Syllabus

1. Course name Microeconomics

2. Course code EPPE6014

3. Course status Program core course

4. Credit hours 4

5. Prerequisite -

6. Semester offered 2

7. Instructor Dr. Abdul Hamid Jaafar 8. Course evaluation

Mid-semester examination - 35% Assignments - 20% Final examination - 40% Class participation - 5%

9. Course synopsis

The objective of this course is to provide an in-depth understanding microeconomic theory. Topics of discussion include the Consumer Theory, Theory of the Firm, Competitive Markets, Monopoly, Oligopoly, Externalities, and General Equilibrium. Upon completing this course, students will be able to relate what they have learned with real world economic issues.

10. Course learning outcome

At the end of the course, students should be able to (HPK1): explain the theories and principles of advanced economics. (HPK2): critically analyze and synthesize the theoretical generation of the application of any economic instrument in solving economic issues.

ll. Method of instruction Classroom lectures and student centered learning

12. Course content Week Topics

1

Introduction Course outline Economics: definition and models Real world and microeconomic theories Features of economic models Review of mathematical optimization procedure

2 4

Consumer theory Consumer preference Utility function, Utility maximization Indirect utility function and Expenditure function Income and Substitution Effects The Slutsky Equation Consumer surplus, Compensated and Equivalent Variation Demand Relationships among goods

5 7 Theory of the Firm Production Function and Technology Input Substitution Economies of scale Short run and long run cost Supply and Profit Maximization

8 Competitive Markets Partial Equilibrium Models Short run and long run equilibrium

9 Monopoly Types of monopoly Reasons for existence of monopoly Monopoly and resource allocation

10 Oligopoly Non-cooperative oligopoly Collusion

11 Externalities Externalities and allocative inefficiency Solution to externality problem

12 General equilibrium Exchange Production and consumption

13 Pareto efficiency Competitive general equilibrium

14 Review

Total number of weeks

Basic readings

Brian R. Binger and Elizabeth Hoffman. 1998. Microeconomic with calculus. 2nd Edition. Addison Wesley.

Geoffrey A. Jehle. 2000. Advanced microeconomic theory. 2nd Edition. Addison Wesley.

Hal R. Varian. 1992. Microeconomics analysis. 3rd Edition. W.W. Norton and Co. Michael E. Wetzstein. 2005. Microeconomic theory: concepts and connection.

Thomson South-Western, International Student Edition. Nicholson. 2004. Microeconomic theory. 9th Edition. Thomson South-Western.

International Student Edition.

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