Course Outline For ECO 101

Course Outline for ECO 101: Introduction to Microeconomic Theory
and Principles I
Department of Economics, Afe Babalola University
Course Level: 100 Level
Course Units: 3 Credit Hours
Pre-requisite: None
Course Description:
This course introduces students to the fundamental concepts and

principles of microeconomics. It explores how individuals and firms make
decisions, how these decisions interact in the market, and how
government policies affect market outcomes. The course will cover
demand and supply, consumer behavior, production theory, cost analysis,
market structures, and factor markets.
Course Objectives:
Upon completion of this course, students will:
 Understand and apply basic microeconomic principles and theories.

 Analyze how consumers and producers interact in different market
environments.
 Explain the concepts of demand and supply, market equilibrium,
and elasticity.
 Understand the role of government in regulating markets and
addressing market failures.
 Develop problem-solving skills in economic decision-making.
Course Structure:
The course will be structured into lectures, tutorials, case studies, and
discussions over the semester. Assignments, quizzes, and a final
examination will form the assessment structure.
Course Content:
Module 1: Introduction to Microeconomics (Week 1–2)
 Definition and Scope of Economics

 Basic Economic Problems: Scarcity, Choice, and Opportunity Cost
 Types of Economic Systems (Market, Command, Mixed Economies)
 Micro vs. Macroeconomics
Reading:
 Mankiw, N. G. (2018). Principles of Microeconomics. Chapter 1–2
Module 2: Demand and Supply (Week 3–4)
 The Law of Demand and Supply

 Determinants of Demand and Supply
 Market Equilibrium and Disequilibrium
 Shifts vs. Movements Along Demand and Supply Curves
 Price Controls: Price Ceilings and Floors
Reading:
 Parkin, M. (2016). Microeconomics. Chapter 3
Module 3: Elasticity (Week 5–6)
 Price Elasticity of Demand

 Cross-Price Elasticity and Income Elasticity of Demand
 Price Elasticity of Supply
 Applications of Elasticity in Policy Analysis
Reading:
 McConnell, C. R., Brue, S. L., & Flynn, S. M. (2020). Microeconomics:

Principles, Problems, & Policies. Chapter 4
Module 4: Consumer Behavior (Week 7–8)
 Theory of Consumer Choice

 Utility: Total Utility and Marginal Utility
 Budget Constraints and Consumer Equilibrium
 Indifference Curves and the Marginal Rate of Substitution
 Derivation of Individual and Market Demand
Reading:
 Varian, H. (2014). Intermediate Microeconomics: A Modern

Approach. Chapter 5
Module 5: Production and Costs (Week 9–10)
 Short-run and Long-run Production Functions

 Law of Diminishing Returns
 Total, Average, and Marginal Product
 Cost Curves: Total, Average, and Marginal Costs
 Economies and Diseconomies of Scale
Reading:
 Sloman, J. (2015). Economics for Business. Chapter 6
Module 6: Market Structures (Week 11–12)
 Perfect Competition: Characteristics and Equilibrium

 Monopoly: Sources, Equilibrium, and Efficiency
 Monopolistic Competition and Oligopoly
 Comparison of Market Structures
Reading:
 Pindyck, R. S., & Rubinfeld, D. L. (2018). Microeconomics. Chapter

10–12
Module 7: Factor Markets and Income Distribution (Week 13)
 Labor Market: Demand and Supply of Labor

 Wage Determination and Factors Affecting Wages
 Rent, Interest, and Profit
 Distribution of Income and Wealth
Reading:
 Frank, R. H., & Bernanke, B. (2019). Principles of Microeconomics.

Chapter 14
Teaching Methods:
 Lectures and PowerPoint presentations

 Group discussions and interactive sessions
 Problem-solving tutorials
 Case studies for real-world applications
Assessment Methods:
 Class Attendance and Participation: 10%

 Assignments and Quizzes: 10%
 Mid-semester Test: 20%
 Final Examination: 60%
Recommended Textbooks:
1. Mankiw, N. G. (2018). Principles of Microeconomics.

2. Varian, H. (2014). Intermediate Microeconomics: A Modern
Approach.
3. Pindyck, R. S., & Rubinfeld, D. L. (2018). Microeconomics.
4. McConnell, C. R., Brue, S. L., & Flynn, S. M. (2020). Microeconomics:
Principles, Problems, & Policies.
Additional Resources:
 NUC CCMAS (2022): Curriculum for Economics

 Online resources (Khan Academy, Coursera)
 University library and e-journals
Course Policies:
 Students must attend at least 70% of lectures to be eligible to take

the final exam.
 Assignments must be submitted on time, and plagiarism will not be
tolerated.
 Make-up tests will only be given with prior approval.
Instructor Information:
Lecturer: Mr. Mark Achukwu

Office Hours: 8.30am - 5pm
Email: [email protected]
Phone: 07081100776
Course Schedule:
Week Topic Reading Assignment

1–2 Introduction to Microeconomics Mankiw, Chapter 1
Week Topic Reading Assignment
3–4 Demand and Supply Parkin, Chapter 3
5–6 Elasticity McConnell, Chapter 4
7–8 Consumer Behavior Varian, Chapter 5
9–10 Production and Costs Sloman, Chapter 6
11–12 Market Structures Pindyck, Chapter 10–12
Factor Markets and Income Frank & Bernanke, Chapter
13
Distribution 14

Course Outline For ECO 101

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Course Outline for ECO 101: Introduction to Microeconomic Theory

This course introduces students to the fundamental concepts and

Upon completion of this course, students will:

 Understand and apply basic microeconomic principles and theories.

Module 1: Introduction to Microeconomics (Week 1–2)

 Definition and Scope of Economics

Module 2: Demand and Supply (Week 3–4)

 The Law of Demand and Supply

 Parkin, M. (2016). Microeconomics. Chapter 3

Module 3: Elasticity (Week 5–6)

 Price Elasticity of Demand

 McConnell, C. R., Brue, S. L., & Flynn, S. M. (2020). Microeconomics:

Module 4: Consumer Behavior (Week 7–8)

 Theory of Consumer Choice

 Varian, H. (2014). Intermediate Microeconomics: A Modern

Module 5: Production and Costs (Week 9–10)

 Short-run and Long-run Production Functions

 Sloman, J. (2015). Economics for Business. Chapter 6

Module 6: Market Structures (Week 11–12)

 Perfect Competition: Characteristics and Equilibrium

 Pindyck, R. S., & Rubinfeld, D. L. (2018). Microeconomics. Chapter

Module 7: Factor Markets and Income Distribution (Week 13)

 Labor Market: Demand and Supply of Labor

 Frank, R. H., & Bernanke, B. (2019). Principles of Microeconomics.

 Lectures and PowerPoint presentations

 Class Attendance and Participation: 10%

1. Mankiw, N. G. (2018). Principles of Microeconomics.

 NUC CCMAS (2022): Curriculum for Economics

 Students must attend at least 70% of lectures to be eligible to take

Lecturer: Mr. Mark Achukwu

Week Topic Reading Assignment

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