Required materials for this class: Tyler Cowen and Alex Tabarrok, Modern
Principles: Microeconomics, Worth, 2010. Miller, Benjamin, and North,
Economics of ...
Syllabus Economics 201 Principles of Microeconomics John McArthur http://webs.wofford.edu/mcarthurjr/
Fall 2011 Main 307, x4571
[email protected]
Please turn off or silence all electronic equipment before entering the classroom. Office Hours: MW 2:00-5:00, TR 10:00-11:30, 2:00-5:00, or by appointment Required materials for this class: Tyler Cowen and Alex Tabarrok, Modern Principles: Microeconomics, Worth, 2010. Miller, Benjamin, and North, Economics of Public Issues, 16th ed., Addison-Wesley, 2010. Companion web site: http://bcs.worthpublishers.com/cowentabarrokmicro Course Description: This course introduces the tools and scope of microeconomic analysis, and a sample of the problems that can be studied from a microeconomic point of view. Topics include price determination through demand and supply, the role of markets and prices in allocating resources, the function of market specialists, the analysis of government regulations, price controls, and taxation, and the actions of firms that have market power. Course Objectives: The objective of this course is to introduce students to the basic tools of microeconomic analysis. Lectures, exams, and assignments stress the application of economic concepts in the study of real world problems and institutions. Students who acquire the economic way of thinking are better able to separate sense from nonsense in the public discourse of economic issues. Your instructor has identified these (modest) specific learning objectives: The student should be able to explain the advantages and disadvantages of allocating goods and services though markets (using the price system). The student should be able to explain why people make decisions based on marginal (opportunity) costs and marginal benefits, and why people should ignore sunk costs when making decisions. The student should be able to explain why trade is mutually advantageous to the parties involved in the exchange. The student should be able to explain many of the factors (changes in relative scarcity) that cause prices to change. The student should be able to explain how price controls affect the allocation of resources. The student should be able to explain why profit is the consumer’s best friend. The student should be able to explain why some sellers can charge different consumers different prices, but why other sellers cannot charge different prices. Classroom Protocol: Students are expected to arrive on time and stay in class until the class period ends. If a student knows in advance that he will need to leave early, he should notify the instructor before the class period begins. Students must not disrupt class by leaving and reentering the classroom.
Attendance: Students are expected to attend and be prepared to participate in all regularly scheduled classes. Occasionally students may have to miss class for legitimate reasons such as illness or college-approved activities. For the absence to be excused, I must be notified either in advance or on the day of the absence. Unexcused absences will mean a zero for the day’s work. A total of four unexcused absences will result in either a WP or WF. Absences are excused by the academic dean of the college or by me. Grading: Grades will be determined as follows: Hour Tests 100 points each Final Exam
120 points
Short Paper
50 points
Problem Sets
Quizzes
50 points
Best 10 of 12 quizzes, zeroes not dropped
Grading Scale: A High 100 Low 92.45
A92.44 89.45
B+ 89.44 87.45
B 87.44 82.45
B82.44 79.45
C+ 79.44 77.45
50 points
C 77.44 72.45
C72.44 69.45
D 69.44 59.45
The use of calculators on hour tests and exams is prohibited, except as follows: You may use only the four function calculators that Wal-Mart sells for $1.00. The use of any other calculator, computer, PDA, cell phone, or similar device on exams is prohibited. In addition, you may not share a calculator (even a permitted one) with another person. There are no exceptions. Bonus points: A bonus of 5 points will be added to your score for attending the public lecture by the quest speaker for the economics department. Another 5 points will be added to your score for perfect attendance. Perfect attendance means no unexcused absences. Grade Appeal Policy: I handle grade appeals in only one fashion. Should you be dissatisfied with your grade on any work, do the following: 1. Type a short description of where and why you deserve more points. Make it good. Simply asking for more points, verbally or in written form, is insufficient. If your statement concerns the fairness of the grade, then you must convince me why you were unfairly treated. 2. Hand in the work in question along with your written statement no later than the next class period after it was returned to you. Spend time with step 1. Your statement must convince me to undertake the re-grading of your work. Remember, this is the only way I will handle such disagreements. Honor Code: Students are expected to abide by the honor code. I report all violations of the honor code. Miscellaneous: If you have a disability and require accommodation, it is your responsibility to notify me ASAP.
Course Schedule* Date Assignment Tues. Sept 6 Ch. 1 Thur. Sept 8 Ch. 2, PI 3 Last day to add and drop courses
Topic Thinking Like an Economist Demand and Marginal Value
Tues. Sept 14 Thur. Sept 15
Ch. 2, PI 5, 7 Ch. 2, PI 8, Military Draft
Applications: Demand Supply and Producer Surplus
Tues. Sept 20 Thur. Sept 22
Ch. 3 Ch. 3
Demand and Supply Marginal Value vs. Total Value
Tues. Sept 27 Ch. 3 Shocking Curves and Equilibrium Thur. Sept 29 Ch. 4 Elasticity of Demand http://www.youtube.com/watch?v=4oj_lnj6pXA&feature=related Tues. Oct. 4 Thur. Oct. 6
Ch. 4, PI 9, 15, 24 Hour Test 1
Elasticity of Supply
Tues. Oct. 11 Ch. 5 Price Signals & Speculation http://www.google.com/ig#m_1_%22tim%20harford%20adapt%22 Thur. Oct. 13 Ch. 6 Price Ceilings Tues. Oct. 18 Ch. 6, PI 6, 10 Price Ceilings & Rent Controls http://www.youtube.com/watch?v=4MMIkkG8pAQ&feature=player_embedded http://www.youtube.com/watch?v=xzdeZdg6nxo&feature=player_embedded Thur. Oct. 20 Ch. 7, PI 12 Price Floors http://www.google.com/ig#m_1_%22min%20wage%20tuna%22 First grading period ends Tues. Oct. 25 Thur. Oct. 27
Ch. 7, PI 23 Ch. 8, PI 14
Price Floors & Subsidies International Trade
Tues. Nov. 4 Ch. 8, PI 12, 23 Efficiency and Exchange http://reason.tv/roughcut/archive/2011-06-12.html Irwin http://reason.tv/roughcut/archive/2011-04-17.html Powell Thur. Nov. 6 Ch. 9 Externalities http://reason.tv/roughcut/show/negative-externalities-and-the Tues. Nov. 1 Ch. 9, PI 27, 28 Thur. Nov. 3 Hour Test 2 Last day for dropping courses with a WP
Solving Pollution Problems
Tues. Nov. 8 Thur. Nov. 10
Price Takers: Invisible Hand 1 Profit Maximization: Invisible Hand 2
Ch. 10 Ch. 10, PI 15
Tues. Nov. 15 Thur. Nov. 17
Ch. 10, PI 15 Ch. 11
Profit Maximization: Applications Price Searchers
Tues. Nov. 22 Ch. 11 Price Searchers http://www.ncpa.org/sub/dpd/index.php?Article_ID=21018&utm_source=newsletter&utm_medi um=email&utm_campaign=DPD Tues. Nov. 29 Ch. 11, PI 16, 19 Costs and Benefits of Monopoly http://reason.tv/roughcut/show/streets-of-dreams-challenging Thur. Dec. 1 Ch. 12 Price Discrimination Tues. Dec. 6 Thur. Dec. 8
Ch. 12 Ch. 12, PI 17, 18
Dec. 13, Thur. (9:00 – 12:00)
Price Discrimination Applications: Price Discrimination Final Exam
*Note: Dates are tentative. We may spend either more or less time on topics depending on student interest and current events. Readings on Topics in Economics: http://econlib.org/library/Topics/College/CollegeTopics.html
