Course Title Microeconomics
Course Code12103
Number of Credits: 3
Teaching Hours: 48
Prerequisites: None
Overview
This course uses the tools of economics to examine the behavior of two groups of decision makers: firms, as they make output decisions, and individuals, as they make decisions about consumption and work. The course will examine the market economy to understand why economists, based on much empirical evidence, consider a market economy to be the best way to allocate scarce resources. We will also discuss the role of the government in determining economic outcomes when the market fails to provide efficient outcomes. Throughout the course we will stress the methodology of economics, with an emphasis on understanding how economists view the world.
Syllabus
l The economic problem: opportunity cost
l Supply and Demand
l Elasticity
l Market Applications
l Consumer Behavior
l Production and costs
l Perfect competition and profit maximization
l Economic efficiency, consumer and producer surplus
l Monopoly
l Deadweight loss and price discrimination
l Between perfect competition and monopoly
l Antitrust and regulation
l Factor markets: labor & marginal revenue product
l Factor markets: capital & present value
l Information and uncertainty
Delivery method
Group work. Case study, classroom learning presentation,
Assessment
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Form of assessment
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Weighting
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|
Assignment
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30%
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Presentation
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10%
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Exam
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60%
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Students must achieve a minimum mark 50% in the normal recorders before attending the exam. The exam is an end-of –semester test and it will be held about 3 hours.
Teacher’s information
Wang Xiaoping
Zhang Jinming
Xiao Lu
Textbook
Parkin, Economics, 8th edition.
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