BackEconomics 1021: Principles of Microeconomics – Syllabus and Course Structure
Study Guide - Smart Notes
Tailored notes based on your materials, expanded with key definitions, examples, and context.
Course Overview
This syllabus outlines the structure, requirements, and schedule for Economics 1021: Principles of Microeconomics at Western University. The course introduces foundational concepts in microeconomics, including market mechanisms, consumer and producer behavior, and government interventions.
Contact Information
Instructor: Bruno Salcedo (bsalcedo@uwo.ca)
Office Hours: Tuesdays and Thursdays 11:00–12:00 in SSC-4058
Additional details and course policies are available in the official outline.
Recommended Textbook
Microeconomics: Canada in the Global Environment by Michael Parkin & Robin Bade (2021), 12th Edition.
Electronic book rental with MyLab access is recommended for full course participation.
Other editions cover most material but may lack MyLab access.
MyLab course ID: salcedo97777
Coursework and Grades
Grades are based on exams and quizzes. The flexible grading policy allows the lowest quiz grade to be dropped. Missed assessments with academic consideration will be transferred to the final exam.
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 | 20% |
No make-up exams or quizzes except with academic consideration.
Lowest quiz grade will be dropped.
Self-attestation is not accepted for quizzes.
Tentative Course Schedule
The following schedule lists the main topics, textbook sections, and 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 | 09/09 and 09/11 |
3 | 4 | Supply and Demand | 09/16 and 09/18 |
4 | 4 | Elasticity | 09/23 and 09/25 |
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 | 15 | Reading Week | 10/30 and 11/01 |
10 | 9 | Market Efficiency | 11/06 and 11/11 |
5-9 | 5, 6, 9, 12 | Midterm Exam 2 | 11/16 |
11 | 16 | Government Interventions | 11/13 and 11/18 |
12 | 17 | Externalities | 11/20 and 11/25 |
13 | 16 | Public Goods* | 11/27 and 12/02 |
14 | 17 | Labour Markets | 12/04 and 12/09 |
1-3, 6-9, 12-17 | 15-17 | Cumulative Final Exam | TBA |
Additional info: The schedule is tentative and may be adjusted. If the course falls behind, the unit on Public Goods will be omitted.
Main Topics Covered
Introduction to Microeconomics: Overview of microeconomic principles and their applications.
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, provision, and challenges (may be omitted).
Labour Markets: Wage determination, labor supply and demand.
