Department of Economics
Bishop’s University
ECO102
Principles of Microeconomics
Fall 2013
Course Outline
Instructor:
Terry Eyland
Office:
Dobson Lagacé 201 (Entrepreneurship Centre / Cormier Centre)
Office hours: Tuesday and Thursday: 9-9:50, Tuesday 2:30-4:30 and by appointments.
Phone:
(819)-822-9600 ext. 2752
Email:
teyland@ubishops.ca
_____________________________________________________________________________
Course Description:
This course provides an introduction to microeconomic theory and its applications. 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 taxation, public goods, and international
trade.
Course Text:
Christopher T. S. Ragan (2013). Microeconomics. 14th 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)
2 midterms (30% each for 60%) and final exam (40%)
Best of two midterm exams (40%), and final exam (60%)
Term test 1
Term test 2
Final Exam
OR
September 26, 2013 (Thursday)
October 31, 2013 (Thursday)
TBD
Your final grade will be determined by the larger sum of the two options listed above. No other
alternative grading scheme is available.
There will be no make-up exam. Option 2 applies if you miss a midterm.
Calculators required (graphical calculators and cellular phones forbidden). Student ID
card required for all exams.
If the date(s) of the midterm and/or any quizzes create(s) “inconvenience,” it is
recommended that you consider switching to another section of ECO102.
No supplemental exam will be provided for this course (see pages 31-32 of Bishop’s
University Academic Calendar 2013/2014).
IMPORTANT NOTE:
Please DO NOT make any travel arrangement during the final exam period. The last day of final
exam for Fall 2013 is December 13, 2013 (Friday). You MUST make yourself available to write
the final exam on the scheduled date as assigned by the Records Office.
All exams contain multiple-choice, short answer and / or long answer questions.
Topics and Readings:
Approximately three weeks will be spent on each of the following sections:
Section I:
Introduction to microeconomics (Chapters 1-5)
Section II:
Behaviour of consumers and producers (Chapters 6-8)
Section III: Market structure analysis (Chapters 9-11)
Section IV: Microeconomic applications (Chapters 13, 16, 18, and 33)
•
Topics
Reading
Introduction
Chapter 1
Production possibility frontier, the demandsupply model.
Elasticity, social welfare, consumers’
surplus and producers’ surplus.
Applications of demand and supply
analysis, consumer behaviour
Production decisions and costs in the shortrun and long-run.
Competitive markets
Chapters 2 & 3
Monopoly
Chapter 10
Imperfect competition: oligopoly and
monopolistic competition, labour markets.
Market failures, public goods, taxation
Chapters 11 & 13
International trade, absolute and
comparative advantage.
Chapter 33
Chapters 4 & 5
Chapters 5 & 6
Chapters 7 & 8
Chapter 9
Chapters 16 & 18
Please note that we may not have enough time to cover all topics listed above.
ECO102 Practice questions:
Chapter
Study Exercises
Discussion Questions
1
3, 4, 6, 7
1, 2, 6
2
3, 4 (7,8 in 14th)
--
33
1, 3, 4 same
--
3
2, 3 (5), 4(6), 5(7), 6(8),
2, 5
9(gone)
4
1, 2, 4, 5, 6
3, 5
6
4, 7
1
5
3, 4, 7
1
6 (appendix)
1, 2, 4
--
7
2, 7, 8
5
8
7, 8
3
9
2, 5, 6, 8, 9
1
10
1, 3, 5, 7
--
11
3, 6, 7, 10
4
13
--
5
18
1 (a,b,c), 3, 4, 5
2
16
4, 5, 6, 8
1, 2