ECO 101: Introduction to Microeconomics (Section 14 & 32)

Department of Economics, North South University

Spring 2015

Instructor
Dr. Ahsanuzzaman
Assistant Professor
Office: NAC 830 C
Office Hours: M: 11:30 am - 1:30 pm; W: 11:30pm - 1:30 pm; Otherwise: By appointment only
Email: ahsanmi@northsouth.edu; ahsanmi@gmail.com
Classes Meet: MW 8:00 am - 9:30 am (Sec 14) in NAC 412 ; MW 9:40 am - 11:10 am (Sec 32) in NAC 402
Textbook
Economics by Roger A. Arnold, 9th edition, Thompson South-Western (This book is more commonly known
as Microeconomics by Roger Arnold and available in Nilkhet and other book stores.
N.B.: Any additional materials covered will be provided in the class.
Course Prerequisite(s): None
Course Overview and Objectives
Introduction to Microeconomics (ECO 101) introduces the basic concepts and techniques applied in Microeconomics. The topics covered in this course will help to understand the behavior (decision-making)
of economic agents (consumers and producers) which will lead to understanding how prices and quantity
of outputs to be produced and sold are determined in the corresponding market/industry. This course is also
designed to discuss the various market structure (different states of a market under which economic agents
interact) of an economy.
The objective of the course is to understand the basic economics concepts such as scarcity, opportunity
cost, marginal thinking, advantages of specialization of labor and of trade undertaken based on comparative
advantage, role of demand and supply in determining prices and quantities in a market economy etc. Focus
is also given to welfare analysis in terms of consumer and producer surplus and the effects of government
intervention in the market on the surpluses. Understanding various concepts related to supply sides (production and cost both in short run and long run), different market structure (perfect competition, monopoly,
duopoly/oligopoly, and monopsony) are also an objective of this course. Real world case studies as well
as economic news in newspapers/magazines will be introduced to students in order to correlate textbook
concepts with the real world.
Student Learning Outcomes
On successfully completing this course, students will be able to understand that economics is the study
of how society manages its scarce resources. While understanding the management of scarce resources,
students will learn the basic principles of Microeconomics analytically. Particularly, they will be able to
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 Understand Microeconomic concepts and principles relating to how people make everyday decisions
at individual, household, and firm/industry levels. They will be able to understand trade-offs people
face while making decisions such as opportunity cost, scarcity, production possibility frontier, equity,
and efficiency. They will understand how rational agents think at the margin to make choices.
At the individual level, they will learn about utility maximization and how the individual demand
curve is derived in this process. They will learn to apply elasticity concept, determine equilibrium
price and quantity and calculate economic welfare such as consumer and producer surplus.
At the firm level, students will be able to solve decision problems relating to production, cost, pricing,
profits, competitive strategies etc. This includes concepts such as (total, marginal, average) production,
costs, profits, equilibrium price and quantity at the firm level and the industry level. They will also
understand the operations of different types of market structure.
In general, students analytical skills will be sharpened and they will be able to think like an economist.
Course Evaluation
There will be 4 assignments during the whole semester where each assignment will account for 2.5% of
the whole grades. There will be three quizzes but best two will be counted. The quiz accounts for 10% of
the course grades. The following Table provides the details of the grading scheme.
Assignments are due in the beginning of the class of the due date mentioned in the assignments. You will
submit your assignment on the Teachers Desk in the classroom in the beginning of the corresponding
class. NO LATE ASSIGNMENT SUBMISSION IS ACCEPTED. However, if any unavoidable circumstance arises that any student is unable to submit in the due time, the late submission is accepted with a
penalty of 50% of the obtained grade in that assignment.
Missed mid-term exams: There will be no make-up mid term exam if missed. However, if there is a major
circumstance that prevents student from taking any of the two (not both) Mid Term exams, student May
be allowed to appear in a make-up Mid Term exam. Student(s) must provide me with official documents
that prove their reason for missing the Mid Term exam. If permission is granted, the timing and date of the
make-up exam will be set by the instructor and student(s) is(are) asked to contact the instructor for further
information. There will be NO make-up for quizz(es).
Grading tool
Assignments (4)
Quiz
Mid Term I
Mid Term II
Final Exam
Class Attendance
Total

% contributing toward the final grade

10% (4 2.5%)
10%
20%
25%
30%
5%
100%

Classroom Rules and Conduct

1. You may use your laptops in the class for class related work. Do not use your laptop for non-class
related work or any manner that will be distracting to other students or the instructor.
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2. Use of cell phones in class is not permitted

3. Academic Integrity Policy: School of Business does not tolerate academic dishonesty by its students.
At minimum, students must not be involved in cheating, copyright infringement, submitting the same
work in multiple courses, significant collaboration with other individuals outside sanctioned group
activities, and fabrications.
Students are advised that violations of the student Integrity Code will be treated seriously, with special
attention given to repeated offenses.
For NSU Student Code of Conduct, please visit www.northsouth.edu/student-code-of-conduct.html
Attendance Policy
Students are required to attend all classes and participate in class discussions. North South University mandates to fail students who are absent 25% or more from their classes, even if such absences are excusable.
Appropriate Use Policy
All members of the North South University community must use electronic communications in a responsible
manner. The University may restrict the use of its computers and network systems for electronic communications subject to violations of the university policies/codes or local laws or national laws. Also, the university
reserves the right to limit access to its networks through university-owned or other computers, and to remove
or limit access to material posted on university-owned computers.

Tentative Topic Outline and Schedule

Students are encouraged to bring a print out of my lecture slides that are available on the day before the
class. The slides have blank spaces and students are expected to fill the blank with explanation discussed in
the class. This requires each student to attend in the class. Moreover, since the quiz is a part of evaluation,
it is important that each student attend the class to avoid zero in quiz grades.
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Topic
Introduction to Economics (Thinking like an Economist)
Economic Activities: Producing and Trading
Supply and Demand: Theory
NB: Quiz 1 will be held in the beginning of lecture 7
Supply and Demand: Applications
Elasticity
MID TERM I
Mid Term I will be held in the weekend following completion of first 5 chapters
Consumer Choice: Maximizing Utility and Behavioral Economics
Production and Costs
NB: Quiz 2 will be held in the beginning of lecture 13
Product Markets and Policies: Perfect Competition
MID TERM II
Mid Term I will be held in the weekend following completion of Chapter 8
Product Markets and Policies: Monopoly
Product Markets and Policies: Monopolistic Competition, Oligopoly, and Game Theory
Factor Markets: With Emphasis on the Labor Market
Wages, Unions, and Labor
Final Examination Syllabus Review
Final Examination Syllabus will be on the topic 11-14, and some of the fist two midterms.
Note: The Syllabus is tentative and is subject to change

Lecture
1,2
2,3,4
5,6,7

Chapter
Ch. 1
Ch. 2
Ch. 3

8,9
10

Ch. 4
Ch. 5

11,12
12,13

Ch. 6
Ch. 7

14,15,16

Ch. 8

16,17,18
18,19,20
20,21
22,23
24

Ch.
Ch.
Ch.
Ch.

9
10
12
13