Lahore University of Management Sciences
Spring 2015
Econ 111-Pr in ciples of Micr oecon om ics
Instructor
Room No.
Office Hours
Email
Telephone
Secretary/TA
TA Office Hours
Course URL (if any)
Faisal Bari/ Ali Cheema
246
[email protected]/[email protected]
Course Basics
Credit Hours
Lecture(s)
Recitation/Lab (per week)
Tutorial (per week)
Course Distribution
Core
Elective
Open for Student Category
Close for Student Category
4
Nbr of Lec(s) Per Week
Nbr of Lec(s) Per Week
Nbr of Lec(s) Per Week
2
1
Duration
Duration
Duration
70 minutes
60 minutes
Yes
Freshmen
COURSE DESCRIPTION
This course is meant to be an introduction to the decision-making process of households, firms, and
government, and the resulting allocation of resources through markets. The objective of the course is
to provide students with a clear understanding of the subject of economics as it pertains to the
behavior of consumers, firms, public sector and society and provides basic tools for public policy
analysis. By the end of the course, you should be able to:
•
understand the basic issues of microeconomics, as illustrated by key economic facts and examples from around
the world;
•
know the basic methods of microeconomics, including basic microeconomic principles and how they are used to
build theories of economic behavior;
•
apply these principles of economics to critically analyze and explain situations encountered in the real world.
COURSE PREREQUISITE(S)
•
•
•
None
COURSE OBJECTIVES
Lahore University of Management Sciences
•
•
•
By the end of the course you should:
Know the basic methods of microeconomics
Be able to apply the basic methods to analyze all sorts of economic issues around you
Grading Breakup and Policy
Assignment(s): 0
Home Work: 0
Quiz(s): 20% (4 quizzes will be taken and none will be dropped)
Class Participation: 0
Attendance: 0
Midterm Examination: 35%
Project: 0
Final Examination: 45%
Examination Detail
Midterm
ExamYes/No: Yes
Combine Separate:
Duration: 100 minutes
Preferred Date:
Exam Specifications: Closed books, closed notes; no help sheet, no formula sheet; calculators allowed
Final Exam
Yes/No: Yes
Combine Separate:
Duration: 100 hours
Exam Specifications: Closed books, closed notes; no help sheet, no formula sheet; calculators allowed
Tentative Course Overview
Session
1
2,3
4,5
6,7
8,9
10,11,12
13,14,15
16
17,18
19,20
21,22
23,24
25,26
27,28
Topics
Introduction to Microeconomics
Basics of Demand and Supply
Consumer Behavior
Individual and Market Demand
Production
Cost of Production
Profit Maximization and Competitive Supply
Midterm
Analysis of Competitive Markets
Markets with Asymmetric Information
Externalities and Public Goods
Market Power: Monopoly and Monopsony
Monopolistic Competition and Oligopoly
Game Theory and Competitive Strategy
Recommended Readings
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 17
Chapter 18
Chapter 10
Chapter 12
Chapter 13
Lahore University of Management Sciences
Textbook(s)/Supplementary Readings
Required Text: Pindyck, Robert S. and Daniel L. Rubinfeld (2001) Microeconomics, 7th Edition, Prentice Hall.
We will give additional material as an when needed. But we strongly urge you to read the newspaper daily and also the Economist. It will give you
ideas about economic issues and how they are being addressed in Pakistan and around the world.