Simon Fraser University
Engaging the World

Course Outlines

Spring 2025 - ECON 103 E100

Principles of Microeconomics (4)

Class Number: 1788

Delivery Method: In Person

Overview

  • Course Times + Location:

    Jan 6 – Apr 9, 2025: Tue, 4:30–5:20 p.m.
    Burnaby

    Jan 6 – Apr 9, 2025: Thu, 3:30–5:20 p.m.
    Burnaby

  • Exam Times + Location:

    Apr 14, 2025
    Mon, 7:00–10:00 p.m.
    Burnaby

Description

CALENDAR DESCRIPTION:

The principal elements of theory concerning utility and value, price and costs, factor analysis, productivity, labor organization, competition and monopoly, and the theory of the firm. Quantitative/Breadth-Soc.

COURSE DETAILS:

Description: 

This course is designed to introduce the fundamental principles of microeconomics. It covers a range of topics including individual behavior such as utility and preference; firm theories including an extensive discussion of costs, outputs and market structures; the concept of equilibrium and how economic activities are organized through supply and demand dynamics, along with the implications of externalities; and discussion of public goods and common resource goods. Throughout this course, we will constantly apply economic concepts to real-life scenarios, to both enhance our understanding and to show the flexibility of economic theory.

Details:

Economics examines how we respond to scarcity. In particular, it discusses the choices and implications inherent in how different institutions manage scarce resources. Scarcity means that individuals and societies must make choices, determining how to allocate resources, what and how much gets produced, how it is produced, and who gets what is produced, which in turn affects our standard of living. ECON 103 is structured to develop an understanding of these decision-making processes, emphasizing how individual choices are shaped by each other and by institutional frameworks. The course places a special emphasis on the role of markets in resource allocation, aiming to deepen understanding of market mechanisms, their effectiveness, their limitations, and the interplay between government actions and non-market resource allocation.

Upon successful completion of ECON 103, students will have a robust understanding of introductory microeconomic theory, be proficient in solving basic microeconomic problems, and be able to apply these skills to think about policy questions affecting the economy. This will include being equipped to answer questions regarding how markets work and do not work well, and the role of government policy in resource allocation. It will provide students with a solid foundation in economic thinking that will be valuable in their professional careers.

Topics:

Unless indicated otherwise, topics refer to the corresponding chapters in the textbook. Additional readings or supplementary slides may be provided during the course delivery. Some chapters/parts may be skipped due to the limited time.

This course aims to cover topics as follows (time permitting).

  1. Introduction

  Chapter 1 Ten Principles of Economics

  Chapter 2 Thinking Like an Economist

  Chapter 3 Interdependence and the Gains from Trade

  1. Supply and Demand: How Markets Work

  Chapter 4 The Market Forces of Supply and Demand

  Chapter 5 Elasticity and Its Application

  Chapter 6 Supply, Demand and Government Policies

  1. Markets and Welfare

  Chapter 7 The Efficiency of Markets

  Chapter 8 Application: The Costs of Taxation

  1. The Economics of the Public Sector

  Chapter 10 Externalities

  Chapter 11 Public Goods and Common Resources

  1. Consumer Behavior

  Chapter 21 The Theory of Consumer Choice

  1. Firm Behavior

  Chapter 13 The Costs of Production

  Chapter 14 Firms in Competitive Markets

  Chapter 15 Monopoly

  Chapter 17 Oligopoly




Grading

  • Class/Tutorial Participation, and/or Quizzes 20%
  • Midterm Exam 1 20%
  • Midterm Exam 2 20%
  • Final Exam (cumulative) 40%

NOTES:

1. Further information regarding readings, quizzes, and exams will be discussed during
lectures.
2. We will have approximately 4-5 quick quizzes throughout the course. Since quizzes
contribute to the attendance grade, they will be given in class, and the dates will not
be announced in advance. However, you could be exempt from one quiz without
needing to provide any explanation.
3. The tentative dates for the midterm exams are February 5th and March 12th, but they
are subject to change based on the course’s progress or unforeseen interruptions to the
class schedules. The final dates will be confirmed at least one week in advance.
4. There are no make-up exams for midterms. Students who miss a midterm due to
circumstances beyond their control (such as illness or accidents) should provide
documentation to verify their absence, and the corresponding weight will then be
transferred to subsequent exams.
5. If a student performs significantly better on the final exam than on the midterms, part
of the midterm weight may be transferred to the final exam at the instructor’s
discretion. This policy does not apply if the student does not attend the midterms.
6. Students’ original exam grades may be curved/adjusted using a linear transformation.
7. Due to the large number of enrollments across various courses, please kindly limit
your emails to critical matters (e.g., absence from exams) and include the course
number in the subject line. For questions about course materials, please feel free to
ask during office hours or in class.

Materials

REQUIRED READING:

Mankiw, Kneebone and McKenzie, Principles of Microeconomics, 9th Canadian Edition (or a former edition), Cengage.


RECOMMENDED READING:

Slides and other readings will be available on Canvas.


REQUIRED READING NOTES:

Your personalized Course Material list, including digital and physical textbooks, are available through the SFU Bookstore website by simply entering your Computing ID at: shop.sfu.ca/course-materials/my-personalized-course-materials.

Department Undergraduate Notes:

Please note that, as per Policy T20.01, the course requirements (and grading scheme) outlined here are subject to change up until the end of the first week of classes.

Final exam schedules will be released during the second month of classes. If your course has a final exam, please ensure that you are available during the entire final exam period until you receive confirmation of your exam dates. 

Students requiring accommodations as a result of a disability must contact the Centre for Accessible Learning (CAL) at 778-782-3112 or caladmin@sfu.ca.

***NO TUTORIALS DURING THE FIRST WEEK OF CLASSES***

Registrar Notes:

ACADEMIC INTEGRITY: YOUR WORK, YOUR SUCCESS

SFU’s Academic Integrity website http://www.sfu.ca/students/academicintegrity.html is filled with information on what is meant by academic dishonesty, where you can find resources to help with your studies and the consequences of cheating. Check out the site for more information and videos that help explain the issues in plain English.

Each student is responsible for his or her conduct as it affects the university community. Academic dishonesty, in whatever form, is ultimately destructive of the values of the university. Furthermore, it is unfair and discouraging to the majority of students who pursue their studies honestly. Scholarly integrity is required of all members of the university. http://www.sfu.ca/policies/gazette/student/s10-01.html

RELIGIOUS ACCOMMODATION

Students with a faith background who may need accommodations during the term are encouraged to assess their needs as soon as possible and review the Multifaith religious accommodations website. The page outlines ways they begin working toward an accommodation and ensure solutions can be reached in a timely fashion.