Economics 110 - Fall Semester 2013/2014
Department of Economics
College of Business Administration - Kuwait University
Economics 110 (Principles of Microeconomics)Course Outline (SYLLABUS)
First Semester 2015/2016
Professor Yousuf Hasan Jawad Garashi
Lecture (110/52) Days & Time: Sun, Tue & Thu. 10:00 am Room 210
Lecture (110/53) Days & Time: Sun, Tue & Thu. 11:00 am Room 210
Office Hours:Sun, Tue & Thu; Time: 12:00 noon –12:50 pm & by appointment.
Place: My Office -Economics Department – College of Business - Shuwaikh
Telephone: Secretary: 2498-8425 & 2498-8426 Direct: 2498-8428
Exams Dates and Grade DistributionItem / Weight /
Date & TimeMidterm Exam (1) / 20% / Sunday 25 / 10 / 2015 (10:00 & 11:00)
Midterm Exam (2) / 20% / Sunday 6 / 12 / 2015 (10:00 & 11:00)
Final Exam / 50% / Tuesday 22/ 12 / 2015 (5:00 – 7:00 pm )
Other Activities / 10% / Weekly Assignments & Quizzes
Total / 100%
- Teaching Assistant: Mrs. Asia Asiri
- Days: Time: 00:00 -- 00:00 Room: 000
- Attendance is critical for understanding the material.
- Absence in tutorial classes is discouraged.
“Economics,” McConnell, Brue & Flynn,Global (19E) Edition, McGraw-Hill Company, 2012.
"Principles of Microeconomics" is an introductory course in economic theory. It is designed to introduce undergraduate students to the fundamental concepts of microeconomic analysis, i.e., the study of the economic behavior of individual decision-making units such as the consumer and the business firm. By the end of the course, students are expected to demonstrate an understanding of the tools of microeconomic analysis. Specifically, this course provides students with general background and analytical tools pertaining to:
- The definition of economics, economic problem, economic systems, opportunity cost and production possibilities frontier.
- The characteristics and functioning of the market system. The main questions answered by the market system and the invisible hand are covered.
- The conceptsof demand and supply schedules and curves, factors affecting the demand and supply as well as market demand and supply.
- Market equilibrium & factors affecting it. Government intervention in markets.
- The concept of elasticity as it relates to both demand and supply and factors affecting it. The relation between price elasticity of demand and total revenue.
- Market failure, public goods, externalities and role of government in economy.
- The concept of utility and the law of diminishing marginal utility. The consumer utility maximization problem.
- Production technology in the short and the long run. The law of diminishing returns and economies of scale.
- Costs of production in the short and the long run and economies of scale.
- Profit maximization and output determination in perfectly competitive markets. Shut-down rule, short run and long run supply curve. Competition and efficiency.
- Causes for monopoly, profit maximization under monopoly and Government’s role
- Profit maximization undermonopolistic competition and comparison with monopoly.
- A brief introduction to oligopoly
Course Content and Readings:
Limits, Alternatives and Choices (Chapter 1)
The Economic Perspective
Theories, Principles, and Models
Macroeconomics and Microeconomics
Individuals' Economizing Problem
Society's Economizing Problem
Production Possibilities Model
Unemployment, Growth, and the Future
The Market System and the Circular Flow(Chapter 2)
Characteristics of the Market System
Five Fundamental Questions
The Invisible Hand
The Demise of the Command System
The Circular Flow Model
Demand, Supply, and Market Equilibrium(Chapter 3)
Application: Government-Set Prices
Price Elasticity of Demand
Price Elasticity of Supply
Cross Elasticity and Income Elasticity of Demand
Market Failures: Public Goods and Externalities(Chapter 5)
Market Failures in Competitive Markets
Efficiently Functioning Markets
Public Goods - Externalities
Government’s Role in the Economy
Consumer Behavior(Chapter 9)
Law of Diminishing Marginal Utility
Theory of Consumer Behavior
Utility Maximization and the Demand Curve
Applications and Extensions
Businesses and the Costs of Production (Chapter 10)
Short-Run Production Relationships
Short Run Production Costs
Long-Run Production Costs
Applications and Illustrations
Pure Competition in the Short Run (Chapter 11)
Four Market Models
Pure Competition: Characteristics and Occurrence
Demand as Seen by a Purely Competitive Seller
Profit Maximization in the Short Run: TR - TC Approach
Profit Maximization in the Short Run: MR - MC Approach
Marginal Cost and Short-Run Supply
Pure Competition in the Long Run(Chapter 12)
The Long Run in Pure Competition
Pure Competition and Efficiency
Technological Advance and Competition
Pure Monopoly (Chapter 13)
An Introduction to Pure Monopoly
Barriers to Entry
Output and Price Determination
Economic Effects of Monopoly
Monopolistic Competition and Oligopoly(Chapter 14)
Price and Output in Monopolistic Competition
Monopolistic Competition and Efficiency
Oligopoly (up to page 330)
WEBSITE: A very useful web site for this class is in Dr. El-Sakka's home page at:
““; Look at links for additional useful information.
Grading ScaleA / A- / B+ / B / B- / C+ / C / C- / D+ / D / F
95 + / 90 –94.5 / 87 – 89.5 / 83.5 – 86.5 / 80 – 83 / 77 – 79.5 / 73.5 – 76.5 / 70 – 73 / 65 – 69.5 / 60 – 64.5 / 60
-Absenteeism: First warning comes after 3hrsabsences and asecond warning after additional 3 hrs. An F grade is posted for students absent beyond the six hours. Also, students lose bonus marks accordingly.
-Tardinessis not tolerated. Students must be on time for lecture. Late students will be warned and subsequently not allowed in classroom.
-Make up exam are granted only in cases of absence due to seriousillness or circumstances. Appropriate documents must be presented.
-Plagiarism and cheatingis punishable by an F grade and are reported to university administration for appropriate action.
-Mobile Phones must be insilent mode during the lecture.Violators are dismissed.
Tentative Time Plan for Course MaterialTime (Weeks) / Topics / Objectives
1st week / Introduction / (1)& (2)
2nd week / Demand / (3)
3rd week / Supply / (3)
4th week / Market Equilibrium / (4)
5th week / Elasticity / (5)
6th week / Market Failure, Public Goods and Externalities / (6)
7th week / Consumer Behavior / (7)
Midterm Exam 1 / Sunday 25/10/2015 10:00 & 11:00 / (1-7)
8th week / Production / (8)
9th 10th week / Costs of Production / (9)
11th 12th week / Perfect Competition / (10)
13th & 14th week / Monopoly / (11) & (12)
Midterm Exam 2 / Sunday 6 / 12 / 2015 10:00 & 11:00 / (1–12)
15th week / Monopolistic Competition & Oligopoly / (13)
Final Exam / Tuesday22 / 12 / 2015 5:00 - 7:00 pm / (3 – 13)