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SOCIAL SCIENCES DEPARTMENT College of Arts and Sciences
Ateneo de Naga University
COURSE INFORMATION
Course Code BMTM252
Course Title Microeconomic Theory and Practice
Credit/No. of units Three (3)
Pre-requisite ECOS001 (Principles of Economics with Taxation and
Agrarian Reform)
Duration/Term Summer Term, SY 2014-2015
Assistant Professor Rolan Jon G. Bulao
Doctor of Business Administration (units), Ateneo de Naga
University
MA Economics, University of the Philippines Diliman
Consultation Hours Monday to Friday, 9:00-11:00 a.m.
Consultation Venue Social Sciences Department, G/F Dolan
Hall
Rationale: Microeconomics is a branch of economics that studies
behaviour of individual economic units such as but not limited to
households and firms, which makes the course closer to
every students daily experience. It can help students understand
various local and global phenomena and how these can be appreciated
as bases for personal or communal decision-making. A
good grasp of microeconomics is vital for designing and
understanding public policy and for appreciating how a modern
economy functions. Further, the course motivates students to apply
in
themselves the basic skills in optimising personal income and
saving and, especially for business students, emulate the most
successful business firms in the Bicol Region in their personal
dreams
of improving their families and communities lives, thus
realizing the countrys vision of an inclusive economic growth.
Course Description: This course provides theoretical and
practical knowledge of markets, prices, producer behaviour and
consumer behaviour. Topics covered in this course include law
of
supply and demand, theory of consumer behaviour, theory of costs
and production in competitive markets, theory of market structures
and government regulations and deregulations. The course
develops in every student not only critical and analytical
thinking skills but also proficiencies in graphing, written and
oral communication, and mathematical calculations among others.
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Course Objectives: It is the objective of the course to equip
students with necessary tools in analysing and evaluating both
households and firms behaviour. Specifically, the students are
expected to:
1. Familiarise themselves with the fundamentals of
microeconomics;
2. Understand the economic behaviour of individual
decision-making units such as consumers, resource owners and
business firms in a competitive market;
3. Understand the economic behaviour of individual
decision-making units such as consumers, resource owners and
business firms in an imperfectly competitive market;
4. Acquire the skill of analysing business and consumer
behaviour using graphs and other mathematical tools;
5. Apply the learned theories in analysing and evaluating a
specific business firm or industry in the Bicol Region;
6. Appreciate and emulate the best practices of a specific
business firm or industry in the Bicol Region; and
7. Be exposed to and be disposed in such Bicolano core values as
industry, resiliency, respect, adaptability, and creativity among
others.
Course Requirements: By the end of the course, students shall
have organised as a group to come up with activities for a class
project dubbed Micro Market Day on 19 April 2015 (Sunday) which
should include: (1) a 30-minute workshop on the hobbies that may be
turned into a profitable business; (2) seminar or forum on Bicolano
firms best practices with managers or CEOs as resource speakers;
(3) lecture on microeconomic theory; and (4) auction of pre-owned
goods. This group project will complement the classroom
discussions, problem sets, quizzes and term exams and would
manifest that the student has acquired the necessary knowledge and
skills required by the course. Profile of the Graduate Addressed by
the Course:
2.1 COMPETENCE. The Atenean actuates the gift of education as an
instrument to comprehend, judge, and respond to urgent and
universal human dilemmas. Thus, the Atenean:
2.1.2 Applies interdisciplinary approaches to problems. 2.1.3
Thinks critically and creatively. 2.1.4 Expresses himself/herself
proficiently in both oral and written communication. 2.1.9
Recognises that learning is infinite and accepts the need to
continuously educate himself/herself. 2.1.10. Discerns group
dynamics and seeks cooperation in confronting contemporary
issues.
2.2 CONSCIENCE. The Atenean lives a life of exemplary integrity
by cultivating an upright consciences that impress on him/her the
imperative to positively transform the world. Thus
the Atenean:
2.2.2. Cultivates foresight in the process of deciding and
acting on ethical and moral problems. 2.2.6. Evaluates moral
choices in the light of Christian conscience. 2.2.7. Practices the
habit of reflection and contemplation.
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2.3 COMPASSIONATE COMMITMENT TO CHANGE. The Atenean participates
actively in the life of society and global community, and grows in
consciousness of his/her dignity
and personal purpose in engaging the world. Thus the
Atenean:
2.3.4. Understands the structural and cultural roots of
injustice in social institutions. 2.3.6. Advocates social changes
that assist victims of injustice in gaining their rights and
regaining their dignity. 2.3.10 Affirms the glory of God
himself/herself, and in all creation, and cares for life and
natural environment.
2.4 CHRIST CENTEREDNESS. The Atenean acknowledges the humanity
and divinity of Christ, and believes His Spirit as active in
his/her life and in the lives of others. Thus the Atenean:
2.4.10. Seeks and finds God in all things.
21st Century Skills and Competencies
Civic Literacy, Global Awareness Cross-Cultural Skills CGC1.
Active Community Life CGC2. National and Cultural Identity CGC3.
Global Awareness CGC4. Socio-Cultural Sensitivity and Awareness
Critical and Inventive Thinking
CIT1. Sound Reasoning and Decision Making CIT2. Reflective
Thinking CIT3. Curiosity and Creativity CIT4. Managing Complexities
and Ambiguities
Information and Communication Skills
ICS1. Openness ICS2. Management of Information ICS3. Responsible
use of information ICS4. Communicating Effectively
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Grading System: Generally, the course will follow the schools
policy on grading including the grading scale and its numerical and
letter grade equivalents. Particularly, a students grade in
this
course will be comprised of the following:
Grading Component Percentage of Converted Final Raw Scores
(during a regular semester)
Class Standing* 33.33%
Midterm examination (23 April 2015) 33.33% Final examination (9
May 2015) 33.33% Total 100%
*composed of Quizzes.... 30%, Recitation/Class Discussion....
10%, Problem Sets..... 15%, Class Project..... 45%
Grading Rubric for Recitation/ Class Discussion
Note: Each part Class Standing is rated at different scales
according to their percentage. Perfect recitation score is 100
points.
Areas of Recitation Excellent
(100 points)
Satisfactory
(80 points)
Needs Improvement
(60 points)
Class Participation in
Lecture/Discussions, Seat
Works, Board Works, and
Oral Recitation/ Reporting
(60%)
Student is able to give a complete,
comprehensive, and/or concise answer to a
question posed by the teacher; or
Student is able to ask thought-provoking
question which the class may ponder upon
Student is able to give an incomplete
yet somehow accurate/correct answer
to a question posed by the teacher; or
Student is able to ask a question related
to the topic(s) discussed by the teacher
Student tries but only is only able to give
an incorrect answer to a question posed
by the teacher; or
Student is able to join the class when it
answers in chorus
Recapitulation of previous
meetings discussion/
Synthesis of the days
discussion (40%)
Student is able to give a complete,
comprehensive, and/or concise
recap/synthesis about the relevant topic(s)
Student is able to give an incomplete
yet still informative recap/synthesis or
gives some incorrect details about the
relevant topic(s)
Student fails to give an informative
recap/synthesis or gives mostly incorrect
details about the relevant topic(s)
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Grading Rubric for Class Project Micro Market Day: Note: Each
part of the Class Project is rated at different scales according to
their percentage. Perfect Project score is 100 points.
Areas of Micro Market Day
Project
Excellent
100 points
Satisfactory
80 points
Needs Improvement
60 points
Workshop on Profitable
Hobbies (30%)
The group is able to:
Completely demonstrate how a hobby may be turned into a
profitable business venture
Clearly exhibit the significance of hobbies to an individual,
the market, and the economy as a whole
Answer effectively all of the questions posed by the teacher
and/or students
The group is able to:
Satisfactorily demonstrate how a hobby may be turned into a
profitable business venture
Satisfactorily exhibit the significance of hobbies to an
individual, the market, and the economy as a whole
The group is able to:
Inadequately demonstrate how a hobby may be turned into a
profitable business venture
Inadequately exhibit the significance of hobbies to an
individual, the market, and the economy as a whole
Seminar on Best Practices of
Bicol Firms (25%)
The groups resource person is able to:
Clearly/concisely exhibit the historical and/or economic profile
of the firm and industry in five (5) minutes
Clearly present the highlights of firm practices that contribute
to either efficiency, profitability, or productivity or all three
in fifteen (15) minutes
Clearly present an inventory of objects of economic significance
through a comprehensive analysis and discussion in five (5)
minutes
Answer effectively all of the questions posed by the teacher
and/or students in five (5) minutes
The groups resource person is able to:
satisfactorily exhibit the historical and/or economic profile of
the firm and industry in more than five (5) minutes but less than
seven (7) minutes
Clearly present the highlights of firm practices that contribute
to either efficiency, profitability, or productivity or all three
in more than 15 minutes but less than 20 minutes
Clearly present an inventory of objects of economic significance
through a comprehensive analysis and discussion in 5-7 minutes
Answer effectively all of the questions posed by the teacher
and/or students in 5-7 minutes; or only two students asked
questions
The groups resource person is able to:
Clearly/concisely exhibit the historical and/or economic profile
of the firm and industry in 7 or more minutes
Clearly present the highlights of firm practices that contribute
to either efficiency, profitability, or productivity or all three
in 20 or more minutes
Clearly present an inventory of objects of economic significance
through a comprehensive analysis and discussion in 7 or more
minutes
Answer effectively all of the questions posed by the teacher
and/or students in 7 or more minutes; or not a single student asked
a question
Auction of Pre-Owned Goods
(25%)
The group is able to:
prepare and conduct a list of at least five (5) goods and their
corresponding prices for auction, which must be pre-owned
systematic and seamless conduct of the
The group is able to:
prepare and conduct a list of three or four goods and their
corresponding prices for auction, which must be pre-owned
The group is able to:
prepare and conduct a list one of two goods and their
corresponding prices for auction, which must be pre-owned
problematic conduct of the auction
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auction process which starts with the reading of mechanics
sell the pre-owned items at least PhP100 higher than the
original offer price or at least ten (10) students asked or bade
for the item
issue certificates of award to the winning bidders
moderate conduct of the auction process which starts with the
offering of the items
sell the pre-owned items at least PhP50 higher than the original
offer price or at least five (5) students asked or bade for the
item
issue certificates of award to the winning bidders
process
sell the pre-owned items at the initial offer price or at least
one (1) student asked or bade for the item
issue certificates of award to the winning bidder
Overall Group Preparations
for the Program, Venue, and
Logistics (10%)
The group is able to:
Completely prepare copies of program/invitation, certificates,
tokens, event hosts (masters of ceremonies), resource persons, and
related resources/materials
Ensure that there is no dead air because of smooth transition
from one event to another
Arrange chairs and tables properly and ensure the cleanliness of
the venue at all times
Prepare adequate snacks, lunch, and refreshments for the
organisers, participants, and guests
The group is able to:
Satisfactorily prepare copies of program/invitation,
certificates, tokens, event hosts (masters of ceremonies), resource
persons, and related resources/materials with minimal glitches
Somehow minimise dead air because of minor problems in event
transitions
Arrange chairs and tables and ensure the cleanliness of the
venue at least most of the time
Prepare some snacks, lunch, and refreshments for the organisers,
participants, and guests
The group is able to:
Prepare copies of program/invitation, certificates, tokens,
event hosts (masters of ceremonies), resource persons, and related
resources/materials but with some glitches or problems
Allow some dead air because of problematic transitions of
events
Arrange chairs and tables and allow some litter to be seen in
the venue
Prepare inadequate snacks and refreshments for the organisers,
participants, and guests
Group Leaders Rating of
Group Members/ Members
Rating of Leader (10%)
The leader (member) is able to:
Contribute substantially in terms of ideas, time, effort, and
finances to the planning, implementation, and evaluation of the
activities
Effectively (excellently) assign (carry out) tasks
Ensure that all members fulfill their tasks
Communicate to the teacher on a regular basis for the planning,
implementation, and evaluation of the activity/project
The group is able to:
Contribute any but not all of the ideas, time, effort, and
finances to the planning, implementation, and evaluation of the
activities
Moderately assign (carry out) tasks
Ensure that most members fulfill their tasks
Communicate to the teacher at least twice for the planning,
implementation, and evaluation of the activity/project
The group is able to:
Contribute minimal ideas, time, effort, and finances to the
planning, implementation, and evaluation of the activities
Ineffectively and inefficiently assign (carry out) tasks
Ensure that few or some members fulfill their tasks
Communicate to the teacher at least once for the planning,
implementation, and evaluation of the activity/project
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Textbook: Mankiw, N. Gregory. 2012. Principles of Economics. 6th
Edition. Ohio: Thomson South-Western.
References:
1. Browning, Edgar and Mark Zupan. 2011. Microeconomics: Theory
and Applications. 11th edition. New Jersey: Wiley.
2. Baumol, William J. and Alan S. Blinder. 2011. Microeconomics:
Principles and Policies. 12th edition. Stamford, Connecticut:
Cengage Learning.
3. Colander, David E. 2012. Microeconomics. 9th edition. Boston,
Massachusetts: Irwin/McGraw-Hill.
4. McConnel, Campbell R., Stanley L. Brue, and Sean Masaki
Flynn. 2011. Microeconomics. 19th edition. Boston, Massachusetts:
Irwin/McGraw-Hill.
5. Pindyck, Robert S. and Daniel L. Rubinfeld. 2012.
Microeconomics. 8th edition. New Jersey: Prentice-Hall, Inc.
6. Varian, Hal R. 2009. Intermediate Microeconomics: A Modern
Approach. 8th edition. New York: W.W. Norton and Co.
Readings:
Capuno, Joseph, Aleli Kraft, Stella Quimbo, and Carlos Antonio
Tan, Jr. 2013. Shocks to Philippine Households: Incidence,
Idiosyncrasy, and Impact. Discussion Paper. Diliman,
Quezon City: UP School of Economics. (Material taken from the
51st Philippine Economic Society Annual Meeting, Hotel
InterContinental Manila, Makati City, November 15, 2013)
Ducanes, Geoffrey M. 2012. Are Remittances Inducing Laziness in
Households?: A Re-examination of the Evidence. The Philippine
Review of Economics 49:2. Diliman,
Quezon City: UP School of Economics and Philippine Economic
Society.
Mapa, Dennis S., Michael Daniel Lucagbo, and Heavenly Joy
Garcia. 2012. The Link between Agricultural Output and the States
of Poverty in the Philippines: Evidence from
Self-rated Poverty Data. The Philippine Review of Economics
49:2. Diliman, Quezon City: UP School of Economics and Philippine
Economic Society.
Tutor, Melba. 2013. The Impact of the Philippines Conditional
Cash Transfer Program on Consumption. Discussion Paper. Diliman,
Quezon City: UP School of Economics.
(Material taken from the 51st Philippine Economic Society Annual
Meeting, Hotel InterContinental Manila, Makati City, November 15,
2013)
Web Sites:
A. Textbook Sites:
http://www.courses.dsu.edu
http://www.econ.bris.ac.uk/ecab/
http://economics.semo.edu/sutton/EC215/index.htm
http://www.econ.ilstu.edu/
http://www.prenhall.com/pindyck
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B. Economic indicators
www.neda.gov.ph www.nscb.gov.ph www.ibon.org.ph www.nso.gov.ph
www.adb.org
COURSE OUTLINE
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
2.1.3 2.1.4 2.1.10 2.2.2 2.4.10
Critical and
Inventive
Thinking
CGC1
Information
and
Communicati
on Skills
ICS1
ICS3
ICS4
Introduction
University policies
on
*attendance
*intellectual honesty
*examinations
Course grading
system
Course
Knowing and
understanding
At the end of the session, the students are expected to: a)
familiarise themselves with the course objectives, requirements,
and the grading system; b) have a preview of how they should
understand and apply the different concepts and theories involve in
the study of microeconomics;
Students are asked to read the syllabus Short video presentation
on the fundamentals of economics
Copy of course syllabus Video on introduction to economics (from
iTunes University or App Store)
Students comments/remarks on the video presentation
1.5
Applying/
Process skills
c) communicate/ share their own views of how microeconomics
would apply in their respective disciplines and/or households/
firms;
Students are asked how microeconomic theories are applied in
business, accountancy, and the social sciences
Students examples of microeconomics theories as applied in their
respective disciplines
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Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
requirements
Teachers and
students
introductory
remarks and
expectations about
the course
Evaluating/
Judging
d) appraise the importance of a topic in principles of economics
in their personal and communal lives;
Students are asked of their background on economics Students
evaluate the relevance of economics to their daily lives
Students mention of some economics principles, concepts or
theories as applied in their individual or communal lives
Creating/
Product/
Performance
e) formulate their own expectations of the course and class.
Ask each student their expectations of the course
Students expectations shared in class
2.1.3 2.1.4 2.1.10 2.2.7 2.3.4
Civic
Literacy,
Global
Awareness
Cross-
Cultural Skills
CGC1
Critical and
Inventive
Thinking
CIT1
CIT2
CIT3
CIT4
Economics as a Social Science Ten principles of Economics
according to Mankiw Microeconomics and macroeconomics Themes of
Microeconomics Markets: Definition and Extent Positive and
normative analyses
Market vs Command Economies: Cases of USSR vs US economies
Example of news/developments that are concerns of either
microeconomics or macroeconomics to highlight the difference
between these two divisions of economics Work/Job issues:
trade-offs in
Knowing and
understanding
At the end of the chapter, the students are expected to: a)
explain the 10 economic principles; b) differentiate microeconomics
and macroeconomics; c) identify the themes of microeconomics; d)
define market, competitive market, command economy, and market
economy;
Paraphrasing the 10 economic principles in a simple language
Group role playing for each principle Giving of examples to
differentiate microeconomics from macroeconomics Multimedia
presentation on microeconomics themes and definition of terms
Pindyck & Rubinfield (2012) Chapter 1 Mankiw (2012) Chapter
1 & 2, 24 Handout on Preliminaries or Fundamentals of
Microeconomics (soft copy uploaded in class FB group) Chalk and
blackboard/ market and
Oral recitation and discussion Quiz to cover economic principles
and microeconomic concepts
3
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Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
Information
and
Communicati
on Skills
ICS1
ICS4
Real vs. Nominal Prices Why Study Microeconomics
employment, salaries, and work hours General Appropriations Act
and Local Government Budget Sin tax reform law Local no-plastics
ordinances and similar issues
whiteboard Tablet/laptop computer LCD projector
Applying/
Process skills
e) demonstrate how firms and households interact in the markets
for goods and services and factors of production; f) dramatise how
consumers, workers, and firms face trade offs
Board work on constructing the circular flow diagram to
illustrate individual and market behaviours Role-playing on some
examples of trade-offs experienced by consumers, workers, and
firms
Group activities (e.g. board work) on constructing CFD
Evaluating/
Judging
g) evaluate how a firm could take advantage of its knowledge of
its market definition h) Contrast normative from positive
statements
Case analysis: Coca-Cola versus C2 in the market for soft drinks
or Biggs and the fast food industry Students are asked to contrast
normative from positive statements Students are given different
statements for them to classify as normative or positive
Problem Set on normative and positive analyses
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Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
statements
Creating/
Product/
Performance
i) generate/ derive the real prices of certain products j)
explain the significance of studying microeconomics
Seat work on converting nominal prices to real prices (Actual PH
CPI data from NSO website may be used) Social media: Students are
asked to post short comments on the question why study
microeconomics? in their official class Facebook group
Problem Set on converting nominal and real prices and/or
applications of basic microeconomic principles
2.1.3 2.1.4 2.1.10 2.2.2 2.2.7 2.3.4
Critical and Inventive Thinking CIT1 CIT2 CIT3 CIT4 Information
and Communicati
Supply and demand models *law of supply *law of demand *graphs
*equations Market equilibrium *law of supply and demand
Price determination in a command economy and in a market
economy: cases of USSR and US economies Hoarding supplies of
goods
Knowing and
understanding
At the end of the chapter, the students are expected to: a)
review and explain the laws of supply and demand; b) state the law
of supply and demand; c) identify the different types of and
compute the elasticity of demand and supply;
Multimedia presentation of the basics of supply and demand Class
discussion on the most important concepts on supply and demand
Students are asked to state
Pindyck & Rubinfield (2012) Chapter 2 Mankiw (2012) Chapter
4, 5 & 6 Textbook Handout on supply and demand (Soft
Quiz on supply and demand Oral recitation: definitions of terms
Problem Set
7.5
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Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
on Skills ICS1 ICS4
*graphs *equations *price Elasticity of supply and demand
Effects of government intervention *price ceiling *price floor
K-12 Educational Reform and the Market of Basic Education
Inefficiency created by Shortages and surpluses: real-world cases
(rice, oil, sugar, fish, and other basic commodities0 Oil
deregulation and price hikes State of Calamity and price freeze
Rent ceiling and the quality and quantity of rooms/apartments
Minimum wage and unemployment
in their own words the laws of supply and demand Students are
asked to explain the law of supply and demand
copy uploaded in Class FB group) Video on supply and demand
(from iTunes University or App Store Sample data on supply, demand,
and price Sample cases on elasticity of demand and supply Graphs on
the effects of price control and tax on supply and demand Textbook
Chalk and blackboard/ market and whiteboard Tablet/laptop
computer
Applying/
Process skills
d) identify the changes on the supply and demand curves brought
by different factors e) demonstrate through graphs changes in
market equilibrium using real-world situations
Graph analysis of movements of supply and demand curves (using
blackboard & chalk, iPad or laptop as projected on white
screen) Social media: How would a very strong typhoon like Haiyan
(local name: Yolanda) affect certain markets like fish,
electricity, and water?
Group activities on constructing/graphing supply and demand
curves Problem Set
Evaluating/
Judging
f) determine through computation the market equilibrium; g)
calculate appropriate demand and/or supply elasticities
Data computation to determine the market equilibrium Analysis of
the types of demand and supply elasticity Computation of supply and
demand elasticity
Group activities on calculating elasticities and equilibrium
price and quantity Problem Set
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
Creating/
Product/
Performance
h) illustrate through graphs the effects of government
intervention on supply and demand.
Prediction through graphs of the effects of government
intervention on supply and demand (group or individual seat
work)
LCD projector
Group/individual activities on graphing the effects of
government intervention on markets Problem Set
2.1.3 2.1.4 2.1.10 2.2.2 2.2.7
Civic
Literacy,
Global
Awareness
Cross-
Cultural Skills
CGC1
Critical and
Inventive
Thinking
CIT1
CIT3
CIT4
Consumer behaviour 1. Consumer preferences 2. Budget Constraint
3. Consumer Choice Indifference curve Law of diminishing marginal
rate of substitution Budget constraints Utility theory law of
diminishing marginal utility
Personal finance: spending vs saving Concept of nal/ bal among
Bicolanos and the law of diminishing utility Choosing a gadget:
comparing features Utility and utilitarianism: from hedonistic
Greece to the modern Philippines
Knowing and
understanding
At the end of the chapter, the students are expected to: a)
identify the different assumptions on consumer preferences; b)
explain the law of diminishing marginal rate of substitution; c)
explain how consumers maximise their satisfaction d) Contrast
cardinal and ordinal utility functions; e) explain why marginal
utility diminishes.
Lecture-discussion on consumer behaviour Discussion on utility
theory Short video presentation on consumer preferences/utility
Social media: What would make you happier for a Christmas gift:
cash or some wrapped item?
Pindyck & Rubinfield (2012) Chapter 4 & 5 Mankiw (2012)
Chapter 21 Handout on Consumer Theory (soft copy uploaded in class
FB group) iTunes University short video presentation on
Quiz on indifference curve, marginal rate of substitution,
budget constraints, and consumer choice Problem Set
6
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Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
Information
and
Communicati
on Skills
ICS1
ICS4
Good vs Bad: Desirable products and crime/pollution Best
Christmas present: cash or something tangible?
Applying/
Process skills
f) graph and explain the indifference curve; g) graph the
utility curve;
Graphing of indifference curve Graphing indifference curves of
different sets of goods/services
consumer preferences/ Chalk and blackboard/ market and
whiteboard Tablet/laptop computer LCD projector
Quiz on indifference curve, marginal rate of substitution,
budget constraints, and consumer choice Problem Set
Evaluating/
Judging
h) examine the relationship of budget line and indifference
curve; i) analyse how income and prices affect the indifference
curve;
Small group discussion on the law of diminishing marginal rate
of substitution Graph analysis of indifference curve in relation to
income and price Analysis on marginal utility Social media: How do
you spend your allowance?
Quiz Problem Set
Creating/
Product/
Performance
j) construct graphs that explain individual preferences and
utility
Graphing indifference curves of different sets of real-world
goods/services Graphing of ones own utility curve
Quiz that involves graphing of real-world example Problem
Set
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
2.1.3 2.1.4 2.1.10 2.2.7 2.1.3 2.1.4 2.1.10 2.2.7 2.3.4
Critical and
Inventive
Thinking
CIT1
CIT3
CIT4
Information
and
Communicati
on Skills
ICS1
ICS4
Civic
Literacy,
Global
Awareness
Cross-
Cultural Skills
CGC1
Deriving individual demand curve from indifference curves Types
of goods *normal *inferior *Giffen Income and substitution effect
Market demand consumer surplus Network externalities *bandwagon
effect *snob effect
Impact of price increase on the individual: substitution of
goods and real purchasing power Individual demand and market demand
for local delicacies like kinalas, pili, and abaca Personal
spending pattern: reservation price and actual product price The
rapid growth of social media: a case of network externalities
Gaya-gaya consumer behaviour in the markets Pride and anti-masa or
jejemon consumer behaviour in the
Knowing and
understanding
At the end of the chapter, the students are expected to: At the
end of the chapter, the students are expected to: a) explain how
price and income affect demand; b) explain network
externalities
Multimedia presentation of the Theory of Consumer Behaviour
Teacher-led discussion on bandwagon and snob effect
Pindyck & Rubinfield (2012) Chapter 5 Mankiw (2012) Chapter
7 & 21 Handout on Consumer Behaviour (uploaded in class FB
group) Chalk and blackboard/ market and whiteboard Tablet/laptop
computer LCD projector
Recitation Quiz covering the discussions on individual and
market demand curves Problem Set
6
Applying/
Process skills
c) illustrate in a graph income and substitution effects d)
derive individual and market demand curves e) calculate consumer
surplus
Graphing of different individual demand curves Social media:
Narrate how your decision to buy something was greatly influenced
by other peoples decisions to buy such product(s).
Board work on constructing demand curves out of indifference
maps Board work on graphically illustrating substitution and income
effects Quiz Problem Set
Evaluating/
Judging
f) analyse how consumer surplus is created
Analysis of consumer surplus
Recitation Quiz Problem Set
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
markets
Creating/
Product/
Performance
g) construct different demand curves based on the type of good
in demand h) illustrate how network externalities occur in
real-world situations
Graphing of different demand curves based on whether the
good/service is normal, inferior or Giffen Graphing of bandwagon
and snob effects given real-world situations/ issues
Board work on graphically illustrating network externalities
Quiz Problem Set
2.1.3 2.1.4 2.1.10 2.2.7 2.3.4 2.1.3 2.1.4 2.1.10 2.2.7
Civic
Literacy,
Global
Awareness
Cross-
Cultural Skills
CGC1
Critical and
Inventive
Thinking
CIT1
Theory of production 1. Production Technology 2. Cost Constraint
3. Input Choice Production function Law of diminishing marginal
return
Home-grown business firms or industries, e.g. pili, abaca,
kinalas Biggs, Graceland, South Star Drug Technological
advancements: domestically-produced gadgets, PHL top exports
Knowing and
understanding
At the end of the chapter, the students are expected to: a)
enumerate and explain the three steps in analysing firm behaviour;
b) identify the components of production function; .
Teacher-led discussion on production Multimedia presentation on
theory of the firm
Pindyck & Rubinfield (2012) Chapter 6 Mankiw (2012) Chapter
7 Handout on Theory of Production (uploaded in class FB group)
Chalk and
Quiz covering the discussions on firm production Problem Set
Recitation on theory of the firm
4.5
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
CIT2
CIT3
CIT4
Information
and
Communicati
on Skills
ICS1
ICS4
Returns to scale *constant *increasing *decreasing
Physical and human capital in the Bicol Region: focus on
infrastructure and education Labour issues
Applying/
Process skills
c) graph the production function with 1 variable input; d) graph
production with 2 variable inputs;
Graphing of production function
blackboard/ market and whiteboard Tablet/laptop computer LCD
projector
Graphs/Board work on production function Quiz
Evaluating/
Judging
e) explain why marginal return in production diminishes; f)
evaluate the significance of return to scale in production
Case analysis on diminishing marginal return Group discussion on
returns to scale
Quiz Problem Set
Creating/
Product/
Performance
g) create/prepare a multimedia presentation showcasing economic
concepts as seen in local business firms/ industries
Submission of Group-produced multimedia presentation on a local
business firm or industry
Due on May 5 Group multimedia presentation final output
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
2.1.3 2.1.4 2.1.10 2.2.7 2.1.3 2.1.4 2.1.10 2.2.7
Civic
Literacy,
Global
Awareness
Cross-
Cultural Skills
CGC1
Critical and
Inventive
Thinking
CIT1
CIT2
CIT3
CIT4
Information
and
Communicati
on Skills
ICS1
ICS4
Theory of Cost Types of cost Cost minimisation Profit
maximisation: marginal revenue and marginal cost Short-run and
long-run supply curves Producers surplus Economies of scale
Economies of scope Learning Curve
Entrepreneurial decisions: economic vs accounting costs
Economies of scale and the average cost curve: why producing more
is both good and bad Product diversification and economies of scope
Best practices and ethical issues of local business firms: Biggs,
Graceland,
South Star Drug
Knowing and
understanding
At the end of the chapter, the students are expected to: a)
differentiate the types of cost; b) discuss marginal revenue and
marginal cost; c) describe and explain economies of scale d)
describe and explain economies of scope
Video presentation of examples to determine different types of
cost Discussion on profit maximisation of firms Multimedia
presentation on economies of scale and economies of scope
Pindyck & Rubinfield (2012) Chapter 7 Mankiw (2012) Chapter
7 & 13 Handout on Cost of Production (uploaded in class FB
group) Chalk and blackboard/ market and whiteboard Tablet/laptop
computer Short video on the different types of costs and how profit
is computed LCD projector
Recitation and board/seat work on theory of cost Quiz on theory
of cost Problem Set
6
Applying/
Process skills
e) compute the different costs incurred by a firm in its
production; f) graph the short-run and long-run supply curves;
Computation of total, fixed, variable, average, average fixed
and average variable costs Board work on graphing supply curves
Board work on graphing different cost curves Problem Set:
Graphing of cost curves and supply curves Quiz Data computation
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
Evaluating/
Judging
g) explain how marginal revenue and marginal cost help in the
profit maximisation of firms; h) explain how producers surplus is
created.
Graph analysis of marginal revenue and marginal cost Graphing
and computation of producers surplus
Board work on graphing MR and MC Seat work on graphing producers
surplus Data computation Problem Set
Creating/
Product/
Performance
i) tell how ones personal experience may be related to the
learning curve
Social media: Illustrate and explain how you have improved in
your studies and/or business over time.
Class participation/Recitation on the class FB group
2.1.3 2.1.4 2.1.10 2.2.7 2.3.4
Civic
Literacy,
Global
Awareness
Cross-
Cultural Skills
CGC1
Critical and
Inventive
Thinking
CIT1
Market Structures I. Perfect competition II. Monopoly
Pricing and bargaining in the markets Profits of firms under a
particular market structure in the short and long run
Inefficiencies caused by a
Knowing and
understanding
At the end of the chapter, the students are expected to: a)
define market structure; b) identify the characteristics of a
perfectly competitive market; c) identify the characteristics of a
monopoly; .
Teacher-led discussion on the different market structures Group
discussions on the main characteristics of perfect competition and
monopoly
Pindyck & Rubinfield (2012) Chapter 8 & 10 Mankiw (2012)
Chapter 14 & 15 Handout on Competitive Markets (uploaded in
class FB group)
Quiz on the different market structures Problem Set:
characteristics of perfect competition and monopoly
6
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
CIT2
CIT3
CIT4
Information
and
Communicati
on Skills
ICS1
ICS4
monopoly: focus on deadweight loss Barriers to entry and
imperfect competition CASURECO II, MNWD, PNR, and economies of
scale
Applying/
Process skills
d) graph the demand curves of each of the market structures;
Identifying examples of each market structure Graphing of the
demand curves for each market structure
Handout on Monopoly (uploaded in class FB group) Chalk and
blackboard/ market and whiteboard Tablet/laptop computer LCD
projector
Quiz on perfectly competitive and monopolistic markets Problem
Set: graphing of demand curves
Evaluating/
Judging
e) explain the differences in the pricing and output levels of
each market structure;
Pinpointing the existence of the characteristics of each market
structure through examples Determining the price and output in each
market structure
Quiz on pricing and output levels in competitive and
monopolistic markets Problem Set: price and output in each market
structure
Creating/
Product/
Performance
f) explain why some firms exist as monopolies.
Social media: Discuss how specific monopolistic firms such as
but not limited to CASURECO and MNWD continue to operate as
monopolies.
Online (social media) discussion of the Social
Media discussion question
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
2.1.3 2.1.4 2.1.10 2.2.7 2.3.4
Civic
Literacy,
Global
Awareness
Cross-
Cultural Skills
CGC1
Critical and
Inventive
Thinking
CIT1
CIT2
CIT3
CIT4
Information
and
Communicati
on Skills
ICS1
ICS4
III. Oligopoly IV. Monopolistic Competition Class/Public
Presentation of Research Output on Local Business Firm/
Industry
Price and Output competitions in oligopolies The Oil Industry
and other oligopolies Game theory and Oligopolistic Behaviour:
Prisoners Dilemma Cooperation and cheating in the Oligopolistic
Market Collusion Cartels and anti-trust laws Detergents, other
consumer goods, and other monopolistically competitive firms
Profits of firms
Knowing and
understanding
At the end of the chapter, the students are expected to: a)
identify the characteristics of a monopolistically competitive
market; b) identify the characteristics of an oligopoly; c) discuss
the different models of oligopolistic behaviour;
Teacher-led discussion on the different market structures Group
discussions on the main characteristics of monopolistic competition
and oligopoly
Pindyck & Rubinfield (2012) Chapter 12 Mankiw (2012) Chapter
16 & 17 Handout on Monopolistic Competition and Oligopoly
(uploaded in class FB group) Chalk and blackboard/ market and
whiteboard Tablet/laptop computer LCD projector
Quiz on the different market structures Problem Set:
characteristics of monopolistic competition and oligopoly
7.5
Applying/
Process skills
d) graph the demand curves of each of the market structures;
Identifying examples of each market structure Graphing of the
demand curves for each market structure
Quiz on monopolistically competitive and oligopolistic markets
Problem Set: graphing of demand curves
-
Profile of the
Graduate addressed
by the Course
21st Century Skills and
Competencies
Content/ Topics Content Standards Performance
Standards Learning Competencies Strategies
Resources/ Materials
Assessment Technique/ Instrument
Time Allotment (Hrs)
under a particular market structure in the short and long run
Inefficiencies caused by oligopoly and monopolistic competition:
focus on deadweight loss and excess capacity Home-grown business
firms in the Bicol Region Economics concepts and principles that
apply in cases of certain business firms Social and ethical
responsibilities of Bicol business firms
Evaluating/
Judging
e) explain the differences in the pricing and output levels of
each market structure;
Prisoners dilemma game to illustrate oligopolistic cooperate and
non-cooperative behaviour Pinpointing the existence of the
characteristics of each market structure through examples
Determining the price and output in each market structure
Quiz on pricing and output levels in competitive and
monopolistic markets; game theory Problem Set: price and output in
each market structure; prisoners dilemma game
Creating/
Product/
Performance
f) formulate their own prisoners dilemma game based on an actual
situation.
Students are asked to construct their own payoff matrix to model
the behaviour of firms/individuals in a real-life situation of
cooperation vs. cheating