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ECON #101: PRINCIPLES OF MICROECONOMICS
This syllabus will provide the basic reference for your studies of Economics,
this term. You will find a brief statement of our purpose and responsibilities,
an overview of the course, and a complete schedule, including lecture
and discussion topics, reading assignments, and examination questions.
You will determine your success in this course, as in life. Early and
consistent application will assure the success to which you aspire.
Sloth will be rewarded appropriately, too.
Responsibilities and Expectations of this Course:
In this course, you will develop rigorous understanding of the essential
tools of economic analysis, and some the important conclusions that
economists have reached regarding how individuals behave and how markets
perform. Economics is the study of the choices which are made because
of the scarcity of resources, the institutions which facilitate those
choices, and the outcomes that occur in various market environments.
We will introduce the two basic techniques of economic analysis, optimization
for choice and equilibrium for markets. Then, we will develop our understanding
by applying these techniques to consumption, saving, investment, labor
supply, production, income, and the major examples of market failure
--- monopoly, externalities, and public goods.
This course has been planned to facilitate your learning. There will
be four quizzes, two tests, and one comprehensive exam, to help you
to consolidate your understanding of the material and to assure some
regular evaluation of your progress. You will be expected to complete
all assignments as scheduled. No dishonesty will be tolerated. You are
encouraged to study together, but all tests and exercises must be the
exclusive work of the student submitting the paper. To facilitate thorough
preparation, all test questions are integrated into this syllabus. This
procedure reduces anxiety and encourages co-operative learning. However,
students should also recognize that the opportunity for preparation
lowers my tolerance for superficial or sloppy work.
I assume that you are mature adults, who recognize your personal responsibility
for your success and your duty to the people of California who are subsidizing
your education. Accordingly, you will attend class, study a minimum
of four hours per week, and take your tests as scheduled. Reasonable
exceptions are: job requirements, family responsibilities, and personal
illness. Otherwise, there will be no special accomodations
1) You will receive 0-10 points for each test question: A+ = 10, A =
9, B+ = 8, B = 7, C+ = 6, C = 5, C- = 4, D+ = 3, D = 2, D- = 1, F =
0 Your eight test answers will be averaged and will contribute 70% of
your grade.
2) Your four quizzes will contribute 15% of your grade. {Your lowest
quiz will be dropped. There will be no make ups of quizzes missed}
3) Attendance will be 15% of your grade. {You may miss one class without
penalty.You may be dropped after missing three classes.}
4) Your Course grade will be based on your total points earned: 85-100
= A; 70-84 = B; 50-69 = C; 40-49 = D; < 40 = F
Our Text will be: McConnell & Brue, Microeconomics, 14th
edition, McGrawHill 99 you should also read: "The Wall Street Journal",
"Barronšs", or "The Economist"
SCHEDULE
| DATE |
TOPIC |
ASSIGNMENT |
| Week One |
Introduction
Study Skills; What is economics ? |
Enroll; acquire materials
read McConnell & Brue cha. 1 |
| Week Two |
Production Possibilities, Opportunity Costs, & Gains
from Exchange |
McConnell & Brue cha. 2 |
| Week Three |
First Quiz; Demand & Supply |
McConnell & Brue cha. 3 & 4 |
| Week Four |
The Mixed Economy |
McConnell & Brue cha. 5 |
| Week Five |
Second Quiz: The Public Sector |
McConnell & Brue cha. 17 |
| Week Six |
FIRST EXAMINATION
Demand & Supply: Elasticities |
{I will choose 2 from questions #1-5}McConnell & Brue
cha. 7 |
| Week Seven |
Consumption & Savings
Imperfect Information |
McConnell & Brue cha. 8 |
| Week Eight |
Costs |
McConnell & Brue cha. 9 |
| Week Nine |
Production Decisions |
McConnell & Brue cha. 10 |
| Week Ten |
Third Quiz
Efficient Markets & Monopoly |
McConnell & Brue cha. 11 |
| Week Eleven |
Second Hour Exam
Oligopoly & Cartels
|
{I will choose two questions from #6-10} McConnell
& Brue cha.12 {& 19} |
| Week Twelve |
Technology, R&D, & Efficiency Production & Demand
for Resources |
McConnell & Brue cha. 13
McConnell & Brue cha. 14 |
| Week Thirteen |
Wages & Labor Supply |
McConnell & Brue cha. 15 {& 23} |
| Week Fourteen |
Rents & The Supply of Capital |
McConnell & Brue cha. 16 |
| Week Fifteen |
Income Distribution & Poverty |
McConnell & Brue cha. 21 |
| Week Sixteen |
Fourth Quiz
Public Choice & Taxation
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McConnell & Brue cha. 18 |
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