ECON 1001 Course Guide Semester 1 2012-2013 Final

Introduction to Microeconomics ECON1001 – Course Information. Academic Year 2012/2013, Semester 1

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The University of the West Indies

OPEN CAMPUS

Introduction to Microeconomics ECON1001

COURSE GUIDE FOR STUDENTS

Semester 1: 2012/2013

Welcome to Semester 1 of teaching and learning in ECON1001. I am Troy Lorde, your

Course Coordinator.

As you know, open and constant communication is critical to success in the online

learning environment. I therefore urge you to ensure that you play your part to develop

and maintain a very interactive relationship with your e-tutor.

I can be reached via email at [email protected].

Thank you for your commitment as your tutors and I work together to make ECON1001

a meaningful learning experience.

Troy Lorde

August 2012


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CONTENTS

PAGE

Introduction 4

Course Description 7

Course Objectives 8

Course Units 8

Course Delivery 9

Assessment 10

Additional Resources 11

Delivery Schedule 12

Discussion Topics 13


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Course Code: ECON1001

Course Title: Introduction to Microeconomics

Course Discipline: Economics

Credits: 3

Prerequisite/s: None

Corequisite: None

Academic Year: 2012/2013 (Semester 1)

Course Coordinator: Troy Lorde

Contact Information: [email protected]

General Information

Some important information to keep in mind:

1. Your picture uploaded on the Learning Exchange must conform to the following – a profile of just

your face, a close up image that allows you to be recognized.

2. The Department in the Open Campus (OC) ultimately responsible for the delivery of this course

is: The Undergraduate Programmes Department. View the OC Web Site for information on

your Programme: http://www.open.uwi.edu/

3. There are different avenues available to you as a student to receive support. The avenue you take

is dependent on your particular need. View the QUICK LINK in your course for Frequently Asked

Questions (FAQs .)

http://www.open.uwi.edu/


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INTRODUCTION

Welcome to Introduction to Microeconomics. As a discipline, economics is

multidimensional and overlaps with many other areas of inquiry such as accounting,

management, sociology, political science, and psychology. This overlapping with other

disciplines makes economics interesting, exciting, and lively. The overlapping with other

disciplines lies at the very heart of the university’s decision to require social sciences

students to take this introductory course in microeconomics. Enjoy it!

Throughout our lives, we encounter several situations which demand that we make good

and rational choices because our resources are limited. Only recently you had to decide

whether to apply to the UWI for admission to a degree programme on a part-time or full-

time basis. You had to decide whether you wanted to study through the UWI Open

Campus system or attend one of the three campuses directly. You had to decide whether

to remain in your job and study part-time or tender your resignation and study full-time.

As simple as these may sound, each of the three scenarios presented requires you to make

a choice. At the centre of your decision making lies the question of how much resources

do you have at your disposal that will allow you to choose one option over the next. If

you have recognised that simple fact, then, you would have begun your journey, probably

unknowingly, to understanding and appreciating the fundamental premise of economics

as a social science.

Indeed, therefore, economics is all about satisfying needs and wants. The fundamental

premise upon which economics has been built is that of scarcity of resources. The

traditional argument says that economic resources are considered scarce in relation to

needs and wants. Hence, we are faced with the dilemma of seeking to satisfy needs and

wants that are unlimited using resources that are limited. This dilemma suggests, then,

that we must make choices when confronted with different alternatives. Choice simply

means selecting from among alternatives. Economics provides tools of analysis that will

allow us to make these choices in such a way as to optimise our needs and wants by using

our resources in the most efficient manner.

The study of economics is normally divided into two broad branches, namely

microeconomics and macroeconomics. The prefixes ‘micro’ and ‘macro’ are derived

from Greek and mean ‘small’ and ‘large’ respectively. Microeconomics seeks to explain

economic activity at the level of the day-to-day operations of consumers and firms.

Macroeconomics goes for the big picture, seeking to understand trends at the level of the

economy taken as a whole.

The focus of this course is the study of microeconomics. Specifically, it aims to provide

you with an insight into how economies function and equip you with the tools that are

essential for studying this branch of the discipline. It provides you with an introduction to

the theories and concepts underlying economic issues and the methods economists use to

study these issues.


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The main aims of the course are to:

Ensure that you are properly grounded in the fundamentals of economic theory.

Introduce you to new styles of management and professionalism which are

necessary to develop economic policy and practice that are truly informed.

Produce a cadre of Caribbean professionals with well-developed economic

analysis skills.

The knowledge gained from successful completion of this course will assist you in

becoming better informed about economic issues and enable you to critically evaluate the

debates over various economic events and policies reported in the news media. This

course is also a foundation course and will prepare you to be successful in future courses

in economics, political science, government, law, finance, marketing, strategy and

planning, business administration, and social work, among others.

Introduction to Microeconomics carries no prerequisites and is therefore very accessible

to students who have no previous knowledge in economics. However, if you have no

background in economics, you are advised to do preliminary reading. Apart from this,

the following competencies will be extremely beneficial:

1. While the mathematics employed in the course is straightforward and of

secondary importance, you should be familiar with basic algebra, calculus, and

construction and interpretation of graphs.

2. You should possess a mature approach to studying. While the course manual is

representative of the information that you are required to master, it is only a

guide. The manual, like any other text, cannot cover every theory or fact in acute

detail. Therefore, you must be prepared to consult other texts and/or assigned

readings, and attempt other problems, beyond those in the manual, since your aim

should not be merely to pass this course, and forget everything taught thereafter.

Rather, this course should serve as a complement and/or underpinning of future

courses in your academic career.

Normally in the first year of university you only possess the skill to recall and recite

facts. The value added in this course is that you will be required to apply the theories

learnt to the analysis of “real world” scenarios as much as possible. To this extent, mere

recitation of facts, without deeper analysis and explanation as answers to coursework,

assignments or examination problems will result in only fair to average scores.

To get the most out of the course:

You will need an inquiring mind as well as a natural curiosity since you will be

expected to conduct independent analysis and research. You will also be expected

to explore concepts, ideas and issues that have local and global significance and in


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so doing, acquire in-depth knowledge of economics and develop an understanding

across a broad and balanced range of disciplines.

You will need to demonstrate that you are capable of independent thought since

you will have to exercise your initiative in applying this skill critically and

creatively in recognizing and approaching complex problems and making

reasoned, informed decisions.

And finally, you will need to be reflective and objective in considering your

personal learning experience so that you can assess and understand your strengths

and weaknesses in order to support your learning and personal development.

Plagiarism You have likely heard of the problem of plagiarism. In short, to plagiarize is to give the

impression that something is your own work when in fact it is borrowed from someone

else. To see The University of the West Indies’ position on this important issue, please

click on the Quick Link in the left hand column of the course page. There you will find

The Plagiarism Policy of the Office of the Board for Undergraduate Studies (BUS).

Netiquette See Quick Link in the left column of the course page for additional information


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COURSE DESCRIPTION

Against the constantly shifting background of economic and geopolitical international

developments which impact the vulnerable economies of the Caribbean, new styles of

management and professionalism are necessary in order to develop policy and practice

that are truly informed. To help address these challenges, there is a clear and urgent need

for citizens to be grounded in the fundamentals of economic theory. Furthermore, the

increasingly large volumes of information available to decision makers have also created

a demand for people with well-developed economic analysis skills.

Microeconomics is the study of people in the “ordinary business of life”. As economic

welfare depends upon the choices of people regarding the allocation and use of resources,

it is necessary that ordinary members of the community and specialists in government

and business, understand the account of these choices that are provided by

microeconomic theory and are able to develop critiques of that theory. It is also

necessary that they are able to appreciate, and undertake, microeconomic analysis of

contemporary problems and policies.

This course therefore explores the theory of economic choice and its application to a

range of resource-use questions. Specifically, it focuses upon a range of microeconomic

principles, their use in economic analysis, and their relevance in the global information

economy. While drawing on the history of economic thought, it emphasises

contemporary resource-use issues and the development of the skills of economic

specialists and non-specialists.

Economics is a living discipline and to appreciate the applications of the concepts, you

are encouraged to follow events and developments in Caribbean countries and other

economies around the world, and relate them to the theories and concepts in the course.

This will provide you with a better understanding and appreciation of the basis for

economic policy and decision making.


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COURSE OBJECTIVES It is expected that at the end of the course you will be able to:

Evaluate and critique the methodology of microeconomic analysis and apply this

methodology to economic policy analysis.

Explain and discuss the nature of demand and supply and their interaction as they

relate to the workings of a market system.

Describe and explain the concept of elasticity and show how it is applied at the

level of the firm with respect to the setting of prices for various types of goods

and services.

Examine the principles, concepts, and theories underlying individual consumers’

behaviour with respect to utility maximization.

Examine the principles and theories underlying the concepts of production and

costs as well as the relationship between these two concepts and show how they

are applied in order to derive the optimum behaviour of producers or sellers of

goods and services.

Discuss and explain the nature and characteristics of various market structures

and show how the firm and industry derive equilibrium in both the short and long

runs.

Critically assess the impact of economic policies on economic efficiency within

the confines of a market system.

COURSE UNITS

The units to be covered in this course are as follows:

Unit Number Unit Name

Unit 1 Introduction to Economics

Unit 2 Demand, Supply and Market Equilibrium

Unit 3 Elasticity

Unit 4 The Theory of Consumer Choice

Unit 5 The Theories of Production and Costs

Unit 6 The Theory of Perfect Competition

Unit 7 The Theory of Monopoly

Unit 8 The Theories of Imperfect Competition


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COURSE DELIVERY:

This course will be delivered over 12 weeks using the following strategies:

METHOD OF DELIVERY DETAILS

Course Package Course material, Readings

Tutoring Tutoring will be done online ONLY. E-Tutors have been assigned for

this course and you will have the opportunity to go through key

topics/themes from the course materials with your E-Tutor in the

online environment. By participating in the online discussions with

your peers and E-Tutor, you will get a deeper understanding of the

subject matter. In order to get the most out of these online

discussions, you must be well prepared so that you can participate

fully. Ensure that you study the materials well.

Online Discussions You will have online discussions using Moodle

Email You can interact with your tutor and course coordinator using Email.

However, the preferred method of communicating is through the

discussion forums set up in the online course in Moodle.

Teleconferences There will be two (2) Elluminate Live conferences scheduled. The

dates are:

TBA EC time; and

TBA EC time.

During the Elluminate Live conferences, I will address your queries

concerning the Units, course assessment or any other issues

pertaining to the course. Any specific questions about the material

which you need answered or areas which you need clarified must be

directed to your E-Tutors.


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ASSESSMENT

There will be five (5) types of course assessments: two online quizzes; 2 discussions; 1

face-to-face midterm examination; and a face-to-face final examination.

The weighting for the assessments are as follows:

Assessment Item Weighting

2 Online Quizzes 10%

Midterm 20%

2 Graded Discussions 10%

Final Exam 60%

Total 100%

N.B. Please note that the midterm and final exams are face-to-face exams which will

be held at the Open Campus site in your jurisdiction.


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ADDITIONAL RESOURCES

Important dates to keep in mind:

SEMESTER 1

AUGUST – DECEMBER

2012

Semester Begins August 26, 2012

Registration August 13-31, 2012

Teaching Begins September 3, 2012

Mid-Semester Examinations Typically Weeks 6 - 7

Teaching Ends November 30, 2012

Examinations Begin December 5, 2012

Examinations End December 21, 2012

Semester Ends December 21, 2012


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COURSE DELIVERY SCHEDULE

Date Unit Blackboard

Conferences

Practice Activities Graded Activities

Course

Orientation

Aug 27-Sep2

NA NA a) Math Review Quiz NA

Week 1

Sep 3-9

Unit 1:

Introduction to Economics NA

a) Practice

Exercise 1

b) Practice Quiz 1

NA

Week 2

Sep 10-16

Unit 2:

Demand, Supply and Market

Equilibrium –

Sessions 1 and 2

NA

a) Practice

Exercise 2

NA

Week 3

Sep 17-23

Unit 2 cont’d:

Demand, Supply and Market

Equilibrium –

Sessions 3 and 4

NA

a) Practice

Exercise 2 cont’d

b) Practice Quiz 2A,

2B and 2C

Discussion 1

Week 4

Sep 24-30

Unit 3:

Elasticity NA

a) Practice

Exercise 3

b) Practice Quiz 3

NA

Week 5

Oct 1-6

Unit 4:

The Theory of Consumer

Choice – Sessions 1 and 2

NA

a) Practice

Exercise 4

Online Quiz

Week 6

Oct 7-13

Unit 4 cont’d:

The Theory of Consumer

Choice - Session 3

NA

a) Practice

Exercise 4 cont’d

b) Practice Quizzes

4A and 4B Midterm (20%)

(Date TBA)

Week 7

Oct 14-20

Unit 5:

The Theories of Production

and Costs – Sessions 1 and 2

NA a) Practice

Exercise 5

Week 8

Oct 21-27

Unit 5 cont’d:

The Theories of Production

and Costs – Sessions 3 and 4

NA

a) Practice

Exercise 5 cont’d

b) Practice Quizzes

5A and 5B

Week 9

Oct 28-Nov 3

Unit 6:

The Theory of Perfect

Competition –

Sessions 1 and 2

NA a) Practice

Exercise 6 Discussion 2

Week 10

Nov 4-10

Unit 6 cont’d:

The Theory of Perfect

Competition –

Sessions 3 and 4

NA a) Practice Quiz 1

Week 11

Nov 11-17

Unit 7:

The Theory of Monopoly NA

a) Practice Exercise 7

b) Practice Quiz 7 Online Quiz

Week 12

Nov 18-24

Unit 8:

The Theory of Imperfect

Competition

NA

a) Practice Exercise 8

b) Practice Quizzes

8A and 8B

Week 13

Nov 24-30 Wrap Up NA NA NA


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ONLINE QUIZZES

Each Quiz is worth 5 percent. The times and dates when each Quiz will take place are

shown in the table below.

Quiz Topics Time Opens Closes

1 Units 1-3 1 hour 6:00 am ECT

on Monday, Oct 1

6:00 pm ECT

on Wednesday, Oct 3

2 Units 4-6 1 hour 12:00 am (midday) ECT

on Monday, Nov 11

3:00 pm ECT

on Wednesday, Nov 13

GRADED DISCUSSIONS

Each Discussion is equally weighted. They will each be graded out of 5 percent. The

times and dates when each Discussion will take place are shown in the table below. You

are required to post your response and comment on postings by individual group

members, apart from your eTutor. Your eTutor will grade you based on the rubric

outlined below after the Discussion has ended.

The Units on which the Discussions will be based and the specific areas of focus are

listed below:

Discussion Topic Focus Opens Closes

1 Unit 1: Introduction to

Economics

Specialisation,

interdependence,

self-interest,

consumer choice,

international trade

8:00 am ECT

on Monday Sep 13

8:00 pm ECT

on Monday Sep 20

2 Unit 4: The Theory of

Consumer Choice

Budget constraints 8:00 am ECT

on Monday Oct 28

8:00 pm ECT

on Monday Nov 4

The specifics of each Discussion will be revealed at the beginning of the week indicated

above to ensure as far as possible, the integrity of the assessment being graded.

Each Discussion posting should be NO MORE THAN ONE PARAGRAPH and should

be written in a conversational style, much like a classroom discussion. You are cautioned

on the use of Standard English. Please do not post using slang or common abbreviations

like one would see on Internet chat rooms or text messages. Responses must be posted in

the week during which the Discussion is active. Five percent for each of the 2 Graded

Discussions will be awarded as follows:


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Grade Rubric for Discussion Criteria Good Fair Poor

Understanding

and Insight:

2%

Postings draw from the

assigned course content.

Reflects on the postings of at

least 3 other learners. Possibly

integrates ideas from others.

(2%)

Some references to

course content.

Reflection on less than 3

but more than 0 postings of other learners.

(1%)

Barely adequate

references to course

content. No reflection

on postings of other

learners.

(0%)

Clarity of

expression:

2%

Answers and/or opinions are

expressed in a clear and

comprehensive manner using

Standard English.

(2 %)

Answers and/or opinions

are expressed in a manner

which is somewhat

unclear. Standard

English is employed for

the most part.

(1%)

Answers and/or

opinions are expressed

in a manner which is not

clear. Standard English

is not employed for the

most part.

(0%)

Postings:

1%

Makes a minimum of 5

postings

(1%)

NA Makes less than 5

postings

(0%)

N.B. Students’ posts after the deadline date will receive no consideration in the

assessment of their contributions to the Discussion.

MIDTERM EXAM

The midterm exam is worth 20 percent. It is a paper-based exam of 2 hours duration and

will take place at your Open Campus site. Units 1-3 will be tested. The time and date

will be announced by the Examinations Section during the semester. Please check with

the staff at your Open Campus site regularly for information in this regard.

FINAL EXAM

The final exam is worth 60 percent. It is a paper-based exam of 2 hours duration and will

take place at your Open Campus site. Units 4-8 will be tested. The time and date will be

announced by the Examinations Section during the semester. Please check with the staff

at your Open Campus site regularly for information in this regard.

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ECON 1001 Course Guide Semester 1 2012-2013 Final

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