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Princples of Microeconomics - Course Outline

This course introduces principles of microeconomics covering topics like supply and demand, consumer and producer behavior, market structures, and factor markets over 14 weeks. The instructor is Muhammad Umer Saeed and assessments include exams, quizzes, and class participation. Key topics include optimization, demand and supply curves, market equilibrium, elasticities, costs of production, and different market structures.

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Ahmed P. Fateh
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68 views

Princples of Microeconomics - Course Outline

This course introduces principles of microeconomics covering topics like supply and demand, consumer and producer behavior, market structures, and factor markets over 14 weeks. The instructor is Muhammad Umer Saeed and assessments include exams, quizzes, and class participation. Key topics include optimization, demand and supply curves, market equilibrium, elasticities, costs of production, and different market structures.

Uploaded by

Ahmed P. Fateh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Principles of Microeconomics (ECO 103)

Course Instructor: Muhammad Umer Saeed


Email Address: usaeed@iba.edu.pk
Office Hours : Tuesday and Thursday (1 pm to 2 pm) (Faculty Lounge, City Campus)
Course description: Welcome to Principles of Microeconomics! We are going to cover a
wide range of topics in microeconomics this term, so this should be an exciting course–the
idea is to introduce you to the field of microeconomics and how economists think about the
world. The basic idea of microeconomics is to explain and analyze the motivations, and
consequences of individuals and firms’ behaviors. We will examine resource allocation,
consumer demand, demand and supply, the strengths and weaknesses of a market system, the
role of government in markets, production, and industry structures.
Learning Goals: I hope this course can help you to:

 gain fundamental knowledge of microeconomics:

 understand and be able to use microeconomic terminology


 understand the concept of opportunity cost
 understand human behavior in a world of scarcity
 understand how prices affect production and consumption decision
 understand how government policies affect resource allocation
 understand how market structures affect resource allocation

 apply this knowledge to:


o use microeconomic principles to understand current economic events
o use game theory to understand and explain strategic choices
o critique the economic content of articles or presentations
o use economic reasoning in your personal decision making

Grading:
Mid-term exam: 25%
Final exam: 50%
Quizzes: 15%
Attendance and Class Participation: 10%
Topics List:

Reading
List of topics Details of topics
reference

Economic Agents and Economic Unit 1 of


Resources textbook
Definition of Economics
Positive Economics and Normative
The Principles Economics
Week 1 and Practice
of Economics Microeconomics and Macroeconomics
Three Principles of Economics
Optimization, Equilibrium and Empiricism
Is Economics Good for You?

Models and Data Unit 2 of


textbook
An Economic Model
Economic
Methods and Causation versus Correlation
Week 2
Economic Economic Questions and Answers
Questions
Constructing and Interpreting
Charts and Graphs

Choosing the Best Feasible Option Unit 3 of


Optimization: textbook
Doing Do People Really Optimize?
Week 3
the Best You Optimization Using Marginal Analysis
Can
Evidence-Based examples

Week 4 & Demand, Competitive Markets Unit 4 of


5 Supply, and textbook
Demand Curves
Equilibrium
Willingness to Pay
From Individual Demand Curves to
Aggregated Demand Curves
Building the Market Demand Curve
Shifting the Demand Curve
Supply Curves
Willingness to Accept
From the Individual Supply Curve to the
Market Supply Curve
Shifting the Supply Curve
Curve Shifting in Competitive Equilibrium

The Buyer’s problem Unit 5 of


textbook
Price Changes

Consumers Income Changes


Week 6 and From the Buyer’s Problem to the Demand
Incentives Curve
Consumer Surplus
Demand Elasticities

Sellers in a Perfectly Competitive Market Unit 6 of


textbook
The Seller’s Problem
From the Seller’s Problem to the Supply
Sellers and Curve
Week 7
Incentives Producer Surplus
From the Short Run to the Long Run
From the Firm to the Market: Long-Run
Competitive Equilibrium

Unit 7 of
textbook

Perfect Competition and Efficiency

Perfect Extending the Reach of the Invisible Hand:


Competition From the Individual to the Firm
Week 8 and the Allocation of Resources Across Industries
Invisible
Hand Prices Guide the Invisible Hand
Equity and Efficiency
Unit 8 of
The Production Possibilities Curve textbook
The Basis for Trade: Comparative
Advantage
Week 9 Trade
Trade Between States
Trade Between Countries
Arguments Against Free Trade

The Competitive Labor Market Unit 11 of


textbook
The Supply of Labor: Your Labor-Leisure
Markets for Trade-off
Week 10 Factors
of Production Wage Inequality
The Market for Other Factors of
Production: Physical Capital and Land

The Monopolist’s Problem Unit 12 and


14 of
Choosing the Optimal Quantity and Price textbook
Monopoly,
Week 11 Oligopoly and The Cost of Monopoly
& 12 Monopolistic Oligopoly
Competition
Monopolistic Competition
Summing Up: Four Market Structures

Modeling Time and Risk Unit 15 of


textbook
Trade-offs The Time Value of Money
Involving
Week 13 Time Preferences
Time and
Risk Probability and Risk
Risk Preferences

Simultaneous-Move Games Unit 13 of


textbook
Nash Equilibrium
Game Theory
Applications of Nash Equilibria
Week 14 and
Strategic Play How Do People Actually Play Such
Games?
Extensive-Form Games

Textbook:
Daron Acemoglu, David Laibson and John List, Microeconomics, 3rd edition, Pearson,
2022.
Additional resources:
Mankiw, N. Gregory. Principles of Microeconomics. 8th ed., CENGAGE Learning Custom
Publishing, 2016.
Microeconomics, 22nd Edition by Campbell McConnell and Stanley Brue and Sean Flynn

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