Principles of Microeconomics (ECO 202) – Course Syllabus and Study Guide

Course Overview

Introduction to Microeconomics

This course, ECO 202 - Principles of Microeconomics, introduces students to the foundational concepts, theories, and analytical tools of microeconomics. The course covers topics such as scarcity, opportunity cost, supply and demand, elasticity, production and costs, market structures, and the role of government in markets. Students will learn to apply economic reasoning to consumer and business decisions and understand the impact of these decisions on individuals and society.

Course Structure and Key Topics

Major Topics and Chapter Coverage

• Economics: Foundations and Models – Introduction to scarcity, choice, and opportunity costs; economic models and their applications.

• Trade-offs, Comparative Advantage, and the Market System – Analysis of comparative and absolute advantage; benefits of trade.

• Demand and Supply – Determinants of demand and supply; market equilibrium and disequilibrium; government intervention and the Coase Theorem.

• Elasticity – Price elasticity of demand and supply; income and cross-price elasticity; implications for consumers and producers.

• Production and Costs – Short-run and long-run production costs; decision-making processes; introduction to trade barriers.

• Market Structures – Perfect competition, monopolistic competition, oligopoly, and monopoly; antitrust policy.

• Externalities and Public Goods – Market failures, externalities, environmental policy, and the provision of public goods.

• Consumer Choice and Behavioral Economics – Consumer decision-making, utility maximization, and behavioral insights.

• Labor Markets and Income Distribution – Markets for labor and other factors of production; public choice, taxes, and income distribution.

Course Objectives

Learning Outcomes

• Effectively communicate economic theory and concepts.

• Identify and solve problems using microeconomic theory and methodology.

• Illustrate the impact of scarcity and choice with economic models.

• Analyze comparative and absolute advantage and demonstrate the benefits of trade.

• Apply and analyze demand and supply models, including the effects of government intervention and market failures.

• Assess and compute elasticity measures for demand and supply.

• Understand production and cost structures in the short and long run.

• Evaluate different market structures and their implications for efficiency and welfare.

• Analyze the impact of externalities, public goods, and government policies on market outcomes.

• Examine consumer choice, behavioral economics, and the distribution of income.

Course Materials

Required Textbook

• Microeconomics, 9th edition by Glenn Hubbard & Anthony Patrick O'Brien (Pearson, 2025)

• ISBN: 8220144560358

Course materials are provided through the NOVA All Access program, ensuring students have access to all required resources from the first day of class.

Grading and Assessment

Assignment Breakdown

Assignment	Points	Percentage
Midterm Exam	250	25%
Final Exam	250	25%
Quizzes	210	21%
Homeworks (MyECONLAB)	190	19%
Discussion Boards	80	8%
Introduction Discussion	10	1%
SLO Assignment	10	1%
Total	1000	100%

Final grades are assigned based on the following scale:

Grade	Points	Percentage
A	900-1000	90-100%
B	800-899	80-89%
C	700-799	70-79%
D	600-699	60-69%
F	0-599	0-59%

Course Policies and Expectations

Participation and Communication

• Active participation in discussions and timely submission of assignments are required.

• Respectful and professional communication is expected in all course interactions.

• Late work is generally not accepted unless prior arrangements are made for emergencies.

• Use of Generative AI is only permitted when specified in assignment instructions and must be properly cited.

Technical Skills Required

• Ability to use the Internet, manage files, and operate the Canvas learning management system.

• Proficiency with Microsoft Office and web research.

• Ability to download, view, and print PDF files and course materials.

Course Schedule and Assignments

Weekly Topics and Deadlines

The course follows a structured schedule, with each week dedicated to a specific chapter or topic. Assignments include homework, quizzes, discussions, and exams. Key chapters covered include:

• Ch. 1: Economics: Foundations & Models

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

• Ch. 3: Where Prices Come From: The Interaction of Demand & Supply

• Ch. 4: Economic Efficiency, Government Price Setting, and Taxes

• Ch. 5: Externalities, Environmental Policy, and Public Goods

• Ch. 6: Elasticity: The Responsiveness of Demand and Supply

• Ch. 10: Consumer Choice and Behavioral Economics

• Ch. 11: Technology, Production, and Costs

• Ch. 12: Firms in Perfectly Competitive Markets

• Ch. 13: Monopolistic Competition: The Competitive Model in a More Realistic Setting

• Ch. 14: Oligopoly: Firms in Less Competitive Markets

• Ch. 15: Monopoly and Antitrust Policy

• Ch. 16: The Markets for Labor and Other Factors of Production

• Ch. 17: Public Choice, Taxes, and the Distribution of Income

Each chapter includes homework, practice quizzes, graded quizzes, and discussion assignments, culminating in a midterm and final exam.

Additional Information

• Proctored assessments require identity verification via Respondus LockDown Browser and webcam.

• Technical support and student resources are available through NOVA Online IT Support.

• Accommodation policies and academic integrity guidelines are strictly enforced.

Additional info: This syllabus provides a comprehensive overview of the course structure, expectations, and topics, serving as a foundational guide for students preparing for college-level microeconomics.