Economics ECO155 is a comprehensive course designed for students at Tribhuvan University, focusing on key concepts in microeconomics and macroeconomics. The curriculum includes topics such as demand and supply, market structures, consumer choice, production, costs, and national income measurement. Students will engage in various assessments, including written tests, presentations, and debates, to deepen their understanding of economic principles. This course is essential for those pursuing a Bachelor in Information Technology and aims to equip students with foundational economic knowledge applicable in real-world scenarios.

Key Points

  • Covers fundamental concepts of microeconomics and macroeconomics.
  • Includes topics like demand, supply, market equilibrium, and elasticity.
  • Explores consumer choice through indifference theory and utility concepts.
  • Discusses production functions, costs, and revenue in different market structures.
  • Examines national income concepts and macroeconomic policies.
Sewang Rai.2
Author:Tribhuvan University
9 pages
Language:English
Type:Syllabus
Economics
Sewang Rai.2
Author:Tribhuvan University
9 pages
Language:English
Type:Syllabus
Economics
Sewang Rai.2
Author:Tribhuvan University
9 pages
Language:English
Type:Syllabus
Economics
353

Economics ECO155 pdf

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Tribhuvan University
Institute of Science and Technology
BACHELORS IN INFORMATION TECHNOLOGY (BIT)
Economics
Course Title: Economics Full Marks: 40 (Internal) + 60 (Final)
Course No: ECO155 Pass Marks: 16 (Internal) + 24(Final)
Nature of the Course: Theory Credit Hrs.: 3
Semester: II
Course Description
This course covers the basic concepts of microeconomics and macroeconomics. In encompasses basic
economic problems, demand, supply, market equilibrium, elasticity of demand and supply, consumer
choice, production, cost, revenue, market structure, concept of national product and income and its
measurement, monetary and fiscal policies.
Course Objectives
The main objective of this course is to make students familiar with the basic concepts of economics.
Course Expectations:
All relevant regulations and policy, including those relating to attendance, punctuality and academic
honesty, contained in the academic bulletin apply.
Students may not view or use a cell phone or other electronic communication device during a class session,
whether inside the classroom or not, unless such use has been authorized by the lecturer for a specific
educational activity.
Methods of Instruction:
Instruction will be mostly centred on materials presented by the lecturer.
Students will construct knowledge by participating in class discussions and group work.
Students will reflect upon and discuss videos shown in class
Students will have the opportunity to do economic research.
Assignment: Written test, Term paper, Quizzes, Presentation, Debate
Text / Reference Books:
1. Lipsey, R.G., & Chrystal, K.A. (2008). Economics, 11th ed., (Indian Edition). New Delhi: Oxford
University Press.
2. Samuelson, P.A. & Nordhaus, W.D. (2005). Economics, 18thed. New Delhi: Tata McGraw-Hill
Publishing Company Ltd.
Detailed Course
Unit
Content
LHS
Unit 1
Economic Issues and Concepts
4
Introduction of economics
Alfred Marshall (Lipsey, and Lionel Robbins’ definitions
1
Concept of microeconomics and its scope;
1
Main characteristics of free market, centrally planned and mixed economic systems;
(With examples)
1
Society’s production possibility curve/frontier and choice, scarcity and opportunity
cost.
1
Unit 2
Demand, Supply and Price
10
Meaning of demand, Law of demand
1
Individual and market demand, movement along and shift of a demand (with schedule
and graph/curve);
1
Meaning of supply, law of supply,
1
Individual and market demand, movement along and shift of a demand (with schedule
and graph/curve);
1
market equilibrium: the interplay of demand and supply;
change in market equilibrium due to factors shifting the demand and supply curves;
1
Defining elasticity of demand (price, income and cross), price elasticity and its
measurement (percentage, arc/ midpoint)
1
Income and cross elasticity of demand and its types and measurement
1
Concepts of Elasticity of supply, concept of consumer and producer surpluses;
Government intervention in the market through price floor, price ceiling and tax and
effect
1
Numerical Examples
1
Presentation, Debate and Discussion
1
Unit 3
Consumer Choice: Indifference Theory
6
Concept of utility, total utility and marginal utility; Law of diminishing marginal
utility;
1
Indifference curve analysis: Meaning and assumptions of indifference curve analysis;
Derivation
1
Marginal rate of substitution (MRS);
basic properties of indifference curves; right-angled (L-shaped) and linear (straight
line) indifference curves
1
Consumer’s budget line; consumer’s equilibrium
1
Income consumption curve (ICC) and price consumption curve (PCC) for normal,
inferior, and Giffen goods. (Demand curve)
1
Discussion
1
Unit 4
Production
6
Meaning of production, Cobb-Douglas production function
1
Production with one variable input: the law of diminishing marginal
productivity/returns;
1
Production with two variable inputs: concept of isoquant;
Property of isoquants; right-angled(L-shaped) and linear (straight line) isoquants;
1
Concept of iso-cost curve (meaning, equation, slope); producer’s equilibrium,
1
Condition for optimum employment of one, two and many inputs/factors of
production;
1
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Economics ECO155 — BLOOM’s Taxonomy

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FAQs

What are the main objectives of the Economics ECO155 course?
The main objective of the Economics ECO155 course is to familiarize students with the basic concepts of economics. This includes understanding microeconomics and macroeconomics, addressing fundamental economic problems, and exploring topics such as demand, supply, market equilibrium, elasticity, consumer choice, production, costs, revenue, market structures, and national income measurement.
What topics are covered in Unit 2: Demand, Supply, and Price?
Unit 2 covers the meaning of demand and the law of demand, including individual and market demand. It discusses the movement along and shifts of demand curves, the meaning of supply and the law of supply, and market equilibrium, which is the interplay of demand and supply. Additionally, it addresses elasticity of demand (price, income, and cross), its measurement, and concepts of consumer and producer surpluses.
What is the significance of the indifference curve in consumer choice?
The indifference curve is a key concept in consumer choice theory, representing combinations of goods that provide the same level of utility to the consumer. It includes properties such as the marginal rate of substitution (MRS) and the consumer's budget line. The analysis helps determine consumer equilibrium and includes income consumption curves (ICC) and price consumption curves (PCC) for various types of goods, including normal, inferior, and Giffen goods.
How does the course define market structures in Unit 6?
Unit 6 defines various market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It covers the characteristics of each structure and explains price and output determination in both the short and long run using total and marginal approaches. The unit also discusses the concept of cartels within oligopoly markets and provides numerical problems to illustrate these concepts.
What are the key concepts covered in Unit 5: Costs and Revenue?
Unit 5 explores economic costs, distinguishing between explicit and implicit costs, and examines short-run total costs, including fixed and variable costs. It discusses average fixed, average variable, average total, and marginal costs, along with their graphical representations. The unit also addresses long-run costs, including the U-shaped and L-shaped long-run average cost curves, and the concepts of total, average, and marginal revenues in different market conditions.
What are the methods of measuring national income discussed in Unit 7?
Unit 7 outlines several methods for measuring national income, including the expenditure approach, income approach (cost of production), and value-added approach. It defines key terms such as gross domestic product (GDP), gross national income (GNI), net national product (NNP), national income (NI), personal income (PI), and disposable personal income (DPI). Numerical examples are provided to illustrate these concepts.
What types of policies are discussed in Unit 8 regarding macroeconomic policies?
Unit 8 discusses expansionary and contractionary fiscal and monetary policies, detailing the tools associated with each type. It emphasizes the importance of these policies in managing economic activity and stabilizing the economy. The unit provides a foundational understanding of how these policies influence overall economic performance.

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