• Shows little or mixed feelings • Shows some enthusiastic
presented • Significantly increases audience
Enthusiasm/Audi about the topic being presented feelings about topic
• Fails to increase audience understanding and knowledge of 30%
ence Awareness • Raises audience understanding • Raises audience understanding
understanding of knowledge of topic; convinces an audience to
and knowledge of some points and awareness of most points
topic recognize the validity and importance
of the subject
Total: 100%
Grammar
/mechanics
• Uses compound sentences • Uses complex sentences • Manipulates complex sentences for
• Sentence
• Uses simple sentences • Too many punctuation and/or • Few punctuation or mechanical effect/impact
structure 20%
mechanical errors errors • No punctuation or mechanical errors
•Punctuation/
/mechanics
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● Vocabulary is sophisticated
• Vocabulary is used properly
and correct as are sentences which
●Vocabulary is unsophisticated, not though sentences may be simple • Vocabulary is varied, specific
vary in structure and length
used properly in very simple ● Infrequently uses subject and appropriate
Language ● Uses and manipulates subject
sentences specific vocabulary correctly ● Frequently uses subject
• Vocabulary; use specific
● Uses subject specific vocabulary ● Writer’s tone exhibits some specific vocabulary correctly 20%
of vocabulary vocabulary for effect
too sparingly level of audience sensitivity ● Writer’s tone emerges and
• Tone ● Writer’s tone is clear,
is generally appropriate to
consistent and appropriate for
audience
intended audience
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●The writing is not logically ● In general, the writing is ● The ideas are arranged ● The ideas are arranged
organized arranged logically, although logically to support the central logically to support the purpose or
●Frequently, ideas fail to make sense occasionally ideas fail to make purpose or argument. They argument. They flow smoothly from
Organization together sense together are usually clearly linked to one to another and are clearly linked
10%
●The reader cannot identify a line of ● The reader is fairly clear about each other to each other.
reasoning and loses interest what the writer intends ● For the most part, the reader ●
can follow the line of The reader can follow the line of
reasoning reasoning
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Grammar,
Spelling, Writing
● There are so many errors that
Mechanics ● The writing has many errors, ● There are occasional errors, but
meaning is obscured. The ● The writing is free or almost free of
(punctuation, and the reader is distracted by they don't represent a major 5%
reader is confused and stops errors.
italics, them distraction or obscure meaning.
reading
capitalization,
etc.)
● Although attributions are
● Professionally legitimate
occasionally given, many ● Compelling evidence from
sources that support claims are
● References are seldom cited to statements seem professionally legitimate sources is
Use of References generally present and 15%
support statements. unsubstantiated. The reader is given to support claims. Attribution
attribution is, for the most part,
confused about the source of is clear and fairly represented.
clear and fairly represented.
information and ideas.
● Although most of the
● References are primarily
● Most of the references are from references are professionally
● There are virtually no sources peer-reviewed professional journals
sources that are not legitimate, a few are
that are professionally reliable. or other approved sources (e.g.
Quality of peer-reviewed and have questionable (e.g., trade books,
The reader seriously doubts government documents, agency 15%
References uncertain reliability. The internet sources, popular
the value of the material and manuals…). The reader is
reader doubts the accuracy of magazines, …). The reader is
stops reading confident that the information and
much of the material presented uncertain of the reliability of
ideas can be trusted
some of the sources.
Use of Most
Recent Edition
of the
Publication ● APA format is used accurately
● Format of the document is not ● There are frequent errors in ● APA format is used with minor
Manual of the and consistently in the paper 15%
recognizable as APA. APA format. errors.
American and on the "References" page.
Psychological
Association
(APA)
Total: 100%
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• A practical application of majority of the concepts and theories in Microeconomics
• A final requirement of the course ECO03
• The paper will be graded on the basis of the student’s written and oral presentations
Specific Objectives:
• To determine the history and background of a particular industry in the Philippine setting
• To assess the performance of the industry from the perspective of economics
• To identify problem/s encountered or currently encountering by the industry
• To identify actions done by the industry and the government to address the problems
• To provide a discussion on the strengths and limitations of the actions done by the industry and the government
• To identify areas for future policy prescriptions by the industry as well as the government
•
Other Points to Consider:
• As the term implies, industry is composed of two or more firms producing the same product
• The term is analogous to “market structure” in economics
• Considered as an economic actor, more specifically the “business”, “firm”, or the “producer”
• Three major industries, similar to how GDP/GNP is computed:
a. Agriculture
b. Manufacturing
c. Service
• Each major industry has its sub-industry/ies
• Government & private agencies generate list of firms under each sub-industry
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❖ Type of competition existing (to identify the type of market structure)
❖ Degree of competition among the players
❖ Pricing behavior used by the players for revenue generation
❖ Production and cost behavior (to identify the economies of scale and productive use of its inputs to production)
III. Major Problem/s Encountered or Currently Encountering by the Industry and its Policy Implications
❖ Identify the problem/s that significantly affect/s the operation of the industry
❖ Specific actions done or doing by the industry to address/remedy the problem/s
❖ Specific government policy/ies to address the problem/s (Laws, Republic Acts, etc.)
❖ Discussion on the strengths and limitations of the above actions by the industry and the government
IV. Areas for Future Policy Prescriptions
❖ By identifying the strengths and weaknesses, provide a discussion of your policy prescriptions/recommendations
❖ Discuss your own view on the prospect of the industry for the next five years
Other Reminders:
• To be submitted in short bond paper, 1.5 space, Arial font #12, ring bind
• No fancy paraphernalia
• Deadline of submission: on or before March 6, 2015 at 5:00p.m
• Late submission will not be accepted
• Only the student assigned to present the paper is allowed to be in the classroom
• The final grade for the paper (written and oral) will be announced during the final meeting of the class
• Identify sources of data through: government agencies, associations, websites, particular firms within the industry
• Make sure to get the exact name and position of the person you wish to interview so that official letter of request be issued by the Department
• Consultations will be accommodated but only for those who sought official request for appointment
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LIST OF INDUSTRIES FOR SELECTION:
1. Domestic Airline
2. Domestic Shipping
3. Inter-Provincial Bus Operation
4. Metro Manila Bus Operation
5. MRT or LRT
6. Mobile Telecommunications
7. Broadsheet Newspapers
8. Television Broadcast Networks
9. Radio Broadcast Networks
10. Downstream Oil Industry/Renewable Energy
11. Pharmaceutical/Drugs Manufacturing Industry
12. Pawnshops
13. Commercial Banking Industry
14. Life Insurance
15. Private General Hospitals
16. Pre-need Plan for Health
17. Retail Selling in Supermarkets
18. Hardware Retailing
19. Liquefied Petroleum Gas
20. Powdered Milk Products
21. Real Estate Industry
22. Private Higher Educational Institutions
23. Malt Liquor Products
24. Cigarette Products
25. Paper and Paper Products
26. Soaps and Detergents
27. Computer Peripheral and Accessories
28. Feeds, Fertilizers and Insecticides
29. Flour Milling Producers
30. Sugar Production
31. Music and Recording Industry
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32. Power Utilities a. Distribution; b. Generation; c. Transmission
33. Water Utilities
34. Furniture Production
35. Mining Industry
36. Hotel Industry
Douglas, Evan J. Intermediate Microeconomics: Theory and Applications. Prentice-Hall, Inc. Englewood Cliffs, N.J.
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Ekelund, Robert B., Jr., Ressler, Rand W. and Tollison, Robert D. Microeconomics: Private Markets and Public Choice (7th ed.). USA: Addison Wesley Longman,
Inc. 2010
McEachern, William A. Microeconomics: A Contemporary Introduction. South-Western, Cengage Learning, USA. 2014
McEachern, William A. Microecon2 (Student Edition). South-Western, Cengage Learning, USA 2010
O’Sullivan, Arthur. Microeconomics: Principles, Applications and Tools Pearson Series in Economics. 2012
Piros, Christopher D. Economics for Investment Decision Makers: Micro, Macro and International Economics CFA Institute Investment 2013
Schwartz, Robert A. Micro Markets: A Market Structure Approach to Microeconomic Analysis Wiley Finance. 2010
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Taylor, John B. Microeconomics. South-Western, Cengage Learning, USA 2010.
Thomson, Arthur A., Jr. Economics of the Firm: theory and Practice (5th ed). Prentice-Hall International, London. 2011
Tucker, Irvin B. Microeconomics for Today’s World. South-Western, Cengage Learning, USA 2010.
ELECTRONIC SOURCES:
Economics Network
www.principlesofeconomics.net and http://www.economicsnetwork.ac.uk/teaching/text.htm
http://www.slideshare.net/raileeanne/basic-economics-with-taxation-and-agrarian-reform-boa
● Both websites contain various economic resources and presentations that can help the students’ solve some of the course requirements like book works,
group presentations, group analysis and discussion and also article review.
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Prepared by:
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