Course Overview

Introduction

This syllabus outlines the structure, objectives, and main content areas for ECON 201: Principles of Microeconomics. The course focuses on foundational microeconomic theories, models, and their applications to firms, industries, and markets.

• Instructor: Mohammad Ismayl Al Masud

• Textbook: Microeconomics 9th ed. by Hubbard/O’Brien (via MyEconLab)

• Course Delivery: Online via MyEconLab, with assignments, exams, and study resources.

Course Objectives

Learning Goals

Upon successful completion, students will be able to:

• Understand the nature of the economic problem and scarcity.

• Apply the demand and supply model to analyze individual and collective decision-making.

• Comprehend production and cost concepts relevant to firms.

• Analyze price/output determination in competitive and imperfectly competitive markets.

• Evaluate the impact of market structure on firm performance and societal outcomes.

Course Structure

Sections and Chapters

The course is divided into four sections, each covering specific chapters and culminating in an exam. The chapters correspond to major microeconomic topics:

• Section 1: Chapters 1, 2 (Foundations, Models, Trade-offs, Comparative Advantage)

• Section 2: Chapters 3, 6 (Supply and Demand, Elasticity)

• Section 3: Chapters 11, 12 (Production, Costs, Perfect Competition)

• Section 4: Chapters 13, 14 (Monopolistic Competition, Oligopoly)

Each chapter includes homework assignments and practice questions. Four exams are administered, with the final exam being comprehensive.

Main Topics Covered

Microeconomic Foundations

• Economics: Foundations and Models (Chapter 1)

  • Definition of economics, scarcity, and opportunity cost.

  • Basic economic models and assumptions.

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

  • Concept of trade-offs and opportunity cost.

  • Comparative vs. absolute advantage.

  • Market system and allocation of resources.

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

  • Law of demand and law of supply.

  • Market equilibrium: price and quantity determination.

  • Shifts in demand and supply curves.

  • Key Equation: Where is quantity demanded, is quantity supplied, is price, and , , , are parameters.

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

  • Price elasticity of demand and supply.

  • Income and cross-price elasticity.

  • Key Equation:

• Technology, Production and Costs (Chapter 11)

  • Production functions and technological efficiency.

  • Short-run and long-run costs.

  • Key Equations: Where is total cost, is fixed cost, is variable cost, is average total cost, is marginal cost, and is output.

• Firms in Perfectly Competitive Markets (Chapter 12)

  • Characteristics of perfect competition.

  • Profit maximization:

  • Short-run and long-run equilibrium.

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

  • Features of monopolistic competition.

  • Product differentiation and market power.

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

  • Oligopoly characteristics: few firms, interdependence.

  • Game theory and strategic behavior.

Grading and Evaluation

Assessment Components

• Homework: 15% of course grade (via MyEconLab, two attempts per question).

• Exams: 85% of course grade (four exams, including a comprehensive final).

Grade Scale

Policies and Expectations

Academic Integrity and Course Conduct

• All forms of academic dishonesty (cheating, plagiarism, unauthorized distribution) result in automatic failure.

• Exams are department property; copying or distributing is strictly prohibited.

• Course materials are protected by intellectual property laws.

• Instructor reserves the right to change syllabus policies at any time.

University Policies and Support Services

Student Resources

• Academic Honesty, Attendance, Withdrawal policies (see university links).

• Accessibility services for students with disabilities.

• Career Services, Kelly Center, Title IX support.

• Academic Success Office: tutoring, success coaching, online support.

Summary Table: Course Topics and Corresponding Chapters

Additional Info

• Practice questions and study guides are available for each chapter via MyEconLab.

• Exams are proctored online (Honorlock) or in-class, depending on student status.

• Students are expected to check email and Blackboard regularly for announcements and updates.