COURSE INFORMATION Course Title: MICROECONOMICS

Code	Course Type	Regular Semester	Theory	Practice	Lab	Credits	ECTS
ECO 205	B	3	3	0	0	3	5

Academic staff member responsible for the design of the course syllabus (name, surname, academic title/scientific degree, email address and signature)	NA
Main Course Lecturer (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	Dr. Etleva Gjonça egjonca@epoka.edu.al , Tuesdays, 11AM-1PM: Otherwise, by appointment
Second Course Lecturer(s) (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	NA
Teaching Assistant(s) and Office Hours:	NA
Language:	English
Compulsory/Elective:	Compulsory
Study program: (the study for which this course is offered)	Bachelor in Business Administration (3 years)
Classroom and Meeting Time:	E/311; Thursday 11:45
Code of Ethics:	Code of Ethics of EPOKA University Regulation of EPOKA University "On Student Discipline"
Attendance Requirement:	75%
Course Description:	The aim of this course is to examine the analytical framework used in microeconomics. New concepts are illustrated with entertaining and informative examples, both verbal and numerical. In addition, several purely ‘micro’ topics are illustrated with ‘macro’ applications. On the successful completion of this unit, students should have a clear understanding of the basic principles of microeconomics and with the aid of simple mathematical tools, be able to solve specific problems and answer questions appropriate to this level. Topics include supply, demand and equilibrium, the behavior of consumers, the behavior of firms, production and costs, competition welfare economics, knowledge information, monopoly, market power, collusion and oligopoly, the theory of games, external costs and benefits, common property and public goods, the demands for factors of production, the market for labor, risk and uncertainty.
Course Objectives:	Main objective is to enhance the economic way of thinking by going beyond what is taught in principles class. This is a course in microeconomics theory .The starting point will be the microeconomics taught in Principles of Microeconomics course. Applications of the theory will be an important part of the course for two purposes: as a way of explaining the economic intuition, and as a way of helping you to see the usefulness of microeconomics.

BASIC CONCEPTS OF THE COURSE

1	Microeconomics is the study of the economic choices individuals and firms make and how these choices create markets.
2	A model is a simple theoretical description that captures the essentials of how the economy works.
3	Production possibilities frontier shows the possible combination of two goods an economy can produce with a fixed amount of resources.
4	Utility is the pleasure or satisfaction that people get from their economic activity.
5	Indifference curve shows all the combinations of two goods that give the same level of utility.
6	Demand function represents how quantity demanded depends on prices, income, and preferences.
7	Nash equilibrium is a set of strategies, one for each player, that are best responses against one another.
8	Production function is a mathematical relationship between inputs and outputs.
9	Opportunity cost is the cost of a good measured by the alternative uses that are foregone by producing the good.
10	Marginal revenue is the additional revenue from selling one more unit.

COURSE OUTLINE

Week	Topics
1	Overview and Course Introduction
2	Economic Models.- What is Microeconomics?, Basic Principles, Basic Supply-Demand Model
3	Utility and Choice.- Utlity, Measuring Utility, Assumptions about Preferences, Indifference Curves, Indifference Curve Maps
4	Demand Curves.- Individual Demand Functions, Changes in Income, Normal Goods, Inferior Goods
5	Uncertainty.- Probability and Expected Value, Risk Aversion, Diversification
6	Game Theory. - Players, Strategies, Payoffs, Equilibrium, Prisoner's Dilemma, The Game in Normal Form
7	Review
8	Midterm Exam Week
9	Production.- Production Functions, Marginal Product, Total and Average Product
10	Costs.- Basic Cost Concepts, Economic Profits and Cost Minimization, The Firm's Expansion Path, Cost Curves
11	Profit Maximization and Supply.- The Nature of the Firm, Profit Maximization, Marginal Revenue, Elasticity
12	Perfect Competition in a Single Market.- Timing of a Supply Response, Short-Run Supply, Short Run Price Determination
13	Monopoly.- Causes of Monopoly, Barriers to Entry, Profit Maximization, Monopoly Profits
14	Review

Prerequisite(s):	Introduction to Economics I or any other Introduction to Microeconomics course. College Algebra. Students lacking any of the prerequisites should talk to the instructor.
Textbook(s):	Intermediate Microeconomics [and its application], by Nicholson and Snyder , Cengage Learning, 12-th edition [earlier edition may work but you must check with 12 edition for possible rearrangements].
Additional Literature:	Greg Mankiw, Principles of Microeconomics OR any Microeconomics textbook
Laboratory Work:	N/A
Computer Usage:	N/A
Others:	No

COURSE LEARNING OUTCOMES

1	Knowledge of specific concepts on Microeconomics Theory
2	Capability of understanding and analyzing a microeconomic model
3	Capability to build and explain an economic model
4	Ability to abstract about consumer's behavior
5	Ability to abstract about producer's behavior
6	Ability to use the theory for policy analysis and debate

COURSE CONTRIBUTION TO... PROGRAM COMPETENCIES (Blank : no contribution, 1: least contribution ... 5: highest contribution)

No	Program Competencies	Cont.
Bachelor in Business Administration (3 years) Program
1	Identify activities, tasks, and skills in management, marketing, accounting, finance, and economics.	5
2	Apply key theories to practical problems within the global business context.	4
3	Demonstrate ethical, social, and legal responsibilities in organizations.	4
4	Develop an open minded-attitude through continuous learning and team-work.	5
5	Use technology to enable business growth and sustainability.	5
6	Analyze data to make effective decisions.	5

COURSE EVALUATION METHOD

Method	Quantity	Percentage
Midterm Exam(s)	1	30
Final Exam	1	40
Attendance		10
Other	1	20
	Total Percent:	100%

ECTS (ALLOCATED BASED ON STUDENT WORKLOAD)

Activities	Quantity	Duration(Hours)	Total Workload(Hours)
Course Duration (Including the exam week: 16x Total course hours)	16	3	48
Hours for off-the-classroom study (Pre-study, practice)	1	48	48
Mid-terms	1	10	10
Assignments	2	2	4
Final examination	1	15	15
Other	1		0
Total Work Load:			125
Total Work Load/25(h):			5
ECTS Credit of the Course:			5

CONCLUDING REMARKS BY THE COURSE LECTURER

N/A