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East West University Department of Economics Semester: Fall 2016 Course Information ECO 101: Principle of Microeconomics Credit: 3 Pre-requisite: None Instructor Information Gazi Quamrul Hasan Room: 329 Contact: [email protected] Contact No: +8801716136440 (You are encouraged to call if you can’t find me during office hour) Teaching Assistant TBA Class Routine & Office Hours 08:30-10:00 10:10-11:40 11:50-01:20 01:30-03.00 Sunday ECO301(2) 434 ECO357(1) 220 Office Hour Office Hour Monday MAT211(5) 725 Office Hour ECO101(3) 531 Tuesday Office Hour Wednesday MAT211(5) 725 Office Hour ECO101(3) 531 Thursday ECO301(2) 434 ECO357(1) 219 Office Hour Office Hour 03.10-04.40 Office Hour Course Objective This is the first course in economics required for business, economics and engineering majors. This course does not require any prior knowledge of economics though basic mathematical skill is needed. This course aims to introduce initial concepts of economics to a variety of students. At the end of the course, students will be able 1. 2. 3. To differentiate between market forces: demand and supply To define and apply the concepts of elasticity, cost and utility. To analyze different market conditions and behaviours. Text Books Basic Texts: 1) Principle of Microeconomics- Parkin, Michael. 2) Economics-Samuelson, P.A. and Nordhaus. Supplementary Text: Economics for the IB diploma, Ellie Tragakes (collect from the group) Course Contents & Tentative Teaching Schedule Class Topic Teaching Material 1 Laws of demand and supply, equilibrium price and quantity 2 As above 4 Effects of shift and movement along the demand curve on equilibrium price and quantity Effects of shift and movement along the supply curve on equilibrium price and quantity Combining Effects of Demand and supply 5 Mathematics of Market Equilibrium As above 6 Price elasticity of Demand As above 7 Cross Price elasticity and income elasticity and demand As above 8 Burden of Tax and Elasticity As above 9 Consumer and producer Surplus As above 10 Midterm 1 exam 11 As above 12 Concept of production function; law of diminishing returns; total, marginal and average product. Return to scale. 13 Fixed and Variable Cost, Marginal and average cost. As above 14 Total, marginal and average Revenues. As above 15 Theory of Utility and equi-marginal principle. As above 16 Indifference curves, Budget constraints, consumer equilibrium. As above 17 Midterm 2 exam 18 Introduction to market structures As above 19 Perfect Competition As above 20 Monopoly As above 21 Introduction to Oligopoly and monopolistic competitions As above 22 Introduction to Labour market. As above 23 Rent Theory As above 24 Final exam 3 Lecture and Textbook As above As above As above Score Distribution Course Part Mark (%) Assignments and quizes Mid Term Ι Exam 15% 25% Mid Term ΙΙ Exam Term Final Exam 25% 30% Attendance 5% Grading Policy Marks (%) Letter Grade Grade Point Marks (%) Letter Grade Grade Point 97-100 A+ 4.00 73-76 C+ 2.30 90-96 A 4.00 70-72 C 2.00 87-89 A- 3.70 67-69 C- 1.70 83-86 B+ 3.30 63-66 D+ 1.30 80-82 B 3.00 60-62 D 1.00 77-79 B- 2.70 Below 60 F 0.00 Examination Schedule Examinations will be taken as per University Schedule Learning Outcomes Understand market equilibrium, elasticity and the concepts of social surplus Understand principles of producer’s behaviour Understand utility and consumer behaviour Understand market structure Be able to differentiate between demand shifts and supply shifts Be able to analyze market structure. Be able to analyze price change, elasticity and market revenue Special Instructions No make up exams and make up class quizzes except for serious compelling reasons. No comprehensive exams. Each exam will consist of its own respective part. No cellular phone during class hour. Best of Luck