Principles of Microeconomics

Curriculum Guideline

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Course
ECON 1150
Discontinued
No
Course Code
ECON 1150
Descriptive
Principles of Microeconomics
Department
Economics
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
201720
PLAR
No
Semester Length
15 Weeks X 4 Hours per Week = 60 Hours
Max Class Size
35
Contact Hours
Lecture: 3 Hours Seminar: 1 Hour Total: 4 Hours per Week
Method(s) Of Instruction
Lecture
Seminar
Learning Activities

Lecture and seminar.

Course Description
This course will provide the student with the principal elements of theory concerning the functioning of the price system, utility theory and consumer behaviour, production and costs, market structure, factor pricing and government microeconomic policy.
Course Content
  1. The nature of economics.
  2. An overview of the economy.
  3. The price system: demand, supply and price.
  4. Barriers to trade.
  5. Elasticity of demand and supply.
  6. Price controls.
  7. Household consumption behaviour:  marginal utility and/or indifference curve approaches.
  8. Production and cost:  short-run and long-run.
  9. Comparison of firms operating in different market structures.
  10. Factor pricing and the distribution of national income.
  11. Market failure and government intervention.
Learning Outcomes

At the end of the course, the successful student should be able to:

  1. apply the economic concepts of supply and demand to the process of price determination in both perfect and imperfect markets;
  2. explain household market behaviour and the derivation of an industry demand curve;
  3. evaluate the price and output implications of profit maximizing (loss minimizing) behaviour of firms under different demand, cost and market structure conditions, including the derivation of an industry supply curve;
  4. demonstrate the reasons for, and economic consequences of, various forms of government intervention in different markets.
Means of Assessment
Final Examination 30% - 40%
Term Examination(s) 30% - 70%
Assignments (2-4)   0% - 30%
Participation and/or Quizzes        0% - 10%
Total         100%

 THERE WILL BE A MINIMUM OF THREE (3) EVALUATIONS.

Textbook Materials

Textbooks and Materials to be Purchased by Students

 

The main text is to be chosen from the following, as determined by the instructor:

 

  • Allen, D.  Economic Principles:  Seven Ideas for Thinking…About Almost Anything, Latest Ed.  McInnis     Creek Press.

 

  • Lipsey, R.G., Purvis et al.  Economics, Latest Ed.  New York:  Harper & Row.  Mankiw, N.G. et al.  Principles of Microeconomis, Latest Ed.  Thomson Nelson.

 

  • Mankiw, N.G. et al.  Principles of Microeconomics, Latest Ed.  Thomson Nelson.

 

  • McConnell, Campbell R., Brue et al.  Economics, Latest Ed.  Toronto:  McGraw-Hill

                Ryerson Limited.

  

  • Parkin, Michael and Robin Bade.  Economics:  Canada in the Global Environment, Latest Ed.  Don Mills:  Addison-Wesley Publishers Limited.

 

  • Silberberg, E.  Principles of Microeconomics, Latest Ed.  Pearson Custom Publishing.

 

        Supplementary materials may be chosen from the following, as determined by the instructor:

 

  • Kennedy and Dorosh.  Dateline Canada, Latest Ed.  Prentice-Hall Canada Inc.

 

  • Study guides for the above texts and the available software.
Prerequisites

BC Principles of Math 11.  ECON 1101 recommended.

Which Prerequisite

With ECON 1250:

ECON 2350 and ECON 2408 and ECON 2418 and ECON 2460 and ECON 2490 and

ECON 2491 and ECON 4495