Text:

Microeconomics, 15th Edition, McConnell and Brue (2002), Irwin McGraw- Hill

Introduction

Economic Methodology, macroeconomics and microeconomics, a
mathematical review
Reading: Chapter 1 and the appendix
Problems: page 20 problems 1-4
Lesson - The Economic Toolkit

Production Possibilities

Scarcity and opportunity cost, the production possibilities model
Application: economic growth
Reading: Chapter 2
Problems: page 40 problems 1-6
Lesson - Production possibilities model

Supply and Demand

Supply and demand schedules, market equilibrium and comparative statics
Reading:Chapter 3
Problems: Page 60: problems 1-8
Lesson - The Supply and Demand Model

International Trade

Exchange rates, free trade agreements, comparative advantage
Reading: Chapter 6
Problems: 4,6,10
Lesson - International trade

Elasticity

Price Elasticity of Demand, the price elasticity coefficient, formula and interpretations, graphical analysis, price elasticity and total-revenue, determinants of price elasticity of demand, cross elasticity and income elasticity, the incidence of a tax
Reading: Chapter 20
Problems: page 75 problems 1-3
Lesson - Elasticity of Demand
Lesson - Coefficient of Elasticity
Lesson - The Incidence of a Tax

Consumer Behavior and Utility Maximization

Theory of Consumer Behavior, law of diminishing marginal utility, utility-maximizing rule, utility maximization and the demand curve, the income and substitution effects
Reading: Chapter 21
Problems: page 120problems 4-6
Lesson - The Theory of the Consumer

The Costs of Production

Explicit and implicit costs, long run and short run, short run production function, the law of diminishing returns, short run production costs, long run production costs, the long run cost curve
Reading: Chapter 22
Problems: page 146 problems 11-12
Lesson

Pure Competition

Pure Competition, profit maximization in the short run, total revenue-total cost approach, marginal revenue-marginal cost approach, marginal cost and short run supply, diminishing returns, production costs, pure competition and efficiency
Reading: Chapter 23
Problems: page 40 problems 1-6
Lesson

Monopoly

Characteristics of monopoly, monopoly demand, marginal revenue and price, output and price determination, the economic effects of monopoly
Reading: Chapter 24
Problems: page 196-197 problems 10
Lesson

Monopolistic Competition and Oligopoly

Characteristics: Monopolistic Competition, price and output determination, monopolistic competition and economic efficiency
Characteristics: Oligopoly, an overview of game theory, price and output dtermination, oligopoly and economic efficiency
Reading: Chapter 25
Problems: page 219 problems 4-6
Lesson