Microeconomics Syllabus and Study Guide: ECO101H5F (Fall 2025)

Course Overview

Introduction to Microeconomics

This course introduces the basic concepts and techniques of microeconomic theory, focusing on price determination, market demand and supply, market failure, household and firm decision-making, and market structure. The course is designed to provide students with a framework for analyzing real-world economic problems and policy proposals.

• Microeconomics studies small-scale decision-making, such as how households and firms interact in markets.

• Key questions include: "Given the current wages, how much will people want to work?" and "How will the entry of a new competitor affect market prices?"

• Microeconomics uses mathematical models and statistical tools to analyze and predict economic behavior.

Example: Analyzing the effects of the Flint Water Crisis on health outcomes in Michigan, or how government spending affects the economy.

Course Structure and Meetings

Lecture and Tutorial Schedule

The course consists of weekly lectures and tutorials. Lectures begin in the first week of classes; tutorials start in the second week.

Section	Day & Time	Delivery Mode & Location
LEC0201	Thursday, 11:00 AM - 1:00 PM	In Person: KN 137
LEC0202	Thursday, 3:00 PM - 5:00 PM	In Person: KN 137
TUT0201	Tuesday, 4:00 PM - 5:00 PM	In Person: DH 2070
TUT0202	Tuesday, 5:00 PM - 6:00 PM	In Person: DH 2070
TUT0203	Tuesday, 6:00 PM - 7:00 PM	In Person: DH 2070
TUT0204	Tuesday, 4:00 PM - 5:00 PM	In Person: DH 2080
TUT0205	Tuesday, 5:00 PM - 6:00 PM	In Person: DH 2080
TUT0206	Tuesday, 6:00 PM - 7:00 PM	In Person: DH 2080
TUT0207	Tuesday, 7:00 PM - 8:00 PM	In Person: DH 2080
TUT0210	Wednesday, 3:00 PM - 4:00 PM	In Person: DH 3000
TUT0211	Wednesday, 4:00 PM - 5:00 PM	In Person: DH 3000
TUT0212	Wednesday, 5:00 PM - 6:00 PM	In Person: DH 3000
TUT0213	Wednesday, 6:00 PM - 7:00 PM	In Person: DH 2074

Additional info: Refer to ACORN for the most up-to-date information about the location of the course meetings.

Course Communication

Professional Email Etiquette

Students are expected to communicate professionally with the instructor and TAs. This includes:

• Begin emails with a greeting and end with a sign-off.

• Keep emails clear and concise; edit for typos.

• Use your university email account for correspondence.

• Do not use overly casual language.

• Include a subject line and relevant details.

Example: "Dear Professor, I have a question about the problem set due next week. Best regards, [Your Name]"

Course Materials

Required Textbook

• Microeconomics, 18th Canadian Edition by Christopher T.S. Ragan

• ISBN-13: 9780135264000

• MyLab subscription is required for access to online problems and assignments.

Additional info: Previous editions of the textbook may be used as a resource, but MyLab access is mandatory for assignments.

Assessment Structure

Grading Breakdown

Assessment	Percent	Details	Due Date
Midterm 1	20%		2025-10-04
Midterm 2	20%		2025-11-15
Problem Sets	12%		Ongoing
Discussion Posts	4%		Ongoing
MyLabs Assignments	4%		Ongoing
Final Assessment	40%	Final Exam or Period	Final Exam Period

• Midterm Exams cover specific chapters and are administered on Saturday mornings.

• Problem Sets are in-depth homework assignments, often completed in groups.

• Discussion Posts require engagement with course podcasts and online discussions.

• MyLabs Assignments are online problem sets accessed through MyLab.

• Final Exam is cumulative and scheduled during the final exam period.

Course Policies

Academic Integrity and Late Submissions

• All assignments must be original work; plagiarism is strictly prohibited.

• Use of generative AI for assignments is not allowed.

• Late submissions require documentation and approval via the ACORN Absence Declaration Tool.

Course Schedule

Part I: Consumer Theory

Lecture 1: What is ECO101 & What is Economics?

• Topics: Syllabus review, course structure, economics (generally), The Invisible Hand, means of exchange, opportunity cost, production possibilities frontiers (PPF).

• Key Questions:

  • What will our time together look like?

  • What is an "Economy" and how do they work?

  • Why can you buy a sandwich for $6 but not make one yourself for under $600?

  • How do economists start thinking about household budget decisions?

  • How can we use the PPF to think about production in an economy?

Textbook Readings: Ragan 18th Ed. (2023) "Microeconomics": Chapter 1.

Lecture 2: The Basics of Markets: Supply & Demand and Elasticities

• Topics: Laws of supply & demand, market equilibrium, surpluses and shortages, elasticity formula, elasticities (own-price, cross-price, and income), comparative statics.

• Key Questions:

  • What determines how much of a production people want to buy (demand)?

  • What determines how much of a product is offered in the marketplace (supply)?

  • How do supply and demand work together to determine market prices and sales?

  • What does it mean for demand (or supply) to be elastic or inelastic, and why do we care?

Textbook Readings: Ragan 18th Ed. (2023) "Microeconomics": Chapters 2, 4.1 – 4.2, and 4.4.

Key Terms and Concepts

• Economics: The study of how individuals and societies allocate scarce resources to satisfy unlimited wants.

• Microeconomics: The branch of economics that analyzes the behavior of individual households, firms, and markets.

• Opportunity Cost: The value of the next best alternative foregone when making a decision.

• Production Possibilities Frontier (PPF): A curve showing the maximum attainable combinations of two products that may be produced with available resources and technology.

• Supply and Demand: Fundamental economic model describing how prices and quantities are determined in a market system.

• Elasticity: A measure of how much quantity demanded or supplied responds to changes in price or other factors.

Key Formulas

• Price Elasticity of Demand: $E_d = \frac{\%\ \text{change in quantity demanded}}{\%\ \text{change in price}}$

• Opportunity Cost: $\text{Opportunity Cost} = \frac{\text{Loss of Output A}}{\text{Gain of Output B}}$

• Market Equilibrium: $Q_d = Q_s$ Where $Q_d$ is quantity demanded and $Q_s$ is quantity supplied.

Example Application

Example: If the price of coffee increases by 10% and the quantity demanded falls by 5%, the price elasticity of demand is $E_d = \frac{-5\%}{10\%} = -0.5$ (inelastic demand).

Additional info:

• The course also emphasizes data literacy and the use of statistics in economic analysis.

• Students are encouraged to apply economic reasoning to real-world issues, such as public policy and market outcomes.