Introductory Microeconomics Syllabus and Study Guide

Course Overview

Introduction to Microeconomics

This course provides a comprehensive introduction to microeconomic theory, focusing on how markets allocate resources and how prices are determined. Students will learn to analyze consumer and producer behavior, market structures, and the impact of government policies on market outcomes.

• Instructor: Eve Adamant

• Course: Introductory Microeconomics, Fall 2023

• Credits: 0.5

Course Description

Microeconomics examines the functioning and application of the price system as a means of allocating resources in the non-governmental sector of the economy. The course explores the behavior of individuals, firms, and governments in the market, as well as the effects of their decisions on resource allocation and market efficiency. Students will develop analytical skills to understand and evaluate economic models and policies.

Course Learning Outcomes

• Apply mathematical and graphical methods to analyze microeconomic problems.

• Demonstrate understanding of basic economic models, including demand and supply.

• Analyze specific markets such as goods, housing, and labor.

• Evaluate the role of public policies and institutions in market outcomes.

Knowledge and Understanding

Mathematical Methodology

Students will learn to use mathematical tools such as graphs and equations to represent and solve microeconomic problems. This includes constructing and interpreting demand and supply curves, calculating equilibrium, and analyzing shifts in market conditions.

• Key Formula: The demand and supply model is represented by the intersection of the demand and supply curves, where equilibrium price and quantity are determined.

• Equation: $Q_d = Q_s$ (Equilibrium condition)

• Example: If the demand for a product is $Q_d = 100 - 2P$ and the supply is $Q_s = 20 + 3P$, equilibrium is found by setting $Q_d = Q_s$.

Microeconomic Modeling

Students will build and interpret basic microeconomic models, including demand and supply, utility and consumer choice, production and cost, market structures, government interventions, and international trade.

• Key Point: Models are simplified representations of economic reality used to predict and analyze outcomes.

• Example: The demand curve shows the relationship between price and quantity demanded, typically downward sloping due to the law of demand.

Understanding of Specific Markets

Students will analyze various markets, including goods, housing, and labor, using microeconomic models to understand market dynamics and outcomes.

• Key Point: Each market has unique characteristics affecting supply, demand, and equilibrium.

• Example: The labor market is influenced by wage rates, labor supply, and demand for labor.

Role of Policy and Regulations

Students will evaluate the effects of government intervention in markets, such as price controls, taxes, subsidies, and trade policies.

• Key Point: Government policies can correct market failures, redistribute resources, and influence market efficiency.

• Example: A price ceiling set below equilibrium can lead to shortages.

Discipline/Professional and Transferable Skills

Written Communication

Students will develop skills in writing analytical essays on microeconomic topics, integrating current events and policy analysis.

Practical Problem Solving

Students will apply microeconomic models to real-world scenarios, such as market interventions and policy evaluation.

Teamwork and Collaboration

Group assignments and discussions will foster teamwork and collaborative problem-solving skills.

Course Content and Materials

• Textbook: Parkin, Microeconomics (Chapters 1-17, except chapter 8 and chapter 17)

• Digital Resources: MyLab Economics, Digital Interactives

Course Assignments

Assessment	Weight	Description
Midterm	30%	50 Multiple Choice Questions (Chapters 1-8 Parkin, Chapters 1-9 CPE)
Final Exam	30%	50 Multiple Choice Questions (Chapters 9-17 Parkin, Chapters 10-17 CPE)
MyLab Assignments	15%	Weekly online assignments covering textbook material
PEAR Writing Assignment	15%	Essay integrating course concepts with current events
Digital Interactives	10%	Interactive online activities through MyLab

Important Dates and Policies

• Assignment Deadlines: Weekly assignments due as per schedule.

• Drop Date: Last date to drop without academic penalty is November 20, 2023.

• Accessibility: The university provides support for students with disabilities.

• Academic Integrity: Students must adhere to university policies on academic honesty.

Summary of Key Microeconomics Topics

• What is Economics? Study of resource allocation, scarcity, and choice.

• The Economic Problem: How societies decide what, how, and for whom to produce.

• Demand and Supply: Determinants of demand and supply, market equilibrium.

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

• Efficiency and Equity: Evaluating market outcomes for optimal resource allocation and fairness.

• Government Actions in Markets: Price controls, taxes, subsidies, and regulation.

• Global Markets in Action: International trade and its effects on domestic markets.

• Utility and Demand: Consumer choice theory and utility maximization.

• Production and Costs: Analysis of firm behavior, cost structures, and profit maximization.

• Market Structures: Perfect competition, monopoly, monopolistic competition, and oligopoly.

• Public Goods and Externalities: Market failures and government intervention.

• Markets for Factors of Production: Labor, capital, and land markets.

• Economic Inequality: Distribution of income and wealth.

• Uncertainty and Information: Asymmetric information and risk in markets.

Additional info: The syllabus covers all major microeconomics topics as outlined in the standard college curriculum, including mathematical modeling, market analysis, and policy evaluation. The course uses the Parkin textbook and integrates digital resources for interactive learning.