EC1110 - Microeconomics
Fall 2015

The Microeconomics Course

Microeconomics exams the choices that we, and business make in order to maximize our benefits will minimizing our expenditures. Microeconomics will enhance your understanding of the economic institutions and the environment under a market system of exchange and the response made to decisions arrived at by individuals, businesses, and governments. Specifically, the course examines business organizations and why the attitudes of buyers and sellers determine the prices, quantities, and distribution of the output of goods and services.

Topics We’ll Be Covering in Microeconomics

1.0 General Introduction to Economics
1.1 The Economic Problem
1.2 Supply and Demand
2.0 Price Theory
2.1 Elasticity
2.2 Consumer Demand
2.3 Short Run Costs
2.4 Long Run Costs
3.0 Market Structures
3.1 Perfect Competition
3.2 Monopoly
3.3 Imperfect Competition


Resources You Will Be Using in Microeconomics

  • Text: Principles of Micro-Economics, Sayre and Morris 7th Edition McGraw Hill Ryerson (the questions for the assignments will be drawn from the 7th edition of the text)


  • Course Facebook Site: Search/Like: Paul Tilley's Microeconomics

How You Will Be Evaluated in Microeconomics


Evaluation Item
Weight
Grade Achieved
Detail (Complete details of each project/test will be discussed/distributed in class)
Discussion Participation
5

You will be evaluated on your class attendance and involvement in the class discussion.
Hand In Assignment 1
Assignment 1 Due on Friday, September 26.
5

Chapter 1 – The Economic Problem
Page 27 - # 36;

Chapter 2 – Demand and Supply - Theory
Page 64- #36 & #38;

Chapter 3 – Demand and Supply - Practice
Page 99- # 36
Hand In Assignment 2
Assignment 2 Due on Friday, October 17
5

Chapter 4 - Elasticity
Page 136- #36,

Chapter 5 – Consumer Demand
Page 165- #36
Midterm
Week of October 27
30

You will be tested on material covered in the first 5 chapters of the text in the course. The test will be one hour in duration, and be 70% Multiple Choice and 30% Short Answer questions.
Hand In Assignment 3
Assignment 3 Due on Friday, November 7.
5

Chapter 6 - The Short Run
Page 204/205 - #36 & #38

Chapter 7 - The Long Run
Page 226 - #36
Hand In Assignment 4
Assignment 4 Due on Friday. November 21
5

Chapter 8 – Perfect Competition
Page 263 - #36

Chapter 9 – Evaluation of Competitive Markets
Page 295 – #36

Chapter 10 - Monopoly
Page 329 - #36

Chapter 11 – Imperfect Competition (Oligopolies and Monopolistic Competition)
Page 366- #36
Final Exam
During the Final Exam Period
45

This is a comprehensive exam consisting of material from throughout the course. The test will be two hours in duration, and be 60% Multiple Choice and 40% Short Answer questions.
Total
100







Textbook website:
http://highered.mcgraw-hill.com/sites/0070984050/student_view0/index.htmlCourse Textbook Site (with Answer key)

Course Facebook Site
Microeconomics facebook Site

Course Notes










Course PowerPoint Slides












Course Videoettes
The First section (Units 1-5) of the course looks at economics from the consumer's point of view....
Unit 1 - Scarcity and Choice
Unit 1 - Resources
Unit 1 - Positive vs. Normative



Unit 1 - Production Possibilities
Unit 1 - Prod. Poss. with Change
Unit 1 - Opportunity Cost




Unit 2 - Demand and Supply
Unit 2 - Change in Demand
Unit 2 - Supply



Unit 3 - Equilibrium
Unit 3 - Market Equilibrium


Unit 3 - Price Floors and Price Ceilings

Unit 3 - Change in Demand


Unit 4 - Elasticity of Demand






Unit 5 - Consumer Demand
5 - Diminishing Marginal Utility
Unit 5 - Consumer Equilibium



The Section section (Units 6-10) of the course looks at economics from the producers point of view....
Unit 6 - Short Run Explicit/Implicit Costs/Opportunity Costs
Unit 6 -
Unit 6 - Fixed and Variable costs






Unit 6/7 Cost Curves
Unit 6/7 Cost Curves




Unit 8 - Market Structures - Types of Competitive Markets
Unit 8 - Perfect competition
Unit 9 - Competitive Markets



Unit 10 - Monopoly






Unit 11 - Imperfect Competition