ECON 1006J – Introduction to Microeconomics

School of Business and Economics, Algoma University

Spring/Summer 2023

Instructor: M. Mazumder, Ph.D.

Office: TBA
Email: [email protected]
Office Hours: By appointment

Class Schedule: Mondays 1:00 PM - 4:00 PM Location: A-603

Course Description

This first-year introductory course teaches the fundamentals of microeconomics. At its core,
microeconomics is a study of why people make the decisions that they do. This course offers an
introduction to the basic tools of economic analysis, emphasizing the decision-making processes of
individuals, households and firms. Topics include demand, supply, consumer behaviour, cost, production,
the behaviour of firms under various market conditions, market equilibrium, and the role of government
in the economy, among others; 3 credits. [Pre-requisite: None]

Learning Objectives

At the end of the semester, students should:

● Define a given microeconomic term, concept, or principle.

● Recognize the microeconomic term, concept, or principle that best fits a given definition.
● Identify or associate microeconomic terms that have closely related meanings.
● Recall or recognize specific micro-economic rules, e.g., equilibrium condition, maximization of
profit, minimization of cost, etc.
● Apply microeconomic concepts needed to define or solve a particular problem whether the
concepts are explicitly mentioned or not.
● Distinguish between correct and incorrect application of microeconomic concepts that are or are
not specifically given.
● Distinguish between probable and improbable outcomes of specific micro-economic actions or
proposals involving explicitly stated or unstated assumptions.
● Judge the adequacy with which conclusions are supported by data or analysis involving explicitly
stated or unstated assumptions.

Textbooks

Required:

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 ● N. Mankiw, and R. Kneebone, Principles of Microeconomics, Eighth Edition, South-Western
Cengage Learning [I strongly recommend you to buy this book].

Suggested:
● Christopher T. S. Ragan, Microeconomics, Sixteenth Canadian Edition, Pearson.

● Outside reading will be very helpful in understanding the applications of the economic analysis
studied in class. The Economists, Times, New York Times, Business Week and The Wall Street
Journal are some good examples.

Both textbooks will be available at the University Bookstore or you buy them from the publisher’s
website. You have numerous options, you can purchase the text as a Hardcover, Loose-Leaf version or
Ebook.

Method of Instruction

Lecture, in-class assignment, discussion, demonstration, and cooperative learning exercises.

Exams, Papers and Grades (all dates to be confirmed)

The course will include:

- One in-class Midterm Exams (Week 7/8) worth 25% of the final grade
- Final Exam worth 30% of the final grade
- Two Homework problem sets each worth 5% of the final grade
- One Group Assignment is worth 10% of the final grade
- In-class Assignments and Quizzes are worth 25% of the final grade

Attendance Policy

● Attendance is required for this course; however, I will not add or subtract points based solely on
attendance.
● Nonetheless, it is possible for you to receive credits for class participation via in-class
assignments and quizzes.
● If you arrive late or leave class early, you will not receive any credit for the missed assignment.

Examination Policy

● There will be one midterm exam and a comprehensive final exam.

● All exams are closed book assignments.
● Important: If you miss or fail any of the two exams, then you will fail the course.

Make-up Policy

● There will be no make-up quiz, homework or in-class assignment.

● Since the midterm exam date is set and known at the beginning of the semester, there will be no
make-up midterm exam.

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 ● Final exam will be as scheduled by the office of the university registrar. . If you submit a valid
reason, I will give you the final exam at a time suitable for you and me. The registrar’s office will
decide whether your reason is valid or not.

Grading Policy

Your grade will be comprised of scores on homework (40%), midterm exam (30%) and final exam
(30%). The grading scale for the course is as follows:

80 – 100% (A) Excellent Performance: comprehensive knowledge in the depth of the principles
and materials treated in the course, fluency in communicating that knowledge
and originality and independence in applying material and principles.

70 – 79% (B) Good Performance: a thorough understanding of the breadth of materials and
principles treated in the course and the ability to apply and communicate that
understanding effectively.

60 – 69% (C) Satisfactory Performance: basic understanding of the breadth of principles and
material treated in the course and an ability to apply and communicate that
understanding competently.

50 – 59% (D) Marginal Performance: adequate understanding of most principles and material
treated in the course, but significant weakness in some areas and in the ability
to apply and communicate that understanding.

0 – 49% (F) Failure: inadequate or fragmentary knowledge of the principles and material
treated in the course, or failure to complete the work required in the course.

Plagiarism/Cheating

I have a zero-tolerance policy toward cheating and plagiarism. Refer to Chapter Three of the University
Calendar for details. Anyone caught cheating during the exam will automatically fail the course. Any
violation of the university’s honour code will also be reported to the Academic Dean, who, upon further
investigation of the case, may impose additional penalties.

Grievance Procedure

Anyone feeling that a dispute exists after the grading of any assignment or exam may submit a written
grievance. This grievance should identify the item in dispute and arguments supporting your position.
Grievances must be submitted in writing within two class periods following the return of the assignment
or grade. I will return a written response to the grievance within two class periods from its receipt.

Statement of Social Justice

I am committed to social justice. I expect to foster a positive learning environment based on open
communication, mutual respect, and non-discrimination. I do not discriminate on the basis of race, sex,

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age, disability, veteran status, religion, colour or national origin. I appreciate and give serious
consideration to any suggestion on how to promote a positive and open environment in this class. If you
are a person with a disability and anticipate needing any accommodation in order to participate in this
course, please advise me and make appropriate arrangements with Disability Services.

Tentative Course Outline

(Any change will be announced in class)

Week Topics Reference
Week 1. Introduction to economic issues, analysis and Chapter 1 & 2 (Mankiw)
concepts, Economic Models Chapter 1 & 2 (Ragan)
Week 2. Data, and Graph (Intercept, Slope, Correlation)
Week 3. Market Forces of Supply and Demand Chapter 4 (Mankiw)
Week 4. Elasticity and Its Application Chapter 5 (Mankiw)
Week 5. Effect of Government Policies on Supply- Chapter 6 & 8 (Mankiw)
Demand Chapter 5 (Ragan)
Week 6 Study Break
Week 7 Midterm Exam (Topics covered in Week 1 -5)
Week 8. Consumer, Producers, and the Efficiency of Chapter 7 (Mankiw)
Markets
Week 9. The Costs of Production Chapter 13 (Mankiw)
Week 10. Firms in Competitive Markets Chapter 14 (Mankiw)
Week 11. Monopoly Chapter 15 (Mankiw)
Week 12. Imperfect Competition and strategic behaviour Chapter 16-17 (Mankiw)
Chapter 11 (Ragan)
Week 13. Factor Markets and Factor Prices Chapter 18 (Mankiw)
Chapter 13 (Ragan)