THE UNIVERSITY OF THE WEST INDIES
MONA CAMPUS
Department of Economics
Kingston 7
Jamaica, W.I.
EC20A (ECON2000): Intermediate Microeconomics I
Year: Semester I, 2016
Pre-Requisite: ECON1012 and ECON1003 or ECON1004 or MATH1142
Anti-Requisites: MGMT2020
Lecturer: Dr. Patrice Whitely
Office hours: Mondays 4-6, Thursdays 12-2 and by appointment
Course Description
Microeconomics is the study of individual agents in the economy and the choices that they
make. At its foundation is the acknowledgement of the fact that resources limited. Therefore
individuals have to make choices about how best to allocate these resources.
Microeconomics explains how and why these economic decisions are made.
Learning Outcomes
At the end of the course students should be able to:
1. Distinguish between Microeconomics and Macroeconomics
2. Solve for the equilibrium output and price level in a perfectly competitive market
structure
3. Describe an individual’s preferences using indifference curves and utility functions
4. Solve for the optimal consumption bundle for an individual given their preferences
and budget constraint
5. Illustrate the utility maximizing bundle for a rational consumer
6.
7. Distinguish between the different types of costs faced by a firm
8. Solve for the optimal input choice for a firm minimizing costs given the state of
technology and cost constraints
9. Analyze the impact of government intervention in a perfectly competitive market
10. Define and distinguish between the different market structures
11. Define a firm’s technology using production functions
12. State and utilize the profit maximizing condition under each market structure
13. Solve for the optimal output level, prices and profit of a firm that is maximizing profit
14. Illustrate the profit maximizing output level for a rational firm
Modes of Delivery
Two lecture hours and one tutorial hour per week.
Assessment
Final Exam
Mid-term Exam
Quizzes
50%
30%
20%
Syllabus
1. Introduction to Microeconomics – Chapter 1
2. Supply and Demand – Chapter 2
3. Consumer Theory – Chapter 3
4. Individual and Market Demand – Chapter 4
5. Production – Chapter 6
6. Cost – Chapter 7
7. Profit Maximization and Supply in Competitive Markets – Chapters 8 and 9
8. Monopoly, Market Power and Pricing – Chapters 10 and 11
9. Oligopoly and Monopolistic Competition – Chapter 12
Time Allowing
10. Externalities and Public Goods – Chapter 18
11. General Equilibrium and Economic Efficiency – Chapter 16
Resources
Required Text
Pindyck, Robert S., and Rubinfeld, Daniel L, Microeconomics, Prentice Hall Publishers