Principles of Microeconomics: Course Syllabus and Structure

Course Overview

This course introduces students to the fundamental concepts and analytical tools of microeconomics. It explores how individuals, firms, and governments make decisions in the presence of limited resources, and how these decisions shape market outcomes and economic policy.

• Course Code: ECO 2023

• Term: Fall 2026

• Instructor: Sandy Noboa Lindao

• Location: Graham Center (GC) 140

• Meeting Times: Tu, Th 9:30 AM - 10:45 AM

• Department: Economics

Course Description

Microeconomics studies how individuals, firms, and governments make decisions regarding the allocation of scarce resources. The course covers consumer behavior, production and cost analysis, market structures, and government intervention. Students will develop critical thinking and decision-making skills applicable to real-world economic choices.

• Key Concepts: Scarcity, opportunity cost, incentives, marginal analysis, market demand and supply, production decisions, market efficiency, externalities, and market structures.

• Teaching Methods: Lectures, discussions, problem-solving exercises, homework, quizzes, presentations, and exams.

Course Goals

Upon successful completion, students will be able to:

• Apply and communicate core economic principles to real-world situations.

• Analyze market demand and consumer behavior, including the effects of government intervention.

• Identify determinants of supply and analyze production decisions.

• Use supply and demand models to understand market efficiency.

• Evaluate production and cost concepts in both short-run and long-run contexts.

• Assess firm behavior and market outcomes in various market structures using cost, revenue, and strategic analysis.

Student Learning Outcomes (SLOs)

• SLO1: Describe market demand and analyze consumer behavior using economic principles.

• SLO2: Identify determinants of supply and analyze production factors.

• SLO3: Discuss marginal benefit and marginal cost; apply the marginal decision rule.

• SLO4: Understand and analyze the supply and demand model for efficient distribution in competitive markets.

Course Structure and Assessment

• Homework: Assigned at the end of each chapter, submitted online via MyLab Economics. Two attempts allowed; lowest two scores dropped.

• Quizzes: Short, graded quizzes at the end of each chapter; lowest score dropped.

• Presentations: Five-minute presentations relating news articles to microeconomic concepts; summary submission required.

• Exams: Two midterms and one cumulative final exam; closed-book, in-class.

Grading Breakdown

Grading Scale

Textbook and Course Materials

• Textbook: Microeconomics by Hubbard, R. Glenn and O'Brien, Anthony Patrick (Pearson, 2021)

• Chapters Covered: 1, 2, 3, 4, 5, 6, 10, 11, 12, 15, 13, 14

• Access: MyLab Economics via Canvas

Tentative Course Outline

• Section 1: Economic Foundations and Market Analysis

  • Chapter 1: Economics: Foundations and Models

  • Chapter 2: Trade-offs, Comparative Advantage, and the Market System

  • Chapter 3: Where Prices Come From: The Interaction of Demand and Supply

  • Chapter 4: Economic Efficiency, Government Price Setting, and Taxes

• Section 2: Consumer and Producer Decision-Making

  • Chapter 5: Externalities, Environmental Policy, and Public Goods

  • Chapter 6: Elasticity: The Responsiveness of Demand and Supply

  • Chapter 10: Consumer Choice and Behavioral Economics

  • Chapter 11: Technology, Production, and Costs

• Section 3: Market Structures and Firm Competition

  • Chapter 12: Firms in Perfectly Competitive Markets

  • Chapter 15: Monopoly and Anti-trust Policy

  • Chapter 13: Monopolistic Competition: The Competitive Model in a More Realistic Setting (if time allows)

  • Chapter 14: Oligopoly: Firms in Less Competitive Markets (if time allows)

Key Microeconomic Concepts (Preview)

• Scarcity: Limited resources require choices about allocation.

• Opportunity Cost: The value of the next best alternative forgone.

• Marginal Analysis: Decision-making based on incremental benefits and costs.

  • Marginal Decision Rule: Choose the option where marginal benefit equals marginal cost.

  • Equation:

• Supply and Demand: Fundamental model for market price and quantity determination.

  • Demand Equation:

  • Supply Equation:

• Elasticity: Measures responsiveness of quantity demanded or supplied to changes in price.

  • Price Elasticity of Demand:

• Market Structures: Includes perfect competition, monopoly, monopolistic competition, and oligopoly.

• Externalities: Costs or benefits affecting third parties, leading to market failure.

• Consumer Choice: How consumers allocate income to maximize utility.

• Production and Costs: Analysis of firm behavior in short-run and long-run contexts.

Policies and Resources

• Attendance: Not mandatory, but participation is rewarded.

• Communication: Via Canvas Inbox and email; instructor responds within 48 hours.

• Late Assignments: Accepted with penalty; 2-point deduction per day.

• Make-up Exams: Only with valid documentation and timely notification.

• Academic Integrity: Cheating results in automatic zero; adherence to FIU Student Conduct and Honor Code required.

• Nondiscrimination: FIU maintains an equitable learning environment; concerns can be reported to the Office of Civil Rights.

Schedule of Topics

• August 25-27: Chapter 1

• September 1-3: Chapter 2

• September 8-10: Chapter 3

• September 15-17: Chapter 4

• September 24: Midterm 1

• September 22-29: Chapter 5

• October 1-6: Chapter 6

• October 8-15: Chapter 10

• October 20-27: Chapter 11

• November 3: Midterm 2

• October 29 - November 5: Chapter 12

• November 10-17: Chapter 15

• November 19-24: Chapter 13

• December 1-3: Chapter 14

• TBA: Final Exam

Additional info: The syllabus covers all major microeconomic topics listed in the reference chapter titles, including supply and demand, elasticity, consumer and producer surplus, taxes, externalities, types of goods, production costs, market structures, and behavioral economics. The course is structured to provide both theoretical foundations and practical applications, with assessments designed to reinforce learning and critical thinking.