This document outlines the course syllabus for an intermediate microeconomics course. It includes 9 sections that will be covered over the course: 1) Introduction to Microeconomics, 2) Supply and Demand, 3) Consumer Theory, 4) Individual and Market Demand, 5) Production, 6) Cost, 7) Profit Maximization and Supply in Competitive Markets, 8) Monopoly, Market Power and Pricing, and 9) Oligopoly and Monopolistic Competition. The learning outcomes section lists 13 key concepts and skills students should understand by the end of the course, including distinguishing different market structures, solving for equilibrium outcomes, utilizing production functions and profit maximization conditions, and analyzing firm and

1. UNIVERSITY OF THE WEST INDIES
DEPARTMENT OF ECONOMICS
INTERMEDIATE MICROECONOMICS I
ECON 2000
COURSE SYLLABUS BY MIKOL A. MORTLEY
1. Introduction to Microeconomics
 Theories vs. Models
 Positive vs. Normative Analysis
 Markets
 Extent
 Competitiveness
 Real vs. Nominal Prices
 CPI and Inflation calculations
2. Supply and Demand
 Market Mechanism
 Supply Curve
 Factors affecting
movements along and
shifts of the supply
curve
 Demand Curve
 Factors affecting
movements along and
shifts in the demand
curve
 Substitutes and
complements
 Elasticity
 Price Elasticity of
Demand
 Income Elasticity of
Demand
 Cross Price Elasticity of
Demand
 Price Elasticity of
Supply
3. Consumer Theory
 Rational Consumer
 Assumptions of Preferences
 Completeness
 Transitivity
 Non satiation
 Indifference curves and maps
 Marginal Rate of Substitution
 Budget Constraints
 Consumer Choice
 Utility maximization
 Equal Marginal
Principle
4. Individual and Market Demand
 Price Consumption Curve
 Income Consumption Curve
 Engel Curve
 Income and Substitution effects
 Normal Goods
 Inferior Goods
 Giffen Goods
 Market Demand
 Isoelastic Demand Curve
 Consumer Surplus
5. Production
 Production Function (SR and LR)
 Total, marginal and average
product
 Law of diminishing returns
 Isoquants and Isoquant maps
 Marginal Rate of Technical
Substitution
 Returns to scale
6. Cost
 Fixed costs, Variable
Costs,Average costs, Marginal
cost, Total costs
 Iso-cost Line
 Cost minimization
 Expansion
 Long Run Total Cost
 Economies and Diseconomies
of scale

2. LEARNING OUTCOMES
7. Profit maximization and Supply in
Competitive Markets
 Profit determination and Profit
maximization condition
 Perfect Competition
 Characteristics
 Market and Firm
Pricing structures
 Short Run Profits for
Perfectly Competitive
firms
 Determination of
Supply Curve
 Producer Surplus
 Long Run Competitive
Equilibrium
8. Monopoly, Market Power and Pricing
 Characteristics of Monopolies
 Market Power
 Marginal Revenue, Demand and
Price Determination for
monopolists
 Social Cost of Monopoly
 Monopoly output vs. Perfectly
competitive output
9. Oligopoly and Monopolistic
Competition
 Oligopoly
 Characteristics
 Profit Maximization
 Long run market
conditions
 Monopolistic Competition
 Reaction Curves
 Nash Equilibrium
 Cournot Model
1. Distinguish between Microeconomics
and Macroeconomics
2. Solve for the equilibrium output and
price level in a perfectly competitive
market structure
3. Describe an individual’s preferences
using indifference curves and utility
functions
4. Solve for the optimal consumption
bundle for an individual given their
preferences and budget constraint
5. Illustrate the utility maximizing bundle
for a rational consumer
6.
7. Distinguish between the different types
of costs faced by a firm
8. Solve for the optimal input choice for a
firm minimizing costs given the state of
technology and cost constraints
9. Analyze the impact of government
intervention in a perfectly competitive
market
10. Define and distinguish between the
different market structures
11. Define a firm’s technology using
production functions
12. State and utilize the profit maximizing
condition under each market structure
13. Solve for the optimal output level,
prices and profit of a firm that is
maximizing profit
Illustrate the profit maximizing output
level for a rational firm