Fall 2020

ECON 211: Elementary Microeconomic Theory

L3, L4, L5
CRN: 13368, 13374, 13380
ONLINE

Lecturer: Dr. Hossein Radmard

E-mail: hr30@aub.edu.lb Office: 235 Ada Dodge Hall

COURSE DESCRIPTION

This course lays out the general principles of microeconomics, which include elements of supply and
demand, consumer behavior, production theory and market structures.

COURSE LEARNING OBJECTIVES

By the end of the semester, students should be able to

1. Identify what economics is by learning principles of decision-making, trade and exchange, and
structure of economic system.
2. Define economic terms and economic facts, identify, label and reproduce graphs.
3. Describe the determinants of supply and demand; demonstrate the impact of shifts in both market
supply and demand curves on equilibrium price and output.
4. Understand the concept of elasticity and calculate different elasticities such as price elasticity of
demand, supply and cross-price.
5. Define concepts of Willingness to pay and Willingness to sell, and calculate consumer/producer
surplus. Identify the concept of efficiency using these tools.
6. Describe the basis of Consumer Choice Theory by understanding the concept of Utility, Budget
constraint, and utility-maximizing rule.
7. Describe the production function and the Law of Diminishing Marginal Productivity; calculate and
graph short-run and long run costs of production.
8. Identify the perfect competitive market structure and its characteristics. Determine the profit
maximizing price and quantity of resources under this market structure.
9. Characterize Monopoly market structure and differentiate profit-maximizing solution in this structure
from the perfect competition.
10. Identify the characteristics of imperfect competitive market structures: Oligopoly and Monopolistic
Competition, and demonstrate profit-maximizing behavior of the firms in these markets.
TEXTBOOK

The required textbook is

Principles of Microeconomics,
by Greenlaw & Shapiro, Second Edition, OpenStax.

This book is openly licensed and its digital format is

available for free download:

Principle of Microeconomics 2e

Make sure to download a copy of the book and follow the

lectures as directed in the outline.

During the semester, we will be using several other textbooks as supplemental resources:

 Economics (3rd ed.), by Karlan & Morduch.(KM)

 Principles of Microeconomics (6th ed.), by Mankiew.(Man)
 Principles of Economics (12th ed.), by Case & Fair & Oster.(CFO)

Reference to chapters of these books are shown in the course outline table.

MOODLE

Moodle is the main platform for this course, where on weekly basis new modules are made available for
students to attempt. You can find all the material including the lessons, readings, slides, videos and links
on the page. While you will be reminded through announcements, you are encouraged to check the
Moodle page regularly. You can also find there my contact information, office hours, and a link to book
an appointment.

GRADING POLICY

Grades are based on:

1. Weekly Recitation Activity: 15%

2. One Midterm Exam: 40%
3. One Comprehensive Final Exam: 45%

Recitation
Every student is registered in a particular recitation section (from E1 to E25). Each recitation section has
its own instructor. Instructors assess students’ performance through homework sets, quizzes and
assignments. Make sure you follow your instructor’s rules, attend as many recitation sessions as possible,
and attempt all assignments you are given.

Midterm&Final
Exams are comprised of any combination of true/false, multiple choice or matching questions with similar
structure as of homework and sample questions. Both Midterm and Final exams will be Moodle based.
Details about the format and schedule will be communicated at least three weeks prior to the exams.
TENTATIVE OUTLINE & SCHEDULE

I, the lecturer, reserve the right to change this syllabus as time and circumstances dictate. The course
outline is fluid and might be adjusted as the semester progresses. Necessary changes will be announced in
advance.

NOTE: This is an online class with mainly asynchronous lessons and lectures, and you are not penalized
for missing any live session. However, you are strongly encouraged to keep up with the class pace. For
every week watch all the lectures, study the related chapters, go through the slides, and prepare for the
activities and assignments in recitation sessions.

TEXTBOOK MOODLE Supplemental

WEEK TOPICS
CHAPTERS LESSONS Chapters
Week 1 Introduction 1. Welcome to Economics! 1.1, 1.2, 1.3, 1.4, 1,2,App.(Man)
(Sep 7th - Sept 13th) Appendix A 1.5 1,2,App.(KM)
Week 2 Specialization & 2. Choice in a World of 1,2,App.(Man)
2.1, 2.2
(Sep 14th - Sept 20th) Trade Scarcity 1,2,App.(KM)
Week 3 Demand & 3. Demand and Supply: 3(CFO)
(Sep 21st - Sept 27th)
3.1, 3.2 4(Man)
Supply 3.1, 3.2, 3.3
Week 4 Demand & 3. Demand and Supply: 3(CFO)
(Sep 28th – Oct 4th)
3.3, 3.4 4(Man)
Supply Supply, Equilibrium
3.5. Demand, Supply, the
Week 5 Efficiency
(Oct 5th - Oct 11th)
Efficiency 4.1, 4.2 5,7(Man)
3.4. Price Ceiling &
Price Floor
Week 6 5(CFO)
(Oct 12th - Oct 18th)
Elasticity 5. Elasticity 5.1. 5.2 5,7(Man)
MIDTERM EXAM: (Date/Time: TBA)
Week 7 Consumer 6. Consumer Choices 6(CFO)
(Oct 19th - Oct 25th)
6.1, 6.2 7,8(KM)
Behavior Appendix B
Week 8 Consumer 6. Consumer Choices 6(CFO)
6.3, 6.4
(Oct 26th - Nov 1st) Behavior Appendix B 7,8(KM)

Week 9 Production & 7. Production, Costs, 13(Man)

7.1, 7.2, 7.3, 7.4
(Nov 2nd - Nov 8th) Costs Industry Structure 12(KM)

Week 10 Perfect
(Nov 9th - Nov 15th)
8. Perfect Competition 8.1, 8.2, 8.3, 8.4 14(Man)
Competition
Week 11
(Nov 16th - Nov Monopoly 9. Monopoly 9.1 13(CFO)
22nd)
Week 12 Monopolistic
10. Monopolistic
(Nov 23rd - Nov Competition & 10.1, 11.1 15(CFO)
29th) Competition and Oligopoly
Oligopoly
Week 13
Review ------------ ---------- --------
(Nov 30th - Dec 2nd)

FINAL EXAM: (Date/Time: TBA by The Registrar’s Office)

MAKEUP POLICY
Any permission to miss any exam must be secured at least one week before the scheduled event unless the
cause is unforeseen. Given a University approved document, I reserve the option either to give a make-up
exam, or to simply base your grade on the remaining exams and assignments. In case of medical reason,
only reports and/or qualified professional opinions issued by an AUB employee, AUBMC doctor, or by
the University Health services will be accepted. If none of these conditions are met, the missed test will
be graded as zero.

CODE OF CONDUCT

Students are expected to abide by the Student Code of Conduct and not to engage in any disruptive
behavior. Cheating and plagiarism will not be tolerated and will be subject to disciplinary actions.

AUB’s Student Code of Conduct can be found Here.

ACCESSIBILITY

AUB strives to make learning experiences as accessible as possible. If you anticipate or experience
academic barriers due to a disability (including mental health, chronic or temporary medical conditions),
please inform me immediately so that we can privately discuss options. In order to help establish
reasonable accommodations and facilitate a smooth accommodations process, you are encouraged to
contact the Accessible Education Office: accessibility@aub.edu.lb; +961-1-350000, x3246; West Hall,
314.

NON-DISCRIMINATION POLICY

AUB is committed to facilitating a campus free of all forms of discrimination including sex/gender-based
harassment prohibited by Title IX. The University’s non-discrimination policy applies to, and protects, all
students, faculty, and staff. If you think you have experienced discrimination or harassment, including
sexual misconduct, we encourage you to tell someone promptly. If you speak to a faculty or staff member
about an issue such as harassment, sexual violence, or discrimination, the information will be kept as
private as possible, however, faculty and designated staff are required to bring it to the attention of the
University’s Title IX Coordinator. Faculty can refer you to fully confidential resources, and you can find
information and contacts at www.aub.edu.lb/titleix . To report an incident, contact the University's Title
IX Coordinator Mitra Tauk at 01-350000 ext. 2514, or titleix@aub.edu.lb . An anonymous report may be
submitted online via EthicsPoint at www.aub.ethicspoint.com