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Economics 110 - First Semester 2015/2016 Department of Economics College of Business Administration - Kuwait University ECONOMICS 110 (PRINCIPLES OF MICROECONOMICS) COURSE OUTLINE (SYLLABUS) FIRST SEMESTER 2015/2016 Professor Yousuf Hasan Jawad Garashi Lecture (110/52) Days & Time: Sun, Tue & Thu. 10:00 am Room 210 Lecture (110/53) Days & Time: Sun, Tue & Thu. 11:00 am Room 210 Office Hours: Sun, Tue & Thu; Time: 12:00 noon –12:50 pm & by appointment. Place: My Office - Economics Department – College of Business - Shuwaikh Telephone: Secretary: 2498-8425 & 2498-8426 Direct: 2498-8428 Email: [email protected] Website: www.cba.edu.kw/yousuf Exams Dates and Grade Distribution Item Midterm Exam (1) Midterm Exam (2) Final Exam Other Activities Total Weight 20% 20% 50% 10% 100% Date & Time Sunday 25 / 10 / 2015 (10:00 & 11:00) Sunday 6 / 12 / 2015 (10:00 & 11:00) Tuesday 22/ 12 / 2015 (5:00 – 7:00 pm ) Weekly Assignments & Quizzes TUTORIAL CLASSES - Teaching Assistant: Mrs. Asia Asiri - Days: Time: 00:00 -- 00:00 Room: 000 - Attendance is critical for understanding the material. - Absence in tutorial classes is discouraged. REQUIRED TEXTBOOK “Economics,” McConnell, Brue & Flynn, Global (19E) Edition, McGraw-Hill Company, 2012. COURSE OBJECTIVE "Principles of Microeconomics" is an introductory course in economic theory. It is designed to introduce undergraduate students to the fundamental concepts of microeconomic analysis, i.e., the study of the economic behavior of individual decision-making units such as the consumer and the business firm. By the end of the course, students are expected to demonstrate an understanding of the tools of microeconomic analysis. Specifically, this course provides students with general background and analytical tools pertaining to: Economics 110 - Fall Semester 2013/2014 Department of Economics College of Business Administration - Kuwait University 2 1. The definition of economics, economic problem, economic systems, opportunity cost and production possibilities frontier. 2. The characteristics and functioning of the market system. The main questions answered by the market system and the invisible hand are covered. 3. The concepts of demand and supply schedules and curves, factors affecting the demand and supply as well as market demand and supply. 4. Market equilibrium & factors affecting it. Government intervention in markets. 5. The concept of elasticity as it relates to both demand and supply and factors affecting it. The relation between price elasticity of demand and total revenue. 6. Market failure, public goods, externalities and role of government in economy. 7. The concept of utility and the law of diminishing marginal utility. The consumer utility maximization problem. 8. Production technology in the short and the long run. The law of diminishing returns and economies of scale. 9. Costs of production in the short and the long run and economies of scale. 10. Profit maximization and output determination in perfectly competitive markets. Shut-down rule, short run and long run supply curve. Competition and efficiency. 11. Causes for monopoly, profit maximization under monopoly and Government’s role 12. Profit maximization under monopolistic competition and comparison with monopoly. 13. A brief introduction to oligopoly Course Content and Readings: Limits, Alternatives and Choices The Market System and the Circular Flow (Chapter 4) Price Elasticity of Demand Price Elasticity of Supply Cross Elasticity and Income Elasticity of Demand Market Failures: Public Goods and Externalities (Chapter 3) Markets Demand Supply Market Equilibrium Application: Government-Set Prices Elasticity (Chapter 2) Economic Systems Characteristics of the Market System Five Fundamental Questions The Invisible Hand The Demise of the Command System The Circular Flow Model Demand, Supply, and Market Equilibrium (Chapter 1) The Economic Perspective Theories, Principles, and Models Macroeconomics and Microeconomics Individuals' Economizing Problem Society's Economizing Problem Production Possibilities Model Unemployment, Growth, and the Future Market Failures in Competitive Markets Efficiently Functioning Markets Public Goods - Externalities Government’s Role in the Economy (Chapter 5) Economics 110 - Fall Semester 2013/2014 Department of Economics College of Business Administration - Kuwait University 3 Consumer Behavior (Chapter 9) Law of Diminishing Marginal Utility Theory of Consumer Behavior Utility Maximization and the Demand Curve Applications and Extensions Businesses and the Costs of Production (Chapter 10) Economic Costs Short-Run Production Relationships Short Run Production Costs Long-Run Production Costs Applications and Illustrations Pure Competition in the Short Run (Chapter 11) Four Market Models Pure Competition: Characteristics and Occurrence Demand as Seen by a Purely Competitive Seller Profit Maximization in the Short Run: TR - TC Approach Profit Maximization in the Short Run: MR - MC Approach Marginal Cost and Short-Run Supply Pure Competition in the Long Run (Chapter 12) The Long Run in Pure Competition Pure Competition and Efficiency Technological Advance and Competition Pure Monopoly (Chapter 13) An Introduction to Pure Monopoly Barriers to Entry Monopoly Demand Output and Price Determination Economic Effects of Monopoly Price Discrimination Regulated Monopoly Monopolistic Competition and Oligopoly (Chapter 14) Monopolistic Competition Price and Output in Monopolistic Competition Monopolistic Competition and Efficiency Product Variety Oligopoly (up to page 330) WEBSITE: A very useful web site for this class is in Dr. El-Sakka's home page at: “http://www.cba.edu.kw/elsakka“; Look at links for additional useful information. Grading Scale A 95 + A90 – 94.5 B+ 87 – 89.5 B 83.5 – 86.5 B80 – 83 C+ 77 – 79.5 C 73.5 – 76.5 C70 – 73 D+ 65 – 69.5 D 60 – 64.5 F < 60 Economics 110 - Fall Semester 2013/2014 Department of Economics College of Business Administration - Kuwait University 4 GENERAL INFORMATION - Absenteeism: First warning comes after 3hrs absences and a second warning after additional 3 hrs. An F grade is posted for students absent beyond the six hours. Also, students lose bonus marks accordingly. - Tardiness is not tolerated. Students must be on time for lecture. Late students will be warned and subsequently not allowed in classroom. - Make up exam are granted only in cases of absence due to serious illness or circumstances. Appropriate documents must be presented. - Plagiarism and cheating is punishable by an F grade and are reported to university administration for appropriate action. - Mobile Phones must be in silent mode during the lecture. Violators are dismissed. Tentative Time Plan for Course Material Time (Weeks) Topics 1st week Introduction 2nd week Demand (3) 3rd week Supply (3) 4th week Market Equilibrium (4) 5th week Elasticity (5) 6th week Market Failure, Public Goods and Externalities (6) 7th week Consumer Behavior (7) Midterm Exam 1 Sunday 25/10/2015 8th week Production (8) 9th & 10th week Costs of Production (9) 11th & 12th week Perfect Competition (10) 13th & 14th week Monopoly Midterm Exam 2 Sunday 6 / 12 / 2015 10:00 & 11:00 15th week Monopolistic Competition & Oligopoly Final Exam Objectives (1) & (2) 10:00 & 11:00 Tuesday 22 / 12 / 2015 5:00 - 7:00 pm (1-7) (11) & (12) (1–12) (13) (3 – 13)