BU 101 Microeconomics

Instructor: Richard Hemmann

Hours: 24 hours

Meeting times:

Credit hours: 2

Course description:

Methodology:

An introduction to a selection of key concepts in microeconomics. The course begins with an economic perspective, identifies participants in the market, and shows how prices and output quantities are determined based on demand and supply. An introductions on the costs of production of a firm is followed by a discussion of two key market models: pure competition and pure monopoly. The course ends with examples of market failure.

The course is delivered in a classroom setting consisting primarily of lectures and in-class exercises. Students are expected to act as professionals in a business setting.

Course goals:

Upon successful completion of this course the students will have:

• An awareness of the economic perspective
• Basic understanding of selected key concepts in microeconomics
• Knowledge of applying the concepts of demand and supply to simply real-life situations
• Improved verbal and written communication skills
• Improved competencies in analysis and problem-solving

Topics:

The economic perspective , the production possibility curve, the circular flow model, demand and supply, equilibrium, costs of production, pure competition, pure monopoly, market failure

Evaluation:

Attendance/participation 20%, two test, each 40%

Resources used: 

Selected readings based on: Microeconomics, 10th Canadian edition; C.R. McConnell, S.L. Brue, T.P. Barbiero. Toronto: McGraw-Hill, 2005