Department of Economics
Bishop’s University
ECO102 --- A01 & A02
Principles of Microeconomics
Fall 2005
Course Outline
Instructor:
Dr. Ambrose Leung
Office:
Cormier 201
Office hours: Monday and Wednesday 3:00 – 4:30 P.M.
Tuesday 2:30 - 3:30 P.M.
Phone:
(819)-822-9600 ext. 2752
Email:
aleung@ubishops.ca
_____________________________________________________________________________
Course Description:
This course provides an introduction to microeconomic theory and its application. Topics
covered in this course include (i) an introduction to microeconomics, including the basic
demand-supply model; (ii) consumer and producer behaviour, including consumer utility
maximization and production and costs of firms; (iii) the theory of market structure, including
the role of competition, monopoly, and strategic interactions between firms; and (iv)
microeconomic applications such as the analysis of labour markets, taxation, public goods, and
international trade.
Course Text:
Lipsey, Richard G., and Christopher T. S. Ragan, (2004). Microeconomics. 11th Canadian
Edition, Pearson-Addison Wesley.
Course Evaluation:
Course evaluation is based on one of the following options, whichever gives the student the
highest possible grade:
(1)
(2)
four quizzes (10% each for 40%) and final exam (60%)
midterm exam (40%), and final exam (60%)
Quiz 1
Quiz 2
Midterm Exam
Quiz 3
Quiz 4
Final Exam
OR
September 29, 2005 (Thursday)
October 13, 2005 (Thursday)
October 20, 2005 (Thursday)
November 10, 2005 (Thursday)
November 24, 2005 (Thursday)
To be announced
There will be no make-up midterm. Option 1 applies if you miss the midterm.
No supplemental exam will be provided for this course (see pages 33-34 of Bishop’s
University Academic Calendar 2005/2006).
Each quiz is written during the first 15 minutes of the lecture. There will be no make-up quiz
under any circumstances.
All the quizzes and exams contain multiple-choice, short answer and / or long answer questions.
There is no extra credit available for this class under any circumstances.
Topics and Readings:
Week
Topics
Reading
PART I: INTRODUCTION TO MICROECONOMICS
1
Introduction
Chapter 1
2
Production possibility frontier, the demand- Chapters 2 & 3
supply model.
3
Elasticity, applications to demand and
Chapters 4 & 5
supply analysis.
PART II: BEHAVIOUR OF CONSUMERS AND PRODUCERS
4
Consumer behaviour
5
Chapter 6
Quiz 1 (September 29, Thursday)
Chapter 7
Production decisions and costs in the shortrun.
6
Production decisions and costs in the longChapter 8
run
Quiz 2 (October 13, Thursday)
7
Midterm Exam
October 20, 2005 (Thursday)
PART III: MARKET STRUCTURE ANALYSIS
8
Competitive markets
Chapter 9
9
Monopoly
Chapter 10
10
Imperfect competition: oligopoly and
monopolistic competition
PART IV: MICROECONOMIC APPLICATIONS
Chapter 11
Quiz 3 (November 10, Thursday)
11
Chapters 14 & 16
12
Labour markets, market failures, public
goods.
Taxation, international trade.
13
Trade policy
Chapters 18 & 33
Quiz 4 (November 24, Thursday)
Chapter 34
* Please note that we may not have enough time to cover all topics listed above.
Practice questions:
Week
Chapter
Study Exercises
Discussion Questions
1
1
4, 6, 7
6
2
2
--------
--------
3
2, 3, 4, 6, 9
2, 3
4
2, 4, 6
3, 4
5
3, 4
--------
4 (Quiz 1)
6
(p. 152) 1, 2
--------
5
7
7, 8
--------
6 (Quiz 2)
8
5, 7
--------
3
7
Midterm Exam (October 20, 2005)
8
9
5, 6, 8
1, 2
9
10
3, 5, 7
1
10 (Quiz 3)
11
4, 5, 6, 8
1, 4
11
14
--------
--------
16
3, 4
--------
18
--------
2
33
3, 4, 6
2, 6
34
4, 5, 6
--------
12 (Quiz 4)
13