Theory of Consumer Behavior (Cardinal Approach) Lecture 8 (Microeconomics)

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Theory of Consumer Behavior (Cardinal Approach) Lecture 8 (Microeconomics).Principles of Economics.
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The Theory of Consumer Choice - Cardinal Approach-I
a) Background of ordinal utility theory
b) Theory of consumer choice
c) Indifference Curve and Budget Line
d) The Consumer’s Optimal Choice

Course Description: The course introduces the students to the fundamentals of economics and how individual units operate in the economy. The topics included are introduction to microeconomics, law of demand and law of supply, theory of cost and market mechanism, price and output determination under different market structures.
Course Objective: The main objective of this course is to:
1. Understand and discuss the fundamental concepts of Economics
2. Have a sound idea of the factors involved in allocating of scarce resource
3. Identify the roles carried out by different markets
4. Posses a theoretical awareness of basic economic theories and models for allocation of scarce resources to derive achieve maximum satisfaction
Learning Outcome: At the end of this course it is expected that the student should be able to:
1. Create a meaningful understanding of basic concepts about economics.
2. Analyze the allocation of scarce resources.
3. Use of limited resource to fulfill the maximum needs and wants.
4. Apply the concept of opportunity cost and apply this concept to his practical life.
5. The Economic problem of allocation and distribution of resources.
6. The concept and factors that determine demand and supply.
7. To create an understanding of elasticity of demand and supply.
8. Differentiate between change in quantity supplied and change in supply.
9. Discuss equilibrium level of price and may comment about shortages and surpluses.
10. Describe and analyze the total revenue, average and marginal revenue.
11. Discuss total cost and its different features.
12. Discuss different examples related to this market structure.