Office:            3C     

Telephone:     +35542441330           


Office hour:   Monday, Tuesday, Thursday 13:00-15:00


Course Description: This course will introduce students to the basic concepts of microeconomics; how households and firms make decisions and how they interact in markets.  It emphasizes the basic tools of supply and demand.


Course Purpose: The purpose of this course is to provide a basic understanding of the mechanisms that drive markets and how different actors interact in them.


Course Objectives: Upon completion of the course, students should be able to:

  1. Understand supply and demand
  2. Understand the concept of elasticity
  3. Understand the role of the government as a regulator
  4. Understand firm behavior and the organization of industry
  5. Understand the theory of consumer choice


Required Reading: N. Gregory MANKIW and Mark P. Taylor, Economics, 2/E, South-Western Cengage Learning EMEA, 2011


Additional reading material will be provided in class or by e-mail to augment the textbook. You will be responsible for finding, printing, reading, etc of the materials send by e-mail, unless otherwise specified. Use your e-mail account as an important source of information, for class materials and additional information regarding this course.


Required Readings should be completed prior to each class, therefore lecture assumes that you have read the material. Please come to class with questions on these readings. This will make class more enjoyable and productive.


Course Policies: This course will respect the code of conduct and all related UNYT policies with regard to: lecture attendance, plagiarism etc.  All cellular phones must be switched off during class period.


Exams: Three examinations will be given.  There will be two midterms and one comprehensive final.  Exams will include reading materials, lecture notes, and materials discussed during the presentations Makeup exams will be allowed only for compelling reasons upon provision of verification and will require pre-approval.


Participation: Participation extends beyond mere attendance. Classroom discussion of topics and current socio-economic events is essential for the successful completion of this course. Expect your instructor to keep track of how often you contribute to class discussion (as a whole), particularly during the panel discussion section. You may miss up to three classes without penalty – your first two absences count whether you have a good excuse or not. Each absence beyond the first three will cost you points off of your participation grade. The only exceptions to this rule are severe illness (doctor’s note required) and UNYT approved trips/activities. Appropriate documentation for absences beyond the first three is necessary the class day directly before or after the one you miss. In general: this class is intensive and interactive. Missing class could seriously affect your grade! Students are reminded not to approach the instructor for copies of the previous week’s materials during immediately before, during, or immediately after class. Students are expected to collect materials from their classmates or see the instructor during consultation hours.


Assignments will consist of: Problem sets or short reaction papers depending on the topic. They are important tools to practice and better prepare for exams (worth 20% of your grade). Answers to the homework will be discussed in class shortly after they are due. Therefore, no late homework will be accepted. The assignments will be due at the beginning of the class at the due date.


Course Grade:           Grade Component                  Date                Contribution to Final Grade

                              Midterm 1                                                                               20%

Midterm 2                               ______                                    20 %

Final                                        ______                                   40 %

Assignments                                                                            20%















      Grading Scale: Grading scale follows the official UNYT as below


Letter Grade Percent of Total Grade Generally Accepted Meaning
A 96-100 Outstanding work
A- 90-95
B+ 87-89 Good work, distinctly above
B 83-86 Average
B- 80-82
C+ 77-79 Acceptable
C 73-76
C- 70-72
D+ 67-69 Significantly below average
D 63-66
D- 60-62
F 0-59 Work that does not meet the minimum standards for passing the course



Tentative Course Outline: While the course will try to explore all topics several important issues will receive particular attention. Core chapters that cover critical models and theory are market in bold. The instructor holds the right to make changes to the syllabus, and will inform the students in due course.


Date Topics to be covered in class Chapters
Week I

Ten Principles of Economics; Thinking like an Economist

1, 2
Week II The Market Forces of Supply and Demand 4
Week III Elasticity and Its Application 5
Week IV Supply, Demand, and Government Policies 6
Week V Consumers, Producers and the Efficiency of Markets 7
Week VI The Cost of Taxation 8
Week VII Midterm 1  
Week VIII Externalities; Public Goods and Common Resources 10, 11
Week IX The Costs of Production 13
Week X Midterm 2, Firms in Competitive Markets 14
Week XI Monopoly 15
Week XII Oligopoly; Monopolistic Competition 16, 17
Week XIII The Theory of Consumer Choice 21
Week XIV Review  
Week XV Final Exam