Microeconomics Syllabus and Study Guide: ECO101H5F (Fall 2025)

Course Overview

Introduction to Microeconomics

This course provides an introduction to the basic concepts and techniques of microeconomic theory. Students will learn about price determination through supply and demand, market failure, consumer and producer behavior, and the functioning of households and firms. The course emphasizes both theoretical understanding and practical application to real-world economic issues.

• Microeconomics studies the decision-making processes of individuals and firms, focusing on how resources are allocated in markets.

• Key topics include supply and demand, market equilibrium, elasticity, consumer choice, and market structures.

• Microeconomics is distinct from macroeconomics, which examines the economy as a whole, including topics like inflation, unemployment, and economic growth.

Example: Analyzing how a change in the price of coffee affects the quantity demanded by consumers and the quantity supplied by producers.

Course Structure and Meetings

Lecture and Tutorial Schedule

The course consists of weekly lectures and tutorials. Lectures introduce core concepts, while tutorials provide opportunities for discussion and problem-solving.

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, 4:00 PM - 5:00 PM	In Person: DV 2074
TUT0214	Wednesday, 6:00 PM - 7:00 PM	In Person: DV 2074

Lectures begin the first week of classes. Tutorials begin on the second week of classes.

Course Communication

Professional Email Etiquette

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

• Using a greeting and sign-off in emails.

• Writing clear and concise messages, free of typos.

• Checking the syllabus and course resources before emailing questions.

• Being respectful and patient in all communications.

Course Materials

Required Textbook

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

• ISBN-13: 9780135264000

• MyLab subscription is required for access to online problem sets and resources.

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 in-person.

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

• Discussion Posts: Short written responses to podcasts or readings, posted on Quercus.

• MyLabs Assignments: Online problem sets for practice and exam preparation.

• Final Exam: Cumulative, covering all course material.

Course Schedule

Part I: Consumer Theory

Lecture 1: What is ECO101 & What is Economics?

• Economics is the study of how societies allocate scarce resources to satisfy unlimited wants.

• Key concepts: opportunity cost, production possibilities frontier (PPF), budget constraints.

• The Invisible Hand describes how individual self-interest can lead to positive social outcomes through market mechanisms.

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 households' 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

• Supply and Demand are fundamental concepts that explain how prices and quantities are determined in markets.

• Market Equilibrium occurs where the quantity supplied equals the quantity demanded.

• Elasticity measures the responsiveness of quantity demanded or supplied to changes in price or other factors.

Key Questions:

• What determines how much of a product 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 Formulas and Concepts

• Budget Constraint: $P_x X + P_y Y = I$ Where $P_x$ and $P_y$ are the prices of goods X and Y, and $I$ is income.

• Production Possibilities Frontier (PPF): Shows the maximum combinations of goods that can be produced with available resources and technology.

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

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

Policies and Academic Integrity

Key Policies

• Late Assessment Submissions: Allowed only with valid documentation and following university procedures.

• Academic Integrity: Plagiarism and use of unauthorized AI tools are strictly prohibited.

• Accessibility and Accommodations: Students with disabilities should contact Accessibility Services for support.

Additional Resources

• Course Website: https://q.utoronto.ca/courses/4098220

• Instructor: Aaron Weisbord ([e-mail])

• Office Hours: Tuesday 11:00am - 12:30pm in KN 114