Economics 1021: Principles of Microeconomics – Syllabus and Study Guide

Study Guide - Smart Notes

Tailored notes based on your materials, expanded with key definitions, examples, and context.

Course Overview

This document outlines the structure, requirements, and schedule for Economics 1021: Principles of Microeconomics at Western University. The course introduces foundational concepts in microeconomics, including supply and demand, consumer behavior, market structures, and government intervention.

Contact Information

Instructor: Bruno Salcedo (bsalcedo@uwo.ca). Include “1021” in the email subject line.
Office Hours: Tuesdays and Thursdays 11:00–12:00 in SSC-4058.
Additional details and course policies are available in the official outline.

Coursework and Grades

Assessment in this course is based on exams and quizzes. The grading breakdown is as follows:

Assessment	Date	Duration	Weight
Midterm Exam 1	Oct 6	90 min	20%
Midterm Exam 2	Nov 16	90 min	20%
Final Exam	TBD	120 min	40%
Quizzes	Sep 26, Oct 24, Nov 28	15 min	10%

No make-up exams or quizzes. Missed assessments with academic consideration will have their weight transferred to the final exam.
The lowest quiz grade will be dropped. Self-attestation is not accepted for quizzes.

Tentative Course Schedule

The following schedule outlines the main topics, textbook sections, and approximate dates for each unit. The schedule is subject to change; if necessary, the unit on Public Goods may be dropped.

Unit	Textbook Sections	Unit Topics	Dates
1	2	Introduction to Microeconomics	09/04
2	3	The Economic Problem	09/06 and 09/11
3	3-4	Supply and Demand	09/13 and 09/18
4	4	Elasticity	09/25 and 09/29
1-4		Midterm Exam 1	10/06
5	9	Consumer Demand	10/02 and 10/07
6	10	Production Costs	10/09 and 10/14
7	11	Optimal Pricing	10/16 and 10/21
8	11	Competition	10/23 and 10/28
9	12	Reading Week	10/30 and 11/01
9	5, 9, 12	Market Efficiency	11/03 and 11/11
5-9		Midterm Exam 2	11/16
10	6, 9, 12	Government Interventions	11/13 and 11/18
11	15	Externalities	11/20 and 11/25
12	16	Public Goods*	11/27 and 12/02
13	17	Labour Markets	12/04 and 12/07
1-13	2, 3-4, 9, 12, 15-17	Cumulative Final Exam	TBA

*If the schedule falls behind, the unit on Public Goods will be dropped.

Key Microeconomics Topics Covered

Introduction to Microeconomics: Basic principles, scope, and methods of microeconomic analysis.
The Economic Problem: Scarcity, choice, and opportunity cost.
Supply and Demand: Market equilibrium, shifts, and determinants.
Elasticity: Price elasticity of demand and supply, income elasticity, cross-price elasticity.
Consumer Demand: Utility, budget constraints, and consumer choice.
Production Costs: Short-run and long-run costs, economies of scale.
Optimal Pricing: Pricing strategies in different market structures.
Competition: Perfect competition, monopolistic competition, oligopoly, monopoly.
Market Efficiency: Allocative and productive efficiency, welfare analysis.
Government Interventions: Price controls, taxes, subsidies, and regulation.
Externalities: Positive and negative externalities, solutions and policies.
Public Goods: Characteristics, free-rider problem, provision of public goods.
Labour Markets: Wage determination, labor supply and demand, market imperfections.

Additional info:

This syllabus provides a comprehensive overview of the course structure and main topics, serving as a roadmap for students preparing for exams and assignments in Microeconomics.