Course Information Introduction to Economics I (ECON 1001)

Size: px
Start display at page:

Download "Course Information Introduction to Economics I (ECON 1001)"

Transcription

1 Course Information Introduction to Economics I (ECON 1001) Course Code ECON 1001 Course Title Course Discipline Introduction to Economics I Economics Units of Credit Three (3) Pre-requisite None Semester of Offering Semester 1, 2010/11 Course Lecturers Dr. Marlene Attzs, Dr. Althea La Foucade, Dr. Anne Marie Mohammed, Dr. Ewan Scott, Mrs. Patricia Westcott, Mr. Diedron Lewis and Mr. Kyren Gregg Course Description ECON Introduction to Economics I, is one of the core courses offered by the Department of Economics. It is a foundation course for the understanding of economics and the Department is committed to supporting students in their quest to understand and indeed to excel. The course components include the foundation theories of basic microeconomics including an introduction into the study of economics and analyses of economic agents behaviours, particularly that of the individual and the firm. The course begins with a description of the subject area, and continues to introduce the basic concepts and theories that are used as the foundation of microeconomic theory and analysis. This includes discussions and applications of the theory of the consumer; theory of producer; market operations; and market structures. Please feel free to consult with your respective lecturers and tutors during the semester as any course problems/issues arise. Students are also strongly encouraged to visit the lecturers during stipulated office hours to discuss various issues and concerns. Alternatively, the secretariat in the Economics Department Office (Room 203) will be pleased to arrange a special appointment if necessary.. ECON 1001, Semester /11-1 -

2 Goals This course aims to prepare: 1. Students with some tools and methods of economic analysis that will serve as the basis for a more advanced course of study in microeconomic theory. 2. The non-specialists economics student with a good introduction to the fundamental principles of microeconomics. 3. Both specialist and non-specialist economics students to use the concepts to which they are introduced to facilitate analysis of the functioning of the micro-economy, inclusive of those in the Caribbean. Learning Outcomes Upon completion of this course students will be able to demonstrate an exposure to (or awareness of) the basic elements of microeconomics including the concepts of demand and supply and the functioning of markets, including the assumptions that underlie such concepts. Specifically, at the end of the course students must be able to: Define and distinguish basic concepts and economic terminologies; Describe, explain and apply graphically, mathematically and in words, the underlying microeconomic theories applicable to hypothetical and real case studies; and Analyse and solve problems using the concepts and diagrams introduced. Course Delivery Course Outline Lectures Please download a copy of the course outline by logging onto the my elearning site at : Students will have two (2) contact hours for lectures weekly. Please select only one (1) from the following lecture options : Monday, 10-12noon, LRC B &C Monday, 10-12noon, FSS 100 (East and West) Monday (EU), 5-7 pm, Daaga Hall Wednesday (EU), 5-7pm, FSS 101 (East and West) Thursday (EU), 5-7pm, MLT Friday, noon, FSS 107 ECON 1001, Semester /11-2 -

3 N.B. STUDENTS ARE ONLY REQUIRED TO ATTEND ONE 2- HOUR LECTURE PER WEEK Tutorials Students will have one (1) contact hour for tutorials weekly. Tutorials will normally begin two weeks after lectures. Please check the notices posted at the Department of Economics or at Room 200 for further information. Tutorial sheets are designed to help students internalise and apply concepts taught during the lectures. It is expected that students will complement material covered in the lecture sessions with use of the texts and recommended references. Students will be provided with tutorial questions which they are required to prepare before the weekly tutorial session. Every effort should be made to complete each tutorial sheet and please ensure that you prepare the tutorial questions to maximise your benefits from the tutorials! Please visit the my e-learning site at: to select and register for tutorial and lecture sessions for ECON You may also download the tutorial sheets for the course from this site. N.B. Students are reminded that completion of the tutorial sheets will put you in good stead to be successful in the final exam. Policies to Note Students are asked to pay attention to the following University Policy:. 1. UWI Examination Regulation No. 19 Any candidate who has been absent from the University for a prolonged period during the teaching of a particular course for any reason other than illness or whose attendance at prescribed lectures, classes,... tutorials,... has been unsatisfactory or who has failed to submit essays or other exercises set by his/her teachers, may be debarred by the relevant Academic Board, on the recommendation of the relevant Faculty Board, from taking any University examinations. The procedures to be used shall be prescribed in Faculty Regulations. In this connection, the Faculty of Social Sciences requires students to attend and participate in at least 75% of tutorials. ECON 1001, Semester /11-3 -

4 ECON 1001, Semester /11-4 -

5 Student Participation in planned Departmental activities for 2010/11 1. Attendance at the Post National Budget Forum 2010 which is scheduled for the first Thursday (16 th September 2010) after the presentation of the National Budget for in the Parliament 2. Attendance at the Conference on the Economy (COTE2010) on October 07 09, Schedule of assessments Assessment Item Weighting Opening date of assignment Closing date for Assignment Practice Quiz * 0% September 13th, 2010 October 1st, Online Assignment I 10% October 18th, 2010 October 22nd 2010 (Quiz)* Online Assignment II* 20% November 15th, 2010 November 19th, 2010 Final Exam 70% To be announced *Assignment will be open at 12.01am (one minute past midnight) on the opening date of the assignment and will close at 11.55pm on the closing date of the assignment. Students must be completely registered (including financial clearance) in order to have access to the online assignments. If you have not completed your registration please seek to do so before the online assignments open. Main Textbook ECONOMICS by Lipsey & Chrystal. Eleventh (11th) Edition. Oxford University Press. Course Units and Description Unit Number Unit 1 Unit Name & Description Introduction and basic concepts Introduction: The Economic Problem, Good Economics and Economic Systems Scarcity, Choice and Opportunity Cost; Lewis dictum; Brief introduction to Caribbean economic issues. Types of Economic Systems Traditional, Command, Market and ECON 1001, Semester /11-5 -

6 Mixed. Reference: Chapters 1 & 2 Unit 2 Preferences and Utility Total and Marginal Utility pillars for rational decisions; the Law of Diminishing Marginal Utility; Consumer Equilibrium based on the Utility Theory Approach; from Marginal Utility to the Demand Curve Reference: Chapter 5 Unit 3 Indifference Curve Analysis Indifference Curves: What are they? Properties of an Indifference Curve; Slope of the Indifference Curve (Marginal Rate of Substitution); Principle of Diminishing Marginal Rate of Substitution; The Budget Line: What is it? Slope of the Budget Line; Factors Resulting in a Pivot and Shift of the Budget Line; Consumer Equilibrium; Derivation of the Demand Curve; Income and Substitution Effects of a Price Change Reference: Chapter 5 Unit 4 Consumer Demand Quantity Demanded; Determinants of Quantity Demanded; Demand and Prices; The Demand Schedule and the Demand Curve. Movements along the Demand Curve vs Shifts of the Demand Curve. Market demand. Reference : Chapter 3 Unit 5 Supply and Equilibrium Price Determination Quantity Supplied; Determinants of Quantity Supplied; Supply and Price; The Supply Schedule and the Supply Curve. Movements along the Supply Curve vs. Shifts of the Supply Curve, market supply ; Determination of Price by Demand and Supply; Laws of Demand and Supply; Restraining the Market Mechanism: Price Ceilings and Price Floors Unit 6 Reference : Chapter 3 When Market Conditions Change Elasticity Analysis Elasticity: The Measure of Responsiveness; Price Elasticity of Demand - the Measurement of Price Elasticity, Determinants of Price Elasticity; Price Elasticity of Demand and the Shapes of the Demand Curves. Other Demand Elasticities: Income Elasticity of Demand; Cross Elasticity of Demand; Elasticity of Supply; Determinants of Supply Elasticity. ECON 1001, Semester /11-6 -

7 Reference: Chapter 4 ECON 1001, Semester /11-7 -

8 Unit 7 Making Key Business Decisions The Framework Time Horizons for Decision Making - The Short Run and The Long Run; The Production Function - Input Choices, The Choice and Optimal Input Combinations; Isoquants and Isocosts; Substitutability, Output and Cost; Total, Average and Marginal Products; Marginal and Average Product Curves; The "Law" of Diminishing Returns; Optimal Quantity of an Input and Diminishing Returns; Cost curves; Fixed costs and Variable Costs; Economies of Scale; Long-Run versus Short-Run Costs. Production; costs and profits; profit-maximizing output. References: Chapter 6 Unit 8 Competitive Markets Market Structure and Behaviour; The Significance of Market Structure; Perfect Competition Defined; Demand and Revenue for a Firm in Perfect Competition; Short Run Equilibrium Rules for All Profit Maximising Firms; Short-Run Profitability of the Perfectly Competitive Firm; Short-Run Losses; Shutdown and Break-even Analysis; Short-Run Supply Curve of the Competitive Firm and the Competitive Industry Long-Run Equilibrium: The Effect of Entry and Exit; Conditions for Long-Run Equilibrium; The Long-Run Industry Supply Curve; Zero Economic Profit; Perfect Competition and Efficiency Reference: Chapters 7 Monopoly Monopoly Defined; Causes of Monopoly: Barriers to Entry and Cost Advantages; Cost and Revenue in the Short-Run; Short and Long-Run Monopoly Equilibrium and the Determination of Profit Maximising Output; Natural Monopoly; Comparison of Monopoly and Perfect Competition; Can Monopolies be Good? Price Discrimination under Monopoly Reference: Chapters 8 & 9 Department of Economics September 2010 ECON 1001, Semester /11-8 -

Course Information Introduction to Economics I (ECON 1001)

Course Information Introduction to Economics I (ECON 1001) Course Information Introduction to Economics I (ECON 1001) Course Code ECON 1001 Course Title Course Discipline Introduction to Economics I Economics Units of Credit Three (3) Pre-requisites None Semester

More information

Faculty of Economics, Thammasat University EE 211 Principles of Microeconomics (3 credits)

Faculty of Economics, Thammasat University EE 211 Principles of Microeconomics (3 credits) Faculty of Economics, Thammasat University EE 211 Principles of Microeconomics (3 credits) Semester 1/2014 ----------------------------------------------------------------------------------------------

More information

Faculty of Economics, Thammasat University EE 211 Principles of Microeconomics (3 credits)

Faculty of Economics, Thammasat University EE 211 Principles of Microeconomics (3 credits) Lecture Time: Lecture Venue: Instructor: Faculty of Economics, Thammasat University EE 211 Principles of Microeconomics (3 credits) Semester 1/2015 ----------------------------------------------------------------------------------------------

More information

Intermediate Microeconomic Theory Economics 3070 Summer Introduction and Review: Chapters 1, 2 (plus corresponding study guide)

Intermediate Microeconomic Theory Economics 3070 Summer Introduction and Review: Chapters 1, 2 (plus corresponding study guide) Intermediate Microeconomic Theory Economics 3070 Summer 1994 Professor M.J. Greenwood Office: Econ 208 Office Hours: 3:40-4:20 daily and by appointment A Term COURSE OUTLINE Part I. Text: Robert H. Frank,

More information

Econ 300: Intermediate Microeconomics, Spring 2014 Final Exam Study Guide 1

Econ 300: Intermediate Microeconomics, Spring 2014 Final Exam Study Guide 1 Econ 300: Intermediate Microeconomics, Spring 2014 Final Exam Study Guide 1 Chronological order of topics covered in class (to the best of my memory). Introduction to Microeconomics (Chapter 1) What is

More information

24TECO 202 COURSE OUTLINE. Prerequisites: None. Course Description:

24TECO 202 COURSE OUTLINE. Prerequisites: None. Course Description: Lecture 24TECO 202 24TPrinciples of Microeconomics COURSE OUTLINE Revised: Fall 2015 Prerequisites: None Course Description: Introduces the basic concepts of microeconomics. Explores the free market concepts

More information

ECON Principles of Microeconomics

ECON Principles of Microeconomics Course Syllabus ECON 2302- Principles of Microeconomics Catalog Description: Analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply,

More information

Contents. Concepts of Revenue I-13. About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11

Contents. Concepts of Revenue I-13. About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11 Contents About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11 1 Concepts of Revenue 1.1 Introduction 1 1.2 Concepts of Revenue 2 1.3 Revenue curves under perfect competition 3 1.4 Revenue

More information

PRINCIPLES OF MICROECONOMICS (ECON ) Department of Economics, University of Colorado Fall, M,W,F: 2-2:50 am, Room: HALE 270

PRINCIPLES OF MICROECONOMICS (ECON ) Department of Economics, University of Colorado Fall, M,W,F: 2-2:50 am, Room: HALE 270 PRINCIPLES OF MICROECONOMICS (ECON 2010-100) Department of Economics, University of Colorado Fall, 2003 M,W,F: 2-2:50 am, Room: HALE 270 Professor: Charles de Bartolome Office hours: M 4-4:45 pm, Tu 10-11am,

More information

Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics

Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics Annual Examination 1997 Time allowed: 3 hours Marks: 100 Maximum 1) Attempt any five questions. 2) All questions

More information

Recall from last time. Econ 410: Micro Theory. Cournot Equilibrium. The plan for today. Comparing Cournot, Stackelberg, and Bertrand Equilibria

Recall from last time. Econ 410: Micro Theory. Cournot Equilibrium. The plan for today. Comparing Cournot, Stackelberg, and Bertrand Equilibria Slide Slide 3 Recall from last time A Nash Equilibrium occurs when: Econ 40: Micro Theory Comparing Cournot, Stackelberg, and Bertrand Equilibria Monday, December 3 rd, 007 Each firm s action is a best

More information

ADVANCED PLACEMENT MICROECONOMICS Maple Grove Senior High School Jeff Rush Social Studies Department

ADVANCED PLACEMENT MICROECONOMICS Maple Grove Senior High School Jeff Rush Social Studies Department ADVANCED PLACEMENT MICROECONOMICS Maple Grove Senior High School Jeff Rush rushj@district279.org Social Studies Department Required textbook Economics, McConnell and Brue, 17 th edition, 2008. Course description

More information

Econ 410: Micro Theory Monopoly, Monopsony, and Monopolistic Competition

Econ 410: Micro Theory Monopoly, Monopsony, and Monopolistic Competition Econ 410: Micro Theory Monopoly, Monopsony, and Monopolistic Competition Wednesday, November 28 th, 2007 Announcement Bennett Harman, Deputy Assistant U.S. Trade Representative, is speaking on campus tomorrow.

More information

ECON 101 Introduction to Economics1

ECON 101 Introduction to Economics1 ECON 101 Introduction to Economics1 Session 12 Market Structures(Monopoly) Lecturer: Mrs. Hellen A. Seshie-Nasser, Department of Economics Contact Information: haseshie@ug.edu.gh College of Education School

More information

Economics 101 Midterm Exam #2. April 9, Instructions

Economics 101 Midterm Exam #2. April 9, Instructions Economics 101 Spring 2009 Professor Wallace Economics 101 Midterm Exam #2 April 9, 2009 Instructions Do not open the exam until you are instructed to begin. You will need a #2 lead pencil. If you do not

More information

ECON 120 Principles of Microeconomics

ECON 120 Principles of Microeconomics South Central College ECON 120 Principles of Microeconomics Common Course Outline Course Information Description Total Credits 3.00 Total Hours 48.00 Types of Instruction Microeconomics is the study of

More information

Practice Exam 3: S201 Walker Fall with answers to MC

Practice Exam 3: S201 Walker Fall with answers to MC Practice Exam 3: S201 Walker Fall 2007 - with answers to MC Print Your Name: I. Multiple Choice (3 points each) 1. If marginal utility is falling then A. total utility must be falling. B. marginal utility

More information

STATE UNIVERSITY OF NEW YORK COLLEGE OF TECHNOLOGY CANTON, NEW YORK COURSE OUTLINE ECON 314- MANAGERIAL ECONOMICS. Prepared by: Karen Spellacy

STATE UNIVERSITY OF NEW YORK COLLEGE OF TECHNOLOGY CANTON, NEW YORK COURSE OUTLINE ECON 314- MANAGERIAL ECONOMICS. Prepared by: Karen Spellacy STATE UNIVERSITY OF NEW YORK COLLEGE OF TECHNOLOGY CANTON, NEW YORK COURSE OUTLINE ECON 314- MANAGERIAL ECONOMICS Prepared by: Karen Spellacy Updated by Edouard Mafoua SCHOOL OF BUSINESS AND LIBERAL ARTS

More information

MICRO EXAM REVIEW SHEET

MICRO EXAM REVIEW SHEET MICRO EXAM REVIEW SHEET 1. Firm in Perfect Competition (Long-Run Equilibrium) 2. Monopoly Industry with comparison of price & output of a Perfectly Competitive Industry 3. Natural Monopoly with Fair-Return

More information

AP Microeconomics Review With Answers

AP Microeconomics Review With Answers AP Microeconomics Review With Answers 1. Firm in Perfect Competition (Long-Run Equilibrium) 2. Monopoly Industry with comparison of price & output of a Perfectly Competitive Industry (which means show

More information

ADVANCED PLACEMENT MICROECONOMICS COURSE SYLLABUS

ADVANCED PLACEMENT MICROECONOMICS COURSE SYLLABUS ADVANCED PLACEMENT MICROECONOMICS COURSE SYLLABUS Economics is a way of looking at the choices people make regarding their time, money, and talent. Studying economics shows how goods and services are produced,

More information

Final Exam Study Questions:

Final Exam Study Questions: Final Exam Study Questions: Practice Multiple-Choice Questions 1. If a consumer purchases only two goods (X and Y ) and the demand for X is elastic, then a rise in the price of X a. will cause total spending

More information

Contents. Introduction

Contents. Introduction Contents Chapter 1 Introduction Introduction to Economics... 1 Meaning of Economics... 1 Definitions of Economics... 2 Introduction to Economic Theory... 3 The Structure of Theories... 5 Importance of

More information

Micro Semester Review Name:

Micro Semester Review Name: Micro Semester Review Name: The following review is set up to emphasize certain concepts, graphs and terms. It is the responsibility of the individual teachers to emphasize and review the analysis aspects

More information

Level 4 Level 5 X Level 6 Level 7 Level 8 Mark the box to the right of the appropriate level with an X

Level 4 Level 5 X Level 6 Level 7 Level 8 Mark the box to the right of the appropriate level with an X MODULE SPECIFICATION TEMPLATE MODULE DETAILS Module title Economic Theory and Applications Module code EC224 Credit value 20 Level Level 4 Level 5 X Level 6 Level 7 Level 8 Mark the box to the right of

More information

Microeconomics

Microeconomics Microeconomics 978-1-63545-005-7 To learn more about all our offerings Visit Knewtonalta.com Source Author(s) (Text or Video) Title(s) Link (where applicable) OpenStax Steve Greenlaw - University of Mary

More information

GACE Economics Assessment Test at a Glance

GACE Economics Assessment Test at a Glance GACE Economics Assessment Test at a Glance Updated June 2017 See the GACE Economics Assessment Study Companion for practice questions and preparation resources. Assessment Name Economics Grade Level 6

More information

Come & Join Us at VUSTUDENTS.net

Come & Join Us at VUSTUDENTS.net Come & Join Us at VUSTUDENTS.net For Assignment Solution, GDB, Online Quizzes, Helping Study material, Past Solved Papers, Solved MCQs, Current Papers, E-Books & more. Go to http://www.vustudents.net and

More information

FINALTERM EXAMINATION FALL 2006

FINALTERM EXAMINATION FALL 2006 FINALTERM EXAMINATION FALL 2006 QUESTION NO: 1 (MARKS: 1) - PLEASE CHOOSE ONE Compared to the equilibrium price and quantity sold in a competitive market, a monopolist Will charge a price and sell a quantity.

More information

Office Phone: (I prefer s to phone messages.)

Office Phone: (I prefer  s to phone messages.) University of Colorado at Boulder, Fall 2015 Econ 2010-280/281R Principles of Microeconomics Libby Residential Academic Program Instructor: Vijaya R. Sharma, Ph.D. Lectures: MWF 11:00 11:50 A.M. @ Room

More information

College Record: 59.7% 4 year school, 13.1% 2 year school, 9.9% trade school

College Record: 59.7% 4 year school, 13.1% 2 year school, 9.9% trade school Microeconomics SYLLABUS Jason Farone Blackhawk High School Beaver Falls, PA School Profile School Location and Environment: Blackhawk High School is a public school in Beaver Falls, PA, located 50 miles

More information

ECON 101 Introduction to Economics1

ECON 101 Introduction to Economics1 ECON 101 Introduction to Economics1 Session 11 Market Structures(Perfect Competition) Lecturer: Mrs. Hellen A. Seshie-Nasser, Department of Economics Contact Information: haseshie@ug.edu.gh College of

More information

Ecn Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman. Final Exam

Ecn Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman. Final Exam Ecn 100 - Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman Final Exam You have until 12:30pm to complete this exam. Be certain to put your name,

More information

Fulbright Economics Teaching Program MICROECONOMICS FOR PUBLIC POLICY

Fulbright Economics Teaching Program MICROECONOMICS FOR PUBLIC POLICY Fulbright Economics Teaching Program Fall Term MICROECONOMICS FOR PUBLIC POLICY Teaching Team Instructors: Vu Thanh Tu Anh E-Mail : anhvt@fetp.vnn.vn Dang Van Thanh E-Mail : thanhdv@fetp.vnn.vn Tutors:

More information

ECON A311F: Intermediate Microeconomics. Course Outline

ECON A311F: Intermediate Microeconomics. Course Outline School of Arts and Social Sciences ECON A311F: Intermediate Microeconomics (Autumn 2016) Course Outline No. of Credits: Contact Hours: Prerequisites: Instructor: 5 credits 4 hours per week (Lecture: 3

More information

ECO 162: MICROECONOMICS

ECO 162: MICROECONOMICS ECO 162: MICROECONOMICS PREPARED BY Dr. V.G.R. CHANDRAN Email: vgrchan@gmail.com Website: www.vgrchandran.com/default.html UNIVERSITI TEKNOLOGI MARA 0 P a g e TUTORIAL QUESTIONS ALL RIGHTS RESERVED 2010

More information

Education & Training Plan. Economics Professional Certificate Program with Externship. Economics Professional Certificate Program with Externship

Education & Training Plan. Economics Professional Certificate Program with Externship. Economics Professional Certificate Program with Externship Clemson University - Center for Corporate Learning 1 North Main Street, 7th Floor, Greenville, SC 29601 http://www.clemson.edu/online/ Contact: Juanita Durham 864.656.3984 jdrhm@clemson.edu Education &

More information

JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS. 3 Credit Hours. Prepared by: James Watson October 12, 2012

JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS. 3 Credit Hours. Prepared by: James Watson October 12, 2012 JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS 3 Credit Hours Prepared by: James Watson October 12, 2012 Ms. Linda Abernathy, Math, Science and Business Division Chair Ms. Shirley Davenport, Dean,

More information

Econ BC3035 Spring 2016 Intermediate Micro Theory

Econ BC3035 Spring 2016 Intermediate Micro Theory Econ BC3035 Spring 2016 Intermediate Micro Theory Instructor: Lalith Munasinghe; Office Hours: Wednesday 4-5PM (By Appointment) and Wednesday 5-6PM (Walk-in); Office: 231 LeFrak Center; Telephone: 212-854-5652;

More information

AP Microeconomics. Content Skills Learning Targets Assessment Resources & Technology

AP Microeconomics. Content Skills Learning Targets Assessment Resources & Technology St. Michael Albertville High School Teacher: Matthew Rooker AP Microeconomics October 2014 Content Skills Learning Targets Assessment Resources & Technology November 2014 Content Skills Learning Targets

More information

Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE

Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Course Title: Advanced Placement Economics Course Number: 3552 Department: Social Studies Grade(s): 11-12 Level(s): Advanced Placement Credit: 1

More information

Contents in Brief. Preface

Contents in Brief. Preface Contents in Brief Preface Page v PART 1 INTRODUCTION 1 Chapter 1 Nature and Scope of Managerial Economics and Finance 3 Chapter 2 Equations, Graphs and Optimisation Techniques 21 Chapter 3 Demand, Supply

More information

ECO401 All Past Solved Mid Term Papers of ECO401 By

ECO401 All Past Solved Mid Term Papers of ECO401 By ECO401 All Past Solved Mid Term Papers of ECO401 By http://vustudents.ning.com MIDTERM EXAMINATION Spring 2009 ECO401- Economics (Session - 2) Question No: 1 ( Marks: 1 ) - Please choose one An individual

More information

6E:001 Principles of Microeconomics Summer 2001 Syllabus

6E:001 Principles of Microeconomics Summer 2001 Syllabus Professor Ted Temzelides W280 PBAB 335-0272 tedt@blue.weeg.uiowa.edu 6E:001 Principles of Microeconomics Summer 2001 Syllabus Office Hours MW 2-3 and by appointment Please call or e-mail me to make an

More information

Practice Exam 3: S201 Walker Fall 2004

Practice Exam 3: S201 Walker Fall 2004 Practice Exam 3: S201 Walker Fall 2004 I. Multiple Choice (3 points each) 1. Which of the following statements about the short-run is false? A. The marginal product of labor may increase or decrease. B.

More information

JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS. 3 Credit Hours. Prepared by: James Watson October 12, 2012

JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS. 3 Credit Hours. Prepared by: James Watson October 12, 2012 JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS 3 Credit Hours Prepared by: James Watson October 12, 2012 Ms. Linda Abernathy, Chair, Math, Science and Business Division Ms. Shirley Davenport,

More information

Introduction to Agricultural Economics Agricultural Economics 105 Spring 2017 First Hour Exam Version 1

Introduction to Agricultural Economics Agricultural Economics 105 Spring 2017 First Hour Exam Version 1 1 Name Introduction to Agricultural Economics Agricultural Economics 105 Spring 2017 First Hour Exam Version 1 There is only ONE best, correct answer per question. Place your answer on the attached sheet.

More information

Profit Maximization. Econ 410: Micro Theory. Profit Maximization. Recall from last time. Firm Profit Maximization and Competitive Supply. q 0.

Profit Maximization. Econ 410: Micro Theory. Profit Maximization. Recall from last time. Firm Profit Maximization and Competitive Supply. q 0. lide 1 lide 3 Econ 410: Micro Theory Firm Profit Maximization and Competitive upply Wednesday, November 14 th, 2007 Profit is positive when R(>C( Profit Maximization ince profit is equal to the difference

More information

ECON 102 Kagundu Final Exam (New Material) Practice Exam Solutions

ECON 102 Kagundu Final Exam (New Material) Practice Exam Solutions www.liontutors.com ECON 102 Kagundu Final Exam (New Material) Practice Exam Solutions 1. A A large number of firms will be able to operate in the industry because you only need to produce a small amount

More information

Preface. Chapter 1 Basic Tools Used in Understanding Microeconomics. 1.1 Economic Models

Preface. Chapter 1 Basic Tools Used in Understanding Microeconomics. 1.1 Economic Models Preface Chapter 1 Basic Tools Used in Understanding Microeconomics 1.1 Economic Models 1.1.1 Positive and Normative Analysis 1.1.2 The Market Economy Model 1.1.3 Types of Economic Problems 1.2 Mathematics

More information

6) The mailing must be postmarked by June 15. 7) If you have any questions please me at

6) The mailing must be postmarked by June 15. 7) If you have any questions please  me at Examination Instructions: 1) Answer the examination only after you have read the honesty pledge below. 2) The multiple choice section will be taken in WebCT and a tutorial for using WebCT is to be found

More information

A few firms Imperfect Competition Oligopoly. Figure 8.1: Market structures

A few firms Imperfect Competition Oligopoly. Figure 8.1: Market structures 8.1 Setup Monopoly is a single firm producing a particular commodity. It can affect the market by changing the quantity; via the (inverse) demand function p (q). The tradeoff: either sell a lot cheaply,

More information

ECON 311 MICROECONOMICS THEORY I

ECON 311 MICROECONOMICS THEORY I ECON 311 MICROECONOMICS THEORY I Profit Maximisation & Perfect Competition (Short-Run) Dr. F. Kwame Agyire-Tettey Department of Economics Contact Information: fagyire-tettey@ug.edu.gh Session Overview

More information

Tutor2u Economics Essay Plans Summer 2002

Tutor2u Economics Essay Plans Summer 2002 Microeconomics Revision Essay (7) Perfect Competition and Monopoly (a) Explain why perfect competition might be expected to result in an allocation of resources which is both productively and allocatively

More information

Practice Final Exam. Write an expression for each of the following cost concepts. [each 5 points]

Practice Final Exam. Write an expression for each of the following cost concepts. [each 5 points] Practice Final Exam Total : 200 points Exam time: 7:00 9:00. You have 6 questions in 3 pages. Please make your diagrams clear and label it. Good Luck! 1. Amy is currently spending her income to maximize

More information

AS/A Level Economics 9708 Unit 7: The Price System and Theory of the Firm

AS/A Level Economics 9708 Unit 7: The Price System and Theory of the Firm AS/A Level Economics 9708 Unit 7: The Price System and Theory of the Firm Recommended Prior Knowledge Unit 2 builds on the material covered on the Price System in the Core curriculum. Parts of sections

More information

EC 336 MATHEMATICAL ECONOMICS SYLLABUS

EC 336 MATHEMATICAL ECONOMICS SYLLABUS EC 336 MATHEMATICAL ECONOMICS SYLLABUS Colby College Department of Economics Fall 2008 Professor: Guillermo Vuletin (email: gvuletin@colby.edu) Office: Diamond 359 Phone: 5235 Lecture time and location:

More information

Professor Christina Romer. LECTURE 3 SUPPLY AND DEMAND FRAMEWORK January 24, 2017

Professor Christina Romer. LECTURE 3 SUPPLY AND DEMAND FRAMEWORK January 24, 2017 Economics 2 Spring 2017 Professor Christina Romer Professor David Romer LECTURE 3 SUPPLY AND DEMAND FRAMEWORK January 24, 2017 I. INTRODUCTION TO MARKETS A. Implications of scarcity and the gains from

More information

INTERMEDIATE MICROECONOMICS LECTURE 13 - MONOPOLISTIC COMPETITION AND OLIGOPOLY. Monopolistic Competition

INTERMEDIATE MICROECONOMICS LECTURE 13 - MONOPOLISTIC COMPETITION AND OLIGOPOLY. Monopolistic Competition 13-1 INTERMEDIATE MICROECONOMICS LECTURE 13 - MONOPOLISTIC COMPETITION AND OLIGOPOLY Monopolistic Competition Pure monopoly and perfect competition are rare in the real world. Most real-world industries

More information

S [F] NPW 02 June All Syllabus SOCIAL SCIENCES B.A. Economics First Year Sem. I & II.doc 1

S [F] NPW 02 June All Syllabus SOCIAL SCIENCES B.A. Economics First Year Sem. I & II.doc 1 1 2 3 4 F.Y.B.A. Economics (Revised Syllabus) Semester I Total Marks: 50 MICRO ECONOMICS (COMPULSORY) Paper ECO-101 OBJECTIVES: As a foundation of economics in this paper student is expected to understand

More information

CASE FAIR OSTER PRINCIPLES OF MICROECONOMICS E L E V E N T H E D I T I O N. PEARSON 2014 Pearson Education, Inc. Publishing as Prentice Hall

CASE FAIR OSTER PRINCIPLES OF MICROECONOMICS E L E V E N T H E D I T I O N. PEARSON 2014 Pearson Education, Inc. Publishing as Prentice Hall PRINCIPLES OF MICROECONOMICS E L E V E N T H E D I T I O N CASE FAIR OSTER PEARSON Publishing as Prentice Hall Prepared by: Fernando Quijano w/shelly Tefft 2 of 23 Input Demand: The Labor and Land Markets

More information

Monopoly and How It Arises

Monopoly and How It Arises Monopoly and How It Arises A monopoly is a market: That produces a good or service for which no close substitute exists In which there is one supplier that is protected from competition by a barrier preventing

More information

T ( P ( ) * FA F D A S

T ( P ( ) * FA F D A S Supply and Demand Basics Law of Supply Law of Demand Equilibrium Key Topics Demand Supply Equilibrium (shortage/surplus) Floor/Ceiling Elasticity Indifference Curves Utility Physical Product (Supply Side)

More information

Course Outline. Business Undeclared School of Business & Economics ECON Applied Microeconomics for Sustainable Management

Course Outline. Business Undeclared School of Business & Economics ECON Applied Microeconomics for Sustainable Management Course Outline Calendar Description Business Undeclared School of Business & Economics ECON 6020-3.00 Applied Microeconomics for Sustainable Management Students examine more advanced microeconomic tools

More information

ECON 2100 (Summer 2014 Sections 08 & 09) Exam #3D

ECON 2100 (Summer 2014 Sections 08 & 09) Exam #3D ECON 21 (Summer 214 Sections 8 & 9) Exam #3D Multiple Choice Questions: (3 points each) 1. I am taking of the exam. D. Version D 2. If a firm is currently operating at a point where costs of production

More information

ECONOMICS CLASS - XII ( )

ECONOMICS CLASS - XII ( ) ECONOMICS CLASS - XII (2017-18) Theory: 80 Marks Project: 20 Marks Units Marks Periods Part A Introductory Microeconomics Introduction 4 8 Consumer's Equilibrium and Demand 13 32 Producer Behaviour and

More information

ECON 2100 (Summer 2016 Sections 10 & 11) Exam #3C

ECON 2100 (Summer 2016 Sections 10 & 11) Exam #3C ECON 21 (Summer 216 Sections 1 & 11) Exam #3C Multiple Choice Questions: (3 points each) 1. I am taking of the exam. C. Version C 2. is a market structure in which there is one single seller of a unique

More information

ECON 115. Industrial Organization

ECON 115. Industrial Organization ECON 115 Industrial Organization 1. Linear (3rd Degree) Price Discrimination First Hour QUIZ Second Hour Introduction to Price Discrimination Third-degree price discrimination Two Rules Examples of price

More information

UTKAL UNIVERSITY ECONOMICS

UTKAL UNIVERSITY ECONOMICS UTKAL UNIVERSITY +3 CBCS SYLLABUS 1 ST SEMESTER ECONOMICS SL CORE PAPER PAGE NO. 1 Core-1 INTRODUCTORY MICROECONOMICS 2 2 Core-2 MATHEMATICAL METHODS FOR ECONOMICS I 3 3 DSC-1.1 INTRODUCTORY MICROECONOMICS

More information

Slides and Images, Worth Publishers Inc. 8-1

Slides and Images, Worth Publishers Inc. 8-1 Perfect Competition Michael J. Murray Slides and Images, Worth Publishers Inc. 8-1 Market Structure Analysis By observing a few industry characteristics, we can predict pricing and output behavior of the

More information

Econ 001: Midterm 2 (Dr. Stein) Answer Key Nov 13, 2007

Econ 001: Midterm 2 (Dr. Stein) Answer Key Nov 13, 2007 Instructions: Econ 001: Midterm 2 (Dr. Stein) Answer Key Nov 13, 2007 This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label

More information

PROGRAMME: Interdepartmental Programme of Postgraduate Studies in Business Administration (M.B.A.)

PROGRAMME: Interdepartmental Programme of Postgraduate Studies in Business Administration (M.B.A.) PROGRAMME: Interdepartmental Programme of Postgraduate Studies in Business Administration (M.B.A.) Compulsory Course: Principles of Economic Theory and Policy Semester: 1st Instructors: Velentzas Konstantinos,

More information

Multiple Choice Part II, A Part II, B Part III Total

Multiple Choice Part II, A Part II, B Part III Total SIMON FRASER UNIVERSITY ECON 103 (2007-2) MIDTERM EXAM NAME Student # Tutorial # Multiple Choice Part II, A Part II, B Part III Total PART I. MULTIPLE CHOICE (56%, 1.75 points each). Answer on the bubble

More information

Labour Demand Lecturer: Dr. Priscilla T. Baffour

Labour Demand Lecturer: Dr. Priscilla T. Baffour Lecture 3 Labour Demand Lecturer: Dr. Priscilla T. Baffour Determinants of Short Run Demand for Labour The wage rate: The wage rate is a very important determinant of labour demand. Thus the higher the

More information

not to be republished NCERT Chapter 6 Non-competitive Markets 6.1 SIMPLE MONOPOLY IN THE COMMODITY MARKET

not to be republished NCERT Chapter 6 Non-competitive Markets 6.1 SIMPLE MONOPOLY IN THE COMMODITY MARKET Chapter 6 We recall that perfect competition was theorised as a market structure where both consumers and firms were price takers. The behaviour of the firm in such circumstances was described in the Chapter

More information

ECON 1000 D. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.

ECON 1000 D. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work. It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 2.5 hours. Work on your own. Keep your notes and textbook closed. Attempt every question.

More information

Professor Christina Romer LECTURE 6 FIRMS AND PROFIT MAXIMIZATION FEBRUARY 1, 2018

Professor Christina Romer LECTURE 6 FIRMS AND PROFIT MAXIMIZATION FEBRUARY 1, 2018 Economics 2 Spring 2018 rofessor Christina Romer rofessor David Romer LECTURE 6 FIRMS AND ROFIT MAXIMIZATION FEBRUARY 1, 2018 I. FIRMS AND THE DECISIONS THEY MAKE A. What is a firm? B. Three decisions

More information

I enjoy teaching this class. Good luck and have a nice Holiday!!

I enjoy teaching this class. Good luck and have a nice Holiday!! ECON 202-501 Fall 2008 Xiaoyong Cao Final Exam Form A Instructions: The exam consists of 2 parts. Part I has 35 multiple choice problems. You need to fill the answers in the table given in Part II of the

More information

At P = $120, Q = 1,000, and marginal revenue is ,000 = $100

At P = $120, Q = 1,000, and marginal revenue is ,000 = $100 Microeconomics, monopoly, final exam practice problems (The attached PDF file has better formatting.) *Question 1.1: Marginal Revenue Assume the demand curve is linear.! At P = $100, total revenue is $200,000.!

More information

ECON 251 Exam 2 Pink. Fall 2012

ECON 251 Exam 2 Pink. Fall 2012 ECON 251 Exam 2 Pink Use the table below to answer the following four questions The table below shows Harry s total utility from consuming beer and wine. The price of beer is $2 per bottle. The price of

More information

The Lee Kong Chian School of Business Academic Year 2016/17 Term 2

The Lee Kong Chian School of Business Academic Year 2016/17 Term 2 The Lee Kong Chian School of Business Academic Year 206/7 Term 2 MKTG 0 MARKETING Instructor Name : Michelle Lee Title : Associate Professor of Marketing (Education) Tel : 6828 039 Email : michlee@smu.edu.sg

More information

LECTURE NOTES FOR AREC 304: INTERMEDIATE PRODUCTION AND CONSUMPTION ANALYSIS PROFESSOR BRUCE R. BEATTIE

LECTURE NOTES FOR AREC 304: INTERMEDIATE PRODUCTION AND CONSUMPTION ANALYSIS PROFESSOR BRUCE R. BEATTIE LECTURE NOTES FOR AREC 304: INTERMEDIATE PRODUCTION AND CONSUMPTION ANALYSIS PROFESSOR BRUCE R. BEATTIE Department of Agricultural & Resource Economics University of Arizona Tucson, AZ 85721 2 Table of

More information

SRI LANKA INSTITUTE OF ADVANCED TECHNOLOGICAL EDUCATION. (Established in the Ministry of Higher Education, vide in Act No.

SRI LANKA INSTITUTE OF ADVANCED TECHNOLOGICAL EDUCATION. (Established in the Ministry of Higher Education, vide in Act No. Q1. Select the correct answer and Under line it (Total 16 Marks) 01. Economics is a science. Because, (a) Evidences are observable (b) Findings are measurable (c) Findings can be analyzed i a and b correct

More information

Last Name: First Name:

Last Name: First Name: Economics 101 Section 5 Midterm Exam #3 Thursday April 8, 2004 Last Name: First Name: Student #: Instructions: This exam has a total of 4 uestions. There are a total of 60 points on this exam and each

More information

Jacob: W hat if Framer Jacob has 10% percent of the U.S. wheat production? Is he still a competitive producer?

Jacob: W hat if Framer Jacob has 10% percent of the U.S. wheat production? Is he still a competitive producer? Microeconomics, Module 7: Competition in the Short Run (Chapter 7) Additional Illustrative Test Questions (The attached PDF file has better formatting.) Updated: June 9, 2005 Question 7.1: Pricing in a

More information

DEMAND FORECASTING (PART II)

DEMAND FORECASTING (PART II) BEC 30325: MANAGERIAL ECONOMICS Session 06 DEMAND FORECASTING (PART II) Dr. Sumudu Perera Session Outline 2 Smoothing Techniques- Example- Moving Average Limitations of Qualitative Demand Forecasting Limitations

More information

Monopolistic Markets. Causes of Monopolies

Monopolistic Markets. Causes of Monopolies Monopolistic Markets Causes of Monopolies The causes of monopolization Monoplositic resources Only one firm owns a resource which is crucial for production (e.g. diamond monopol of DeBeers). Monopols created

More information

ECON 251 Practice Exam 2 Questions from Fall 2013 Exams

ECON 251 Practice Exam 2 Questions from Fall 2013 Exams ECON 251 Practice Exam 2 Questions from Exams Gordon spends all his income on spatulas and mixing bowls. Spatulas cost $4 and mixing bowls cost $12. Gordon has $60 of income and considers both spatulas

More information

Econ 001: Midterm 2 (Dr. Stein) Answer Key March 23, 2011

Econ 001: Midterm 2 (Dr. Stein) Answer Key March 23, 2011 Instructions: Econ 001: Midterm 2 (Dr. Stein) Answer Key March 23, 2011 This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and

More information

Monopolistic Competition

Monopolistic Competition Monopolistic Competition CHAPTER16 C H A P T E R C H E C K L I S T When you have completed your study of this chapter, you will be able to 1 Describe and identify monopolistic competition. 2 Explain how

More information

ECN 3103 INDUSTRIAL ORGANISATION

ECN 3103 INDUSTRIAL ORGANISATION ECN 3103 INDUSTRIAL ORGANISATION 3. Monopoly Mr. Sydney Armstrong Lecturer 1 The University of Guyana 1 Semester 1, 2016 OUR PLAN Monopoly Reference for reviewing these concepts: Carlton, Perloff, Modern

More information

M- pp 3 & 6, Wants vs. resources activity; review opp. Cost; NC=1.2. Video clip Econ comedy; M = pp 24-26; pp =pp 53-55; E=pp3-16

M- pp 3 & 6, Wants vs. resources activity; review opp. Cost; NC=1.2. Video clip Econ comedy; M = pp 24-26; pp =pp 53-55; E=pp3-16 AP Microeconomics Curriculum Map (updated 8/29/2013) Date/ Unit (% of AP test) 9/9 Basic Concepts (8-14%) Concept 9/10 Scarcity Choice Introductions / Syllabus (opportunity cost) Opportunity cost 9/11

More information

Sample. Final Exam Sample Instructor: Jin Luo

Sample. Final Exam Sample Instructor: Jin Luo Final Exam Instructor: Jin Luo Multiple Choice (2 *30 = 60) Identify the letter of the choice that best completes the statement or answers the question. 1. Price takers refer to buyers and sellers in a.

More information

Education & Training Plan Economics Professional Certificate Program with Externship. Economics Professional Certificate Program with Externship

Education & Training Plan Economics Professional Certificate Program with Externship. Economics Professional Certificate Program with Externship C.15.40 (Created 07-17-2017) U RN O FFICE OF P RO FESSIONA L A ND CONTINUING EDU CATIO N Office of Professional & Continuing Education 301 OD Smith Hall Auburn, AL 36849 http://www.auburn.edu/mycaa Contact:

More information

ECO 162: MICROECONOMICS INTRODUCTION TO ECONOMICS Quiz 1. ECO 162: MICROECONOMICS DEMAND Quiz 2

ECO 162: MICROECONOMICS INTRODUCTION TO ECONOMICS Quiz 1. ECO 162: MICROECONOMICS DEMAND Quiz 2 INTRODUCTION TO ECONOMICS Quiz 1 Answer the entire question You are required to give brief explanation for each of the questions. 1. Explain the basic economic concepts with the help of Production Possibility

More information

S11Microeconomics, Exam 3 Answer Key. Instruction:

S11Microeconomics, Exam 3 Answer Key. Instruction: S11Microeconomics, Exam 3 Answer Key Instruction: Exam 3 Student Name: Microeconomics, several versions Early May, 2011 Instructions: I) On your Scantron card you must print three things: 1) Full name

More information

ECON 101 Introduction to Economics1

ECON 101 Introduction to Economics1 ECON 101 Introduction to Economics1 Session 8 Consumer Choice Theory Lecturer: Mrs. Hellen A. Seshie-Nasser, Department of Economics Contact Information: haseshie@ug.edu.gh College of Education School

More information

Principles of Economics: Micro: Exam #1: Chapters 1-5 Page 1 of 7

Principles of Economics: Micro: Exam #1: Chapters 1-5 Page 1 of 7 Principles of Economics: Micro: Exam #1: Chapters 1-5 Page 1 of 7 print name on the line above as your signature INSTRUCTIONS: 1. This Exam #1 must be completed within the allocated time (i.e., between

More information

Market Structure & Imperfect Competition

Market Structure & Imperfect Competition In the Name of God Sharif University of Technology Graduate School of Management and Economics Microeconomics (for MBA students) 44111 (1393-94 1 st term) - Group 2 Dr. S. Farshad Fatemi Market Structure

More information

UNIT 4 PRACTICE EXAM

UNIT 4 PRACTICE EXAM UNIT 4 PRACTICE EXAM 1. The prices paid for resources affect A. the money incomes of households in the economy B. the allocation of resources among different firms and industries in the economy C. the

More information