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Introduction to Microeconomics – ECO 151

(3 credits)
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FACULTY
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PREREQUISITES
No
COURSE OVERVIEW
The module Introduction to Microeconomics is a compulsory subject, of the
knowledge base of economic sectors. This course provides students the basic knowledge of
economics, including:
- The mechanism of the market operation;
- Behavior of consumers, the behavior of enterprises in the market output and market
inputs to achieve the highest economic efficiency;
- The role of prices, markets and micro-management functions of government in
regulating markets.
COURSE OBJECTIVES
By the end of the course, students should be able to:
 Understand a market by:
- identifying and describing the relevant supply and demand characteristics;
- illustrating graphically an event in the market, showing the effects on supply,
demand, price and quantity;
- explaining in words why the market follows the described path;
- utilizing the concepts of demand elasticity;
- analyzing the effects of government intervention in markets.
 Apply cost and revenue behavior concepts by:
- computing values of total, average and marginal costs and revenues;
- graphing the typical behaviors of these costs;
- determining the optimal output choice for the profit maximizing firm.
 Compare and contrast the similarities and differences in the characteristics and outcomes
among the following market structures: perfect competition; monopoly, oligopoly,
monopolistic competition.
 Defend or oppose the role of government intervention in a market in terms of equity and
efficiency, utilizing the concepts of consumer and producer surplus in the following
areas: taxation, international trade, externalities, public goods and common resources,
markets for the factors of production.
REQUIRED TEXTBOOKS
N. Gregory Mankiw (2009). Principles of Microeconomics, 6th ed. Cengage Learning.
TECHNIQUES OF INSTRUCTION
This course consists of a combination of traditional lecture supplemented with
podcast assignments, in-class activities, paired/small group problem solving, analysis of
news and magazine articles and current events discussions.
TENTATIVE SCHEDULE
Lesson Content Timeframe Reading Assignment and activities
1 * Ten Principles of Chapters 1 – 3 1. What’s wrong with this picture?
Microeconomics 2. Economic Principles & Models
* Basic Assumptions Lecture
and Models
* Gains from Trade 3. The Land of Milk & Honey
PODCAST & Assignment
4. Gains from Trade in-class problem
solving session
2 * Supply & Demand Chapter 4 1.Cookies & Milk PODCAST &
Assignment
2. The Cookie Market Activity
3. Supply & Demand Lecture
4. Supply &Demand in-class problem
solving session
3 * Price Elasticity of Chapters 5-6 1. My Pizza Habit PODCAST &
Demand Assignment
* Price Ceilings & Price
Floors 2. Price Elasticity Lecture
3. Price Elasticity in-class problem
solving
4. Price Ceilings & Floors Lecture
4 * Market Efficiency Chapters 7-9 1. Bill the Weatherman PODCAST &
Assignment
* Taxation & Market 2. Consumer Surplus in-class problem
Efficiency solving session
* International Trade & 3. Taxation, International Trade &
Market Efficiency Efficiency Lecture
4. Taxation & Trade in-class problem
solving session
5 * Cost of production Chapter 13 1. The Greeting Card Company Activity
2. Costs of Production Lecture
3. Costs of Production in-class problem
solving session
6 * Perfect Competition Chapter 14 1. Bobby the Entrepreneur PODCAST
& Assignment
2. Perfect Competition Lecture
3. Perfect Competition in-class problem
solving session
7 * Monopoly Chapters 15 &
* Oligopoly & Game 17 1. Monopoly Lecture
Theory 2. Let’s Make a Deal PODCAST &
Assignment
3. Oligopoly & Game Theory Lecture
4. Monopoly & Oligopoly in-class
problem solving session
8 * Monopolistic Chapter 16
Competition 1.Widget Bidding Game Activity
2. Monopolist Competition Lecture
3. Market Structure Case Study
9 * Externalities Chapters 10-11 1. Bubba’s Beef Jerky PODCAST &
* Public Goods & Assignment
Common Resources
2. Externalities & Public Goods Lecture
3. Externalities & Public Goods in-class
problem solving session
10 * Markets for the Chapter 18
Factors of Production 1. Factor Markets Lecture

2. Factor Markets in-class problem


solving session

GRADING AND ASSESSMENT


Students need to participate all class sessions, fulfil in-class exercises and homework,
actively do case studies, and take mid-term and final examinations. Students need to read
the required documentation before class.
Students will be assigned a final grade for the course using the following scale:
No. Forms of assessment Percentage
1 Attendance 10%
2 Group Assignments 15%
3 Mid-term test 20%
4 Final examination 55%
TOTAL 100%
 Attendance
Students are expected to attend all class meetings, arrive on time, and stay until the
scheduled ending time. Attendance will be divided by 5 times; each absence will decrease
2% of 10%.
 Group Assignments
- Format:
Group of students doing exercises already determined at the end of each lesson which
are done after completing lecturing each session.
- Content: exercises already determined at the end of each lesson.
- Evaluation:
 Choose right method: 3.0
 Solve problem: 4.0
 Explain: 3.0
- Instruction: take the average of all group exercises (or select any of at least 3 assignments).
Each group of students in each row of the table, no more than 4 students in a
group. Bonus points for any homework, case studies are included in the group assignments.
 Mid-term test
- Format: 01 test of 50 multiple choices, 60 minutes
- Cover: lessons 1 - 5.
- Evaluation: 0.2/choice x 50 questions = 10.0
 Final Examination
- Format: 01 test of 65 multiple choices, 90 minutes
- Cover: lesson 1 - 10.
- Evaluation: 0.15/choice x 65 questions = 10.0
COURSE POLICY
1. Preparedness: Students need to read all the designated materials. Due to time
constraints, only certain subjects will be covered in class lectures.
2. Policy on Communication: Students should communicate with their teammates in a
professional manner.
3. Assignment Quality: Students must follow the format guidelines for each assignment
given.
4. Public: Evaluated results are public to students