Principles of Microeconomics - Course Syllabus

Course Overview

This course provides an introductory approach to the development of microeconomic analysis. It emphasizes understanding how individuals and firms make decisions, how markets operate, and how government actions affect market outcomes. Topics include supply and demand, market equilibrium, elasticity, efficiency, equity, market structures, and public goods.

Learning Objectives

• Business Discipline Knowledge: Understand fundamental microeconomic concepts and terminology.

• Communication: Develop skills to communicate and collaborate effectively in economic contexts.

• Ethical Reasoning: Evaluate ethical issues in microeconomic decision-making.

• Analytical Skills: Apply critical thinking and analysis to microeconomic problems.

• Quantitative Reasoning: Use quantitative methods to analyze economic data and models.

Course Topics

• What is Economics? Definition, scope, and importance of economics in society.

• The Economic Problem: Scarcity, opportunity cost, and resource allocation.

• Demand and Supply: Market equilibrium, shifts in curves, and price determination.

• Elasticity: Price elasticity of demand and supply, income elasticity, cross elasticity.

• Efficiency and Equity: Welfare analysis, consumer and producer surplus.

• Government Actions in Markets: Price controls, taxes, subsidies, and market interventions.

• Global Markets in Action: International trade, comparative advantage.

• Utility and Demand: Consumer choice theory, utility maximization.

• Possibilities, Preferences, and Choices: Production possibilities frontier, trade-offs.

• Organizing Production: Types of firms, production processes.

• Output and Costs: Short-run and long-run cost analysis.

• Market Structures: Perfect competition, monopoly, monopolistic competition, oligopoly.

• Public Choice and Public Goods: Non-excludable and non-rival goods, government provision.

• Externalities and the Environment: Market failures, external costs and benefits.

• Markets for Factors of Production: Labor, capital, and land markets.

• Economic Inequality: Income distribution, poverty, and policy responses.

• Uncertainty and Information: Asymmetric information, risk, and insurance.

Course Structure and Assessment

• Exams: Three exams (including a final exam) covering major course topics.

• Assignments: Written assignments and practical applications of microeconomic concepts.

• Participation: Attendance and engagement in class discussions and group work.

• Grading Scale: Standard letter grades based on cumulative performance.

Textbook

• Required: Michael Parkin, "Microeconomics" (latest edition).

• Additional Materials: Online resources and interactive tools as assigned.

Course Outline (Sample Schedule)

Study Tips

• Review readings before class.

• Take notes and highlight key concepts.

• Practice problems for better understanding.

• Form study groups for collaborative learning.

• Seek help early if concepts are unclear.

Additional info: The syllabus includes policies on attendance, grading, academic integrity, and accommodations for students with disabilities. It also outlines the importance of participation and communication with the instructor.