You are on page 1of 4

Introduction to Microeconomics – ECO 151

(3 credits)
Class time and place:
Academic year: Semester:
Office location/ Office hours:
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.
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.
N. Gregory Mankiw (2009). Principles of Microeconomics, 6th ed. Cengage Learning.
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.
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 &
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
4. Price Ceilings & Floors Lecture
4 * Market Efficiency Chapters 7-9 1. Bill the Weatherman PODCAST &
* 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 &
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


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
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
4. Public: Evaluated results are public to students