U N I V E R S I T Y O F B A H R A I N

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1 U N I V E R S I T Y O F B A H R A I N COLLEGE OF BUSINESS ADMINISTRATION Department of Economics & Finance Course Syllabus 1. College: Business Administration 2. Department: Economics and Finance 3. Program: B.sc 4. Course code: ECON Course title: Microeconomics 6. Course credits: 3 Hours 7. Pre-requisites: NONE 8. Course web-page: 9. Course coordinator: Dr. HISHAM H. ABDELBAKI Ext. 8655, Room 2-108, Instructors: Name Ext. Room #. Office Hours Address 1. Prof. A. Wahab Al-Ameen Dr. Richard Carlson A 3. Dr. Farkhanda Shamim UTH 9-10 MW 11-11:30 4. Dr. Ibrahim Elezee Dr. Lubna Al-Khalifa Dr. Rosylin Moh d Dr. Yasser Ismael Taha Academic year: Semester: First Second Summer 12. Textbook(s): Economics, 9 th Edition by Michael Parkin References: Principles of Economics, 9 th Edition by Karl E. Case, Ray C. Fair, and as. M. Oster. 14. Other resources used (e.g. e-learning, field visits, periodicals, software, etc.): Econ Lab. and Textbook site Course description: Introduction to economic concepts, the economic way of thinking, decision-making, the study of scarcity, opportunity cost, how prices are determined and why they change, factors determining cost and the nature of costs, and how firms, under different market conditions, make price and output decisions in short run and long run. 1

2 16. Course Intended Learning Outcomes (CILOs): 1. Understand various definitions and basic concepts in microeconomics 2. Explain the basic microeconomics models, using graphical and basic mathematical analysis. 3. Describe the competitive market, price mechanism, and explain the determinants of demand and supply. 4. Define, calculate, and explain the various types of elasticity and its determinants 5. Describe the price ceiling, price floor (e.g., housing market, and labor market), and tax incidence.. 6. Describe the economic problem that all firms face, and distinguish between technological efficiency and economic efficiency 7. Comprehend the concept and analysis of production function and cost function. 8. Determine the profit maximizing level of output and price in both perfect competition market and monopoly market. 9. Appreciate the relevant importance of microeconomic principles in the current economic environment. 17. Course assessment: Assessment Type Number Weight Quizzes 2 15 % Midterms 1 30 % Participation 1 5 % Group Assignment 2 10% Final 1 40% Total 100% Attendance and class participation: Exact date, time and location for the midterm will be announced later Students who arrive late (within ½ hour after the exam starts) for any exam, for any reason, will not be given additional time. Plan ahead to arrive early. Items not allowed inside examination halls include books, notebooks, file folders, and notes of any kind. Sharing of stationery and calculators are not allowed during any exam. Cheating on exams will not be tolerated. During any exam, communication of any kind between students is expressly forbidden. Students caught discussing answers, using prohibited materials, or assisting others during exams will be referred to the College Disciplinary Board. Students are expected to attend all classes and examinations. Students who are absent for 15% of the total course hours will receive a warning letter. Students who are absent for 25% of the total course hours will be withdrawn from the course with a WF and will not be permitted to take the final examination. A WF is treated as a failing grade for calculation of the GPA. If you miss a class it is your responsibility to find out what material or assignments were presented in class. Office hours are devoted only to clarify unclear points not to repeat class lectures. 2

3 Academic Dishonesty: o All students are expected to maintain a high standard of ethics in their academic activities. Hence, any form of academic dishonesty is considered a serious matter. o Academic dishonesty such as cheating, plagiarism, fabrication, and forgery will not be tolerated and will be dealt with in accordance with the university regulations. MISSED EXAMS POLICY: o Students are expected to take every exam scheduled. Students should understand that missing exams is a serious matter that may result in failure of the course if proper procedures are not followed. o For any missed mid-term exam, you must provide your instructor with a valid written excuse within 3 days after the date of the exam. Students who do not turn in a valid written excuse within this period of time will receive a zero on the missed exam(s). o For the final exam, the College Council will decide whether the student s excuse is valid and accepted. Per College rules, students who miss the final exam with a valid excuse will have to wait to take the next semester s final exam and will receive a grade of F in the interim. A revised final grade will be submitted after the final exam is taken the next semester. Absence with invalid excuse will result in a grade of zero in the final exam. Week Date Topics covered Page # Assessment Sep. Chapter 1: Definition of Economics (scarcity, economics, microeconomics, macroeconomics) Big Microeconomic Questions (what to produce, how to produce, for whom to produce, factors of production: land, labor, capital, and entrepreneurship, rent, wage, interest, profit ) The Economic Way of Thinking (choices, tradeoff, opportunity cost, marginal benefit, marginal cost), choosing at the margin, responding to incentives. Economics: A Social Science ( positive statement, normative statement, economic theory, economic model, ceteris paribus) Sep. Chapter 2: The Economic Problem: Production Possibilities and Opportunity Cost (PPF, attainable and unattainable production levels, production efficiency (and inefficiency), full employment (and unemployment), tradeoff, opportunity cost, increasing opportunity cost)

4 3 30 Sep. - 4 Chapter 2: Production Possibilities and Opportunity Cost) : Using Resources Efficiently (marginal benefit and marginal cost, Allocative efficiency) Economic Growth (outward shift of PPF, technological change, capital accumulation, opportunity cost of economic growth) Chapter 3: Demand and supply: Markets and Prices (competitive market, money price, relative price) Demand (demand, quantity demanded, law of demand, demand curve and demand schedule, change in quantity demanded vs. change in demand, factors affecting demand: income, prices of related goods, future expectations and, number of buyers ) Supply (supply, quantity supplied, law of supply, supply curve and supply schedule, change in quantity supplied vs. change in supply, factors affecting supply: resources cost, price of related goods produced, future expectations, number of suppliers, and technology) Quiz Chapter 3: Demand and supply: Market Equilibrium (market equilibrium using tables, diagram and equations, surplus, shortage) Predicting Changes in Price and Quantity ( a change in demand, a change in supply, a change in both demand and supply) Mathematical Note: Demand, Supply, and Equilibrium Chapter 4: Elasticity: Price Elasticity of Demand: price elasticity of demand, elasticity along straight-line demand curve, total revenue and elasticity, factors that influence the elasticity of demand) Eid Al-Adha and Mid-Semester BREAK 4

5 7 31 Oct 1 Nov Chapter 4: More Elasticities of Demand (cross elasticity of demand, income elasticity of demand) Elasticity of Supply and the factors that influence elasticity of supply Chapter 6: Government Action in Markets: Housing Markets and Rent Ceilings (price ceiling, rent control, search activity, black market) The Labor Market and the Minimum Wage (price floor, minimum wage, unemployment) Chapter 6: Market in Action: Taxes (tax division and elasticity of demand, tax division and elasticity of supply) Chapter 10: Organizing Production. The Firm and Its Economic Problem (The firm's goal: maximizing profit, economic cost, opportunity cost, explicit cost, implicit cost, economic profit, the firm's constraints: technology, information and market) Technological and Economic Efficiency (with examples) Markets and the Competitive Environment (perfect competition, monopolistic competition, oligopoly and monopoly) Chapter 11: Output and Costs: ision Time Frames (short run and long run) Short-Run Technology Constraint (total product, marginal product, average product, total product curve(compared to PPF),marginal product curve, increasing marginal returns, diminishing marginal returns, average product curve) Chapter 11: Output And Costs: Short-Run Cost (total cost, total fixed cost, total variable cost, marginal cost, average total cost, average fixed cost, average variable cost, U-shaped average total cost,cost curves and product curves, shifts in the cost curves) Long-Run Cost (the production function,

6 diminishing returns, diminishing marginal product of capital, the long run average cost curve, economies of scale, diseconomies of scale, constant returns to scale) Chapter 12: Perfect Competition: What Is Perfect Competition? (characteristics of perfect competition, price taker, total revenue, marginal revenue, demand for firm's product, market demand) The Firm s isions in Perfect Competition (short run decision, long run decision, the firm and the industry in the short run and in the ling run, profit maximizing output, marginal analysis, profits and losses in the short run, shut down point, the firm's short run supply curve, short run industry supply curve, Chapter 12: Perfect Competition: Output, Price, and Profit in Perfect Competition (short run equilibrium, a change in demand, long run adjustments, entry and exit, the effects of entry, the effects of exit, change in plant size, long run equilibrium) Chapter 13: Monopoly Market Power (how monopoly arise, no close substitutes, barriers to entry, price discrimination, single price) A Single-Price Monopoly s Output and Price ision (price and marginal revenue, marginal revenue and elasticity, price and output decision, maximizing economic profit, MR=MC, Maximum price market will bear) Single-Price Monopoly and Competition Compared (comparing output and price) Jan Revision Best Wishes 6

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