econ202-lyp

ECON 202 / Summer 2014 of 9

Microeconomics

(ECON 202)

Credit Hours: 3

Class Hours: Sec 01: Mon, Wed 2:00 pm. – 3:30 pm.

Fri 2:00 pm. – 3:00 pm. Sec 02: Mon, Wed 4:00 pm. – 5:30 pm.

Fri 4:00 pm. – 5:00 pm.

Consultation Hours: Tue & Thu 3:00 pm. – 5:00 pm. Other times, by prior Appointments

Semester: Summer 2014

Instructor: Ms. Lim You Ping

e-mail: [email protected]

Office: ADP Staff Room #11

Prerequisites: None

Co-requisite: ENGL101

Text book: Baumol, W.J. and Blinder, A.S., Economics : Principles and Policy, 12

th

Ed. (2012), Cengage Learning.

References: 1. William A. McEachern, Economic Principles: A Contemporary

Introduction, 9th Ed. (2012), Cengage Learning.

2. Mankiw, N.G., Principles of Economics, 6

th Ed. (2012), Cengage

Learning.

3. Case, K.E & Fair, R.C., Principles of Economics, 10th Ed.

(2012), Prentice Hall.

4. McConnel, C.R., Brue, S.L. & Flynn, Economics: Principles, Problems and Policies, 19

h Ed. (2012), McGraw-Hill.


Course Description: Introduction to the nature of economics; economic concepts, scarcity

and choice; price system; distribution of income; decision making by consumers and firms; and comparative economic systems; perfect

and imperfect competition.

Learning Outcomes: 1. Describe how economic factors affect individual choices and how all these choices come

together to develop the economic system.

2. Interpret the economic principles and use them to understand the world. 3. Identify the concepts of scarcity, opportunity costs, comparative advantage, compare the

different economic systems and assess the economic efficiency.

4. Describe the factors affecting supply and demand; analyze the theory of supply and demand and market equilibrium.

5. Compare characteristics or assumptions of various market structures of perfect competition,

monopoly, monopolistic competition and oligopoly.

6. Apply the model of profit maximization (marginal analysis) to predict the behavior of firms within various market structures.

7. Analyze and compute: marginal utility, price elasticity of demand / supply, income elasticity

of demand, cross elasticity of demand, tax incidence, consumer surplus, total product, average product, marginal product, total costs, average variable costs, average fixed costs,

average total costs, marginal costs, revenue and marginal revenue.

8. Differentiate between accounting and economic profits/losses, a firm’s short and long run production decisions and its application for rational decision making.

9. List and explain the causes of market failure and the roles of government.

TAYLOR’S GRADUATE CAPABILITIES (TGC)

TGC1: Discipline Specific Knowledge

1.1 Able to put theories into practice.

1.2 Understand ethical issues in the context of the field of study.

1.3 Understand professional practice within the field of study.

TGC2: Lifelong Learning

2.1 Learn independently

2.2 Locate, extract, synthesize and utilize information effectively.

2.3 Be intellectually engaged

TGC3: Thinking and Problem Solving Skills

3.1 Think critically and creatively.

3.2 Define and analyze problems to arrive at effective solutions.

TGC4: Communication Skills

4.1 Communicate appropriately in various settings and modes.

TGC5: Interpersonal Skills

5.1 Understand team dynamics and mobilize the power of teams.

5.2 Understand and assume leadership.


TGC6: Intrapersonal Skills

6.1 Manage oneself and be self-reliant.

6.2 Reflect on one’s actions and learning.

6.3 Embody Taylor’s core values.

TGC7: Citizenship and Global Perspectives

7.1 Be aware of and form opinions from diverse perspectives.

7.2 Understand the value of civic responsibility and community engagement.

TGC8: Digital Literacy

8.1 Effective use of Information and Communications Technology (ICT) and

related technologies.

* Upon completion of this course, a student should be equipped with

TGC1, TGC3 and TGC5.

Course Evaluation: The overall course grade will be determined as follows:

Assessment Student

Learning

Outcomes

TGC’s Percentage

Attendance 1,2,3,4,

5,6,7,8,9

5%

Homework

1,3,4,5,

6,7,8,9

5%

Class Activity

1, 2, 3,4,

5,6,7,8,9

5%

Project /

Assignment

1,2

15%

Quiz 1,3,4,5,

6,7,8,9

10%

Test

1,3,4,7,9

10%

Mid-term Exam

1,3,4,5,

6,7,8,9 20%

Final Exam

(comprehensive)

1,3,4,

5,6,7,8,9 30%

Total 100 %


The following grading scale will be used:

Percentage Grade Points per credit hour

Percentage Grade Points per credit hour

97-100

90-96

87-89 84-86

80-83

77-79

74-76

A+

A

A- B+

B

B-

C+

4.00

4.00

3.70 3.30

3.00

2.70

2.30

70-73

67-69

64-66 60-63

55-59

0-54

C

C-

D+ D

D-

F

2.00

1.70

1.30 1.00

0.70

0.00

The final grade for the course may be curved by moderating the students’ raw scores.

Class Policies: Attendance: Attendance is mandatory. Only absences with valid reasons and documented proof will be accepted.

Tardiness: POSITIVE ATTITUDE means, among others, being

on time at the designated place. Tardiness reflects bad planning and being rude to the person(s) who has/have been kept waiting. Being

late to class by any more than two (2) minutes without valid reasons

will be construed as unexcused absence (although you will be allowed to attend the class).

Class conduct: No eating or drinking will be allowed during the

lecture. All hand phones should be turned off during lecture hours. If

you have any questions during the lecture, do not hesitate to raise your hand to clear your doubt. Class participation during discussion

is encouraged.

Use of textbook and supplementary materials: Students

should read the respective chapters from the recommended textbook preferably before attending the lectures. This will further enhance the

students’ understanding of the concepts and principles that will be

explained during lectures. Students are also encouraged to refer to the recommended reference materials to further their understanding.

Project/Assignments: All project/assignments must be submitted

on or before the scheduled date and time. Penalties will be imposed

for late submissions.

Quizzes: Quizzes may be given by the lecturer from time to time without prior notice, anytime during class. There will be

ABSOLUTELY NO MAKE-UP for any quiz missed.

Tests and Final exam: There will be NO MAKE-UP TEST for any missed tests, nor for the finals. There will be NO EXCEPTIONS

to this rule except under extreme circumstances approved in advance

by the instructor.

Academic dishonesty: The academic principles of honesty and fairness should be upheld at all times. Any student caught


CHEATING (academic dishonesty) will automatically be given an

“F” and will be referred to the Program Director for disciplinary action.

Plagiarism: Plagiarism is the act of claiming another person’s work as your own. Students should ensure that all individual assignments

should be their original work. Any student caught committing

plagiarism will be dealt with in the same manner as that of academic

dishonesty.


Scheme of work:

Course Schedule (the course instructor reserves the right to modify the work schedule as and when deemed necessary)

Week Topic Learning

Outcomes

Teaching & Learning

Activities

Readings Assessment Taylor’s Graduate

Capabilities

1 Unit 1 :

The Art and Science of Economic

Analysis

The economic problem: Scarce

resources, unlimited wants

Microeconomics and

Macroeconomics

The art of economic analysis

The science of economic

analysis

Understanding graphs

1, 2, 3 1. Briefing on course

syllabus & policy

2. Lecture

3. Discussion on

understanding & use of

graph

4. Class activity 5. Class exercise

6. Homework

Chp 1 &

Appendix to

Chp 1

2 Unit 2 :

Economic Tools and Economic

Systems

Opportunity cost

Production possibilities frontier

Five economic questions

Economic system

Market failure and government

intervention

2, 3, 9 1. Lecture

2. Class activity

3. Homework

4. Discussion on project

guidelines

Chp 3 Quiz


Week Topic Learning

Outcomes

Teaching & Learning

Activities


Capabilities

3 – 4 Unit 3 :

Demand, Supply, and Markets

Demand and supply

Markets and equilibrium

Changes in equilibrium price

and quantity

Disequilibrium: Price floor and price ceiling

3, 4 1. Lecture

2. Class activity

3. Class discussion

4. Class exercise

5. Homework

6. Discussion on quiz

Chp 4 Quiz

5 Unit 4 :

Elasticity of Demand and Supply

The price elasticity of demand

and supply

Elasticity and total revenue

The income elasticity and cross-

price elasticity

Price elasticity and tax

incidence

4, 7 1. Lecture

2. Class discussion

3. Class activity

4. Class exercise

5. Homework


Chp 6, 18 &

Appendix to

Chp 6, 18

TEST: Unit 1 – 4

6 Unit 5 :

Consumers Choice and Demand

Consumer preferences

The budget line

Consumer equilibrium

Consumer surplus

1, 2, 7 1. Lecture 2. Class exercise

3. Homework

4. Discussion on Test

Chp 5 Appendix to

Chp 5


Week Topic Learning

Outcomes

Teaching & Learning

Activities


Capabilities

7 Unit 6 :

Production and Cost in the Firm

The various measures of costs

Economic profit and accounting

profit

Costs in the short run

Costs in the long run

7, 8 1. Lecture

2. Class activity

3. Class exercise

4. Homework

Chp 7, 8 &

Appendix to

Chp 8

Quiz

8 Unit 7 :

Perfect Competition

Introduction to perfect

competition

Profit maximization in a

competitive market

Perfect competition in the long

run

5, 6 1. Lecture

2. Class activity

3. Class exercise

4. Homework


Chp 10 MIDTERM

EXAM: Unit 1 – 6

9 Unit 8 :

Monopoly

Barriers to entry

Revenue for monopolist

Monopoly firm’s costs and

profit maximization

Welfare cost of monopoly

5, 6 1. Lecture

2. Class activity

3. Class exercise

4. Homework

5. Discussion on Mid-

term Exam

Chp 11 Quiz


Week Topic Learning

Outcomes

Teaching & Learning

Activities

Readings Assessment Taylor’s

Graduate

Capabilities 10 Unit 9 :

Monopolistic Competition and

Oligopoly

Monopolistic competition

Monopolistic competition’s

short run and long run profit

maximization

Models of oligopoly

5, 6 1. Lecture

2. Class activity 3. Class discussion

4. Class exercise

5. Homework


Chp 12

SUBMISSION OF

PROJECT REPORT

11 Unit 10 :

Market Imperfection and the Role

of Government

Market power

Public goods

Negative and positive

externalities

Economic inequality

2, 3, 9 1. Lecture

2. Class discussion

3. Class exercise

4. Homework 5. Discussion on quiz

Chp 13 - 18 Quiz

12 FINAL EXAM 1, 3, 4, 5, 6, 7, 8,

9

Chp 1 - 18 Examination

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