Course Overview
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Course Synopsis
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This course explains and introduces the science of economics to the students. It also assists in developing an understanding of MICROECONOMICS terms and concepts relative to the consumer’s behavior, theory of the firm, distribution of output and income, and the market structure and pricing.
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Course Learning Outcomes
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At the end of the course, you should be able to:
- Explain basic economic concepts pertaining to the market system and demonstrate the ability to comprehend terminology used in news media, national debates over issues, and daily conversation.
- Describe the functioning of market forces, i.e. demand and supply in competitive market system.
- Give reasoning, evaluation of the national and international economic issues in and out of the classroom.
- Apply the basic principles of economics in your own life.
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Course Calendar
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Week 01
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1
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Introduction to Micro Economics
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3
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Real versus Nominal Prices
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Week 02
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4
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Changes in Market Equilibrium
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5
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Elasticities of Supply and Demand
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Week 03
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8
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Consumer Preferences continued
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9
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Marginal Utility and Consumer Choice
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Assignment
Week 04
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10
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Review of Consumer Equilibrium
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11
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Income & Substitution Effects
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Week 05
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14
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Preferences Toward Risk
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Quiz 01
Week 06
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16
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The Technology of Production
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17
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Production with two variable inputs
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Quiz 02
Mid Term
Week 07
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19
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A Firm’s Short Run Costs
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21
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Production with Two Outputs
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Week 08
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22
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Perfectly Competitive Markets
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23
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Choosing Output in Short Run
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24
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The Short-Run Market Supply Curve
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Week 09
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25
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Long-Run Competitive Equilibrium
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26
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The Industry’s Long-Run Supply Curve
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27
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The Efficiency of a Competitive Market
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Week 10
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29
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Import Quotas and Tariffs
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Week 11
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31
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Profit Maximization under Monopoly
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33
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Sources of Monopoly Power
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Week 12
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35
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Second-Degree Price Discrimination
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36
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Second-Degree Price Discrimination Contd.
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Week 13
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39
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Monopolistic Competition
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Week 14
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41
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The Prisoners’ Dilemma
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42
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Competitive Factor Markets
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Week 15
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43
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Competitive Factor Markets cont 1.
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44
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Competitive Factor Markets Contd 2.
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45
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Factor Markets with Monopoly Power
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