ECON101 – PRINCIPLES OF MICROECONOMICS

M/W/F 9:00 am to 9:55, Room C107

Instructor Office Phone Email Semester-Year

Aamina Ajaz st
Block A, 1 Floor 43712143 axacad3@rit.edu Spring 2023
Office Hours: Tuesday 10:00 am to 12:00 am by prior e-mail appointment online

Discipline: Economics Course Approval Date: Fall 2018

(Science & Liberal Arts Dept) Last Revision Date August 2020
Course Number: 101.602 Course Title: Principles of Microeconomics

Undergraduate: Yes New Course: No Course Deletion: X Credits: 3 LEC

Graduate: No Prerequisites: None Co-requisites: None
Designated Innovation Journey Course: No

Required Books/Readings:

The course textbooks, which can be used as a supplement to the class slides are
 Pindyck, S. Robert, Rubinfeld, L. Daniel, Microeconomics, Pearson Education, 8th Edition,
2013.

 Daron Acemoglu, Massachusetts Institute of Technology. David Laibson, Harvard University.

John List, University of Chicago Microeconomics, 2nd Edition, (Pearson Education Limited:
2018).

Suggested References/Readings:
The text will be supplemented by other readings (primary and secondary sources)
 Michael Parkin, Microeconomics, 12th Global Edition, (Pearson Education Limited: 2016).

 Online textbooks such as OpenStax, Principles of Microeconomics, 2e, August 19,

2019 may be used and are available for free downloading
 2

Official Course Description:

Microeconomics studies the workings of individual markets. That is, it examines the interaction of the
demanders of goods and services with the suppliers of those goods and services. It explores how the
behavior of consumers (demanders), the behavior of producers (suppliers), and the level of market
competition influence market outcomes.

Course Learning Outcomes:

At the end of this course, a student will be able to:
 Explain the marginal principle and the concept of opportunity cost.
 Explain how markets function.
 Analyze and apply the concept of elasticity.
 Define and assess the concept of economic surplus.
 Develop interconnections in global markets and impacts of trade restrictions.
 Explain short and long run costs.
 Define the behavior of firms in various market structures.
 Comprehend and critically assess economic problems and economic policy.
 Be able to use economic reasoning to rationalize economic phenomena.

Mapping of CLOs to GenEd Outcomes:

Please refer to the link below to see the mapping of the Course Learning Outcomes to the General Education Learning
Outcomes: 

https://drive.google.com/drive/folders/1umrq6zLCiqVKS3JiCz1KSynq5vSIxasW?usp=sharing

Teaching & Learning Methodologies:

Different teaching and learning methods will be adopted in class to help students achieve the course
learning outcomes and to encourage student participation, creativity and interaction with each other.
Methods include lectures, problem solving & class discussions. The course material is presented via slides,
with each set usually representing a topic in the syllabus. The slides are comprehensive, self-explanatory
for the most part when the student reads it after attending the lecture and contain analysis and diagrams.
At the end of each lecture, there are several slides presented containing solved examples. Usually, I ask the
class to solve the problem first, with hints provided, before revealing the answer and explaining how it was
obtained. Students thus have a ready-made compendium of solved problems which they can refer to
before exams and tests. Most of the problems that appear in tests, quizzes and exams are very similar to
the ones solved in class.
Students are kept on their toes with weekly quizzes. Some of these quizzes are announced in advance to
give students prep time, while others are ‘pop’ or surprise quizzes which are usually 10 minutes long and
cover material studied in the previous lecture. Weekly homework assignments are also part of the course,
but these are usually research-based as numerical homework questions have resulted in mass
collaboration on the part of the students in previous semesters.

Grading Scheme

Excellent Good Satisfactory Minimal Pass Fail

B+ 87-89.99 C+ 77-79.99 D 60-69.99 F 0-59.99
A 94-100 B 83-86.99 C 73-76.99
A- 90-93.99 B- 80-82.99 C- 70-72.99
 3

Coursework and Distribution:

The final grade for the course will be calculated based on the following assessments:

Assessment Associated CLOs Weight

Assignments & Quizzes All 25%
Midterm Test 1 - MT1 1,2,3,5,8,9 20%
Midterm Test 2 – MT2 4,5,8,9 20%
Final Exam - FE All 35%
Total 100%

Description of Assessments

Exams:
There will be two midterm tests and a final exam. The first midterm test will cover material studied in class
up to and including the theory of consumer behavior. The second midterm test will cover material from the
end of the first midterm up to the theory of the firm. The final exam is comprehensive and covers the
entire course syllabus.

Quizzes and Assignments:

There will be a quiz and/or a homework assignment at the end of each topic. Quizzes will be closed-book and
in class and some of these may be announced in advance while others will be surprise quizzes. The intent is to
see how well students comprehended the previous lecture or topic. Quizzes will be short and sharp, usually
taking 10-15 minutes. Homework will be more research or analysis based as previous experience points to
extensive collaboration between students for homework.

Course Calendar:

Wee Topic Lecture Assessments

k Slides #
Overview
1 History of Economic Thought 1
Opportunity Costs and Production Possibilities Supply and
Demand
2 Shifts in Supply and Demand Causes of 2,3,4 HW1, MT1, Quiz 1
shifts/movements along (Q1), Final

Market Equilibrium and Surplus/Welfare Consumer and

3 Producer Surplus 5 HW2, MT1, Q2, Final
Elasticity (Price Elasticity of demand, Income Elasticity, Cross-
4 price Elasticity, Midpoint Elasticity) 6 Q3, MT1, Final

Utility Maximization
Consumer Equilibrium, Indifference Curves Budget Constraints
5 7 Q4, HW3, MT1, Final
 4

6 MIDTERM TEST 1 Consumer Theory

Theory of the Firm
7 Costs of Production/Revenue 8 HW4, MT2, Final
Production Functions Isoquants and iso-cost
8 lines Equilibrium of the firm 9 Q5 MT2, Final

9 Perfect Competition 10,11 HW5, MT2, Final

Monopoly and Price Discrimination Q6, Practice Test,

10 12,13 MT2, Final
MIDTERM TEST 2
11 Theory of the Firm
Monopolistic Competition Oligopoly and
12 Collusion 14,15,16 HW6, MT2, Final

13 Market for Factors of Production 17 Q7,MT2, Final

International Trade
Comparative Advantage & Opportunity Cost Gains from Trade Practice Problems,
14 18 Final

15 FINAL EXAM

Course Policies:

Classroom Conduct
Regular and timely attendance is encouraged and is necessary in order to understand the material. All use of
mobile phones and other electronic devices, including laptops and tablets, is strictly prohibited. Chit-chat
during class is also not permitted. Food and drink other than water are not permitted in the classroom.
Violation will lead to the student(s) being asked to leave the classroom for the duration of the lecture.
Leaving the classroom at any time without the instructor’s permission is not allowed. Coming to class more
than 5 minutes late without a valid and documented excuse will count as an absence. Absence from class for
more than 30% of all lectures will result in an automatic F.

Course Management

 You are responsible for knowing what’s due and when by referring to the syllabus and assignment
instructions. If something isn’t clear, feel free to ask.
 Coursework is cumulative—everything we do along the way feeds into the final paper and exam—so
complete them conscientiously and assiduously.
 Type-written work must be turned in through MyCourses and in hard copy by the fixed deadlines.
 Individual work is individual work. You may seek tutorial assistance, ask peers to help you “workshop”
your papers by giving you feedback, but the content—including ideas and language— must be yours
when you are not citing appropriate sources.
 Late work will be deducted 10% every calendar day without exception.
 Things may change, including the structure and arrangement of assignments, but these changes will
always be to your advantage and I will inform you in writing if they occur and what they entail.
 5

Attendance Policy

Attendance is mandatory for this class. Students with regular absence will most likely be unsuccessful in
this course. Therefore, students that accumulate more than 8 session absences (Monday/Wednesday class
session) or 12 sessions (UTR session) will be automatically assigned an “F” grade regardless of their
assessment results. This is applied per university policy 3.1.14-B.

RIT Dubai Honor Principles

Refer to Policy 5.1.1- RIT Dubai Honor Code in the Student Handbook

Academic Integrity:
Refer to Policy 3.1.7- Policy on Academic Responsibility (section 2. Academic conduct) in the Student
Handbook.
The course strictly adheres to the University’s academic honesty policy. Copying from another student, or
referring to online or written material in a closed-book exam, whether during an exam or test or while
doing homework, carries heavy penalties as does plagiarizing when writing reports or papers. This will
result in a zero in that assignment. A repeat offense will result in a report to the VP-AA and a possible
reassessment of the course grade. For further elaboration and clarification, please see the instructor.

Procedures for handling Academic Dishonesty:

Refer to Section 2. Academic Conduct of Policy 3.1.7- Policy on Academic Responsibility in the student
handbook.