ECO11 Microeconomics - Topics Covered / Activity ECO11 Microeconomics . Basic Information . Instructor Name Raymond Pirouz Home Institution University of California Irvine

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    ECO11 Microeconomics Basic Information Instructor Name Raymond Pirouz Home Institution University of California Irvine Course Description Microeconomics offers students a comprehensive understanding of microeconomic theories, systems, analysis and practices in the modern era. The course builds a solid foundation with an introduction to economics and layers that with key issues related to the market system, market structure and pricing, resource markets, market failure & public policy, international economics and more. Student comprehension of the course material is evaluated through a midterm and final exam. Additionally, throughout the course, students work individually and in groups to solve in-class exercises, applying course material to articulate key learnings. Course hours The course has 20 lectures and 8 seminars/exercise classes in total. Each class session is 120 minutes in length. The course meets from Monday to Friday. Each course has a total of 56 class hours (4 credit hours). Textbook ECON MICRO, 5th Edition William A. McEachern ISBN-10: 1-305-63194-3 Grading Policy

    Participation & Engagement

    20% Midterm Exam

    Final Exam 30% 50%

    TOTAL 100%

    Course Schedule (Summer 2018)

    Session 1 July 13, 2018

    The Economic Problem: Scarce Resources, Unlimited Wants The Art of Economic Analysis The Science of Economic Analysis Some Pitfalls of Faulty Economic Analysis If Economists Are So Smart, Why Arent They Rich?

    Topics Covered / Activity

  • Session 3 July 16, 2018

    The Household The Firm The Government The Rest of the World

    Session 5 July 18, 2018

    Price Elasticity of Demand Determinants of the Price Elasticity of Demand Price Elasticity of Supply Other Elasticity Measures

    Session 7 July 20, 2018

    An Introduction to Perfect Competition Short-Run Profit Maximization Short-Run Loss Minimization Short-Run Supply Curves Perfect Competition in the Long Run Long-Run Industry Supply Curve Perfect Competition and Efficiency

    Session 2 July 14,

    Choice and Opportunity Cost Comparative Advantage, Specialization, and Exchange The Economys Production Possibilities Economic Systems

    Session 4 July 17, 2018

    Demand What Shifts a Demand Curve? Supply What Shifts a Supply Curve? Demand and Supply Create a Market Changes in Equilibrium Price and Quantity Disequilibrium

    Session 6 July 19,

    Utility Analysis Measuring Utility Applications of Utility Analysis Cost and Profit Production in the Short Run Costs in the Short Run Costs in the Long Run

  • Session 9 July 24, 2018

    Monopolistic Competition Oligopoly Three Approaches to Oligopoly Comparison of Oligopoly and Perfect Competition

    Session 11 July 26, 2018

    The Once-Over Demand and Supply of Resources Temporary and Permanent Resource Price Differences Opportunity Cost and Economic Rent A Closer Look at Resource Demand

    Session 13 July 30, 2018

    The Role of Time in Production and Consumption The Market for Loanable Funds Why Interest Rates Differ Present Value and Discounting Entrepreneurship Corporate Finance

    Session 15 August 1, 2018

    Types of Government Regulation Regulating a Natural Monopoly Alternative Theories of Economic Regulation Antitrust Law and Enforcement Competitive Trends in the U.S. Economy

    Session 8 July 23,

    Barriers to Entry Revenue for a Monopolist Profit Maximization and Cost Minimization for a Monopolist Perfect Competition and Monopoly Compared Problems With Deadweight Loss Estimates Price Discrimination

    Session 10 July 25,


    Session 12 July 27,

    Labor Supply Why Wages Differ Unions and Collective Bargaining Union Wages and Employment

    Session 14 July 31,

    The Firms Rationale and Scope of Operation Market Behavior With Imperfect Information Asymmetric Information in Product Markets Asymmetric Information in Labor Markets Behavioral Economics

    Session 16 August 2,

    Externalities and the Common-Pool Problem Optimal Level of Pollution Environmental Protection Positive Externalities

  • Session 17 August 3, 2018

    The Gains from Trade

    Trade Restrictions and Welfare Loss

    Efforts to Reduce Trade Barriers

    Arguments for Trade Restrictions

    Session 18 August 6, 2018

    Balance of Payments Foreign Exchange Rates and Markets

    Other Factors Influencing Foreign Exchange Markets

    International Monetary System

    Session 19

    August 7, 2018

    Worlds Apart

    Productivity: Key to Development

    International Trade and Development

    Foreign Aid and Economic Development

    Session 20 August 8, 2018

    Final Exam

    Code of Academic Integrity

    You must familiarize yourself with the Code of Academic Integrity at Beijing Jiao

    Tong University. It is your responsibility to ensure that your behavior is not in

    violation of this code. You must observe the policies regarding various forms of

    academic dishonesty. The following statement about academic dishonesty has been

    provided by Beijing Jiao Tong University: Activities that have the effect or intention

    of interfering with education, pursuit of knowledge, or fair evaluation of a students

    performance are prohibited. Academic dishonesty will not be tolerated and may be

    handled by the Office of Student Conduct.

    Moreover, inappropriate activity during exams (e.g., consulting notes or other

    students) may result in a zero on the exam and will be submitted to the Office of

    Student Conduct. As a student in this course, you will be held accountable for your



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