ECON 201 Principles of Microeconomics - 3KU/6ECTS credits
Subject
Undergraduate
Program
Economics and Management
Department
Spring, 2014
Term
Ramin Danyarov
Instructor
ramin_denyarov@yahoo.com
E-mail
122 Bashir Safaroglu, Room#41 Tuesday, 19:00-21:30
Classroom/hours
MATH 101Calculus I/BSA 101Introduction to Business
English
Compulsory
Parkin, Microeconomics 9/e. 2010
Identification
Prerequisites
Language
Compulsory/Elective
Text books and course
materials
Teaching methods
Case analysis
Group discussion
Lab
Lecture
Recitation
Problem solving
Others
Total points
Methods
Midterm Exam
Case studies
Class Participation
Evaluation Criteria
x
x
x
Date/deadlines
Percentage (%)
25
10
20
2 quizzes (10% each)
Project
Presentation
Laboratory Work
10
Activity
35
Final Exam
Others
 Describing markets and identify the major markets in the economy,
 Explaining supply and demand and how their interaction determine prices on both the
product and resources markets,
 Defining and explaining the effects of productivity and optimizing behavior.
 Describing the courses and effects of supply and demand elasticity.
 Applying the concepts of economy of scale, the law of diminishing returns, and marginal
analysis to explain business behavior.
Course objectives
This is a course in the theory and application of microeconomics. In contrast with
macroeconomics (Econ 202), microeconomics focuses on individual decision-making and
how it affects people. The course topics focus on microeconomic issues and problems, such
as consumer demand, and producer supply, competition and monopoly, pricing, elasticity and
etc.
Upon successful completion of this course, students will be able to:
Course outline
Learning Outcomes






Think intuitively about economic problems.
Identify how individual economic agents make rational choices given scarce resources and
will know how to optimize the use of resources at hand.
Analyze and apply the mechanics of Demand and Supply for Individuals, Firms, and the
Market.
Apply the concept of Marginal Analysis in order to make optimal choices and identify
whether the choices are “efficient” or “equitable.”
Apply the concept of Elasticity as a measure of responsiveness to various variables.
Identify the characteristic differences between various market structures, namely,
Perfectly Competitive Markets, Non-Competitive Markets, and Imperfectly Competitive
Markets and understand the differences in their operation.
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Date/Day
11.02.14
18.02.14
25.02.14
04.03.14
11.03.14
18.03.14
25.03.14
01.04.14
08.04.14
15.04.14
22.04.14
29.04.14
06.05.14
13.05.14
20.05.14
27.05.14
Tentative Schedule
Topics
What is economics
The economic problem
Demand and supply
Elasticity
Efficiency and equity
Utility and Demand
Organizing Production (quiz 1 after class on moodle)
Midterm Exam
Output and costs
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly
Externalities (quiz 2 after class on moodle)
Public goods and common resources
Course overview
Final Exam
Textbook/Assignments
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 8
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17