Download syllabus 102

Yarmouk University
Faculty of Economics and Administrative Sciences
Department of Economics
Econ. 102 Principles of Microeconomics
Instructor: Prof. Dr. Ahmad Malawi
Phone #: Yarmouk University/ Extension (6709).
Office Hours: As they are posted on my office and by appointment.
Course Description:
The theory of market exchanges and competition. Fundamental economic
problems, methods of economic organization, and the price system. Topics include
theory of consumer choice and demand; the theory of producer choice and supply;
price and output determination in various markets; the role of government in
regulating, financing and producing in the economy.
Course Objectives:
Successful students should be able to:
1. Define the major concepts in economics, and describe and analyze major
economic systems.
2. Describe the determinants of supply and demand and their effect on equilibrium
price.
3. Describe utility theory and the underpinnings of demand.
4. Describe the relation of price elasticity to revenue.
5. Define market structures and business organization and provide examples.
6. Define the production function, marginal and average product, and their
relationship to costs.
7. Describe the relation between short-run cost and supply.
8. Describe the determinants of scale economics.
9. Describe the relation between long-run cost and supply.
10. Describe the nature of supply and demand in competitive markets.
11. Describe monopoly behavior and why it has resulted in regulation and antitrust
legislation.
12. Describe other forms of imperfect competition including oligopoly, monopolistic
competition, and price discrimination.
13. Compare perfectly and imperfectly competitive industries from the buyer's and
seller's perspectives.
Student Learning Outcomes:
1. Identify the concepts of scarcity, economic goods, opportunity costs,
economic efficiency, law of diminishing returns, economies of scale.
2. Identify and distinguish the major factors (conditions) that affect supply
and demand.
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3. Identify the equilibrium price and quantity exchanged on a supply and
demand diagrams.
4. Utilize supply and demand analysis to correctly predict the direction of
changes in price and quantity (volume) as a result in changes in market
factors (conditions).
5. Identify the characteristics or assumptions of various market structures
(competitive environments) of perfect competition, monopoly,
monopolistic competition and oligopoly.
6. Apply the model of profit maximization (marginal analysis) to predict the
pricing and output behavior of firms within various market structures.
7. Identify and compute: marginal utility, price elasticity of demand, income
elasticity of demand, cross-elasticity of demand, price elasticity of supply,
consumer surplus, producer surplus, total product, average product,
marginal product, total costs, average variable costs, average fixed costs,
average total costs, marginal costs, marginal benefits, revenue, marginal
revenue, and profits (or losses).
8. Identify factors that affect the price elasticity of demand and how these
factors affect elasticity.
9. Distinguish long-run decisions of firms from their short-run decisions.
10.Utilize knowledge of a firm or market as price elasticity of demand to
predict the effect of a price change on the revenues of the sellers (or the
expenditures of the buyers).
Teaching Methods:
The class sessions will be a combination of lectures, interactive exercise,
and homework. Course content will come primarily from the assigned textbook.
You are responsible for reviewing the class schedule and completing the
assigned readings, and homework problems (announced).
Course Requirements:
1.Attendance.
2.Participation in the classroom.
3.Examinations.
Methods of Evaluation:
Your performance in this class will be evaluated in several different ways:
 Two midterms written exams:40% of total grade
 Participation: 10% of total grade
 Final exam:50% of total grade
Required Reading:
Textbook: MICHAEL PARKIN, Economics, Last available edition.
Course Outline:
Chapter
Topic
Chapter 3 Demand and Supply
Chapter 4 Elasticity
Time Frame
Week 1,2
Week 3
2
Chapter 5 Efficiency and Equity
Chapter 6 Markets in action
Week 4
Week 5
Week 6
Chapter 7 Utility and Demand
Chapter 8 Possibilities, Preferences, and Choice Week 7 and 8
Week 9 and 10
Chapter 10 Output and Costs
Chapter 11 Competition
Chapter 12 Monopoly
Chapter 13 Monopolistic Comp/Oligopoly
Week 11 and 12
Week 13
Week 14 and 15
Teaching Philosophy:
Our goal is to push you academically to stimulate critical thinking, by making you think
how you view the world and integrating this into your perspective, and therefore I expect
you to work hard, because sometime the material is not easy. Simply: one learns economics
by doing economics. The best rule of thumb is to plan to devote three hours outside of class
to the study of this material for each hour you spend in class.
Important Notes:
1. You are responsible for all material discussed in class and assigned in the textbook.
2. There are no make-up exams.
3. Please feel free to stop by my office if you have questions, or just would like to talk
during my office hours.
4. Please turn off all cell phones and pagers prior to entering the classroom and be on
time
.
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