Fall Introduction to Microeconomics. 01:220:102, Sec 10

Transcription

1 Fall 2013 Introduction to Microeconomics 01:220:102, Sec 10 Instructor: Han Liu Class time: Tuesday and Thursday 6:10 PM - 7:30 PM, Hardenburgh Hall A7, College Avenue Campus Office hour: Tuesday 9:00 AM 11:00 AM (and by appointment), New Jersey Hall 410, College Avenue Campus Class site: Final exam: Tue Dec 17, 2013: 8:00 PM - 11:00 PM Course prerequisites 640:111 (Pre-Calculus I) or 640:115 (Pre-Calculus College Math) or PLACEMENT TO CALCULUS Learning goals Students will learn: 1. Basic economic concepts including opportunity costs, scarcity, positive and normative economics 2. How to analyze production possibilities of firms and countries, the sources of their comparative advantages, and gains from trade 3. How to use the supply and demand model to understand how markets work. 4. How elasticity is calculated and its relevance to understanding markets. 5. How to analyze consumer behavior with respect to decisions about consumption, savings and employment. 6. How to analyze decisions firms make about pricing, output, employment and investment. 7. How to analyze the behavior of firms in alternative market structures including perfect competition, monopoly, monopolistic competition and oligopoly. 8. How to apply basic game theory to strategic interaction between companies and individuals

2 9. How to use the concepts of equity, efficiency, and market failure to analyze and evaluate government policies such as price floors and ceilings, tax policy, environmental policy, etc. 10. How to apply economic concepts and ideas to situations not specifically covered in class. Required text Mankiw, N. Gregory, Principles of Microeconomics, 6th edition, Thomson South-Western. Everyone is expected to read the chapters before they are presented in class. It is NOT required that you purchase the latest edition of this textbook. Feel free to save money by purchasing used earlier editions. Online resources: No other purchases needed. Grading Protocol Homework 20% Midterm1 15% Midterm2 15% Final 50% (Cumulative) Homework will be given out on sakai website. The homework will serve as your review and will let you gauge your understanding of the materials being covered. Also, some homework questions will be on midterm or final exams. You are encouraged to form a small study group to discuss homework and lecture notes. No make-up exams will be given for midterms and finals except if you have an acceptable excuse such as serious illness and critical emergency. You would need to submit a letter or excuse, and if due to illness, a medical certificate from your physician stating the nature of your illness must also be submitted. If your excuse is valid, you will be given a make-up exam. Note: Students must receive C or better to fulfill major and minor requirements. Attendance Students are expected to attend all classes. If you expect to miss more than one or two classes because of illness or a family emergency, please use the University absence reporting website to indicate the date and reason for your absence. An is automatically sent to me.

3 Tentative Schedules Sep 3 Principles of Economics Mankiw Chapter 1,2 Sep 5 Opportunity cost & Trade Mankiw Chapter 3 Sep 10 Supply and Demand I Mankiw Chapter 4 Sep 12 Supply and Demand II Mankiw Chapter 4 Sep 17 Elasticity Mankiw Chapter 5 Sep 19 The Efficiency of Market Mankiw Chapter 7 Sep 24 Price Controls, Quotas, and Government policy Mankiw Chapter 6 Sep 26 The Economics of Taxation Mankiw Chapter 8 Oct 1 International Trade Mankiw Chapter 9 Oct 3 Externalities Mankiw Chapter 10 Oct 8 Public Goods and Common Resources Mankiw Chapter 11 Oct 10 Midterm1 Oct 15 Consumers Choice I

4 Oct 17 Consumers Choice II Oct 22 Consumers Choice III Oct 24 Cost & Production I Mankiw Chapter 13 Oct29 Cost & Production II Mankiw Chapter 13 Nov 31 Firms in Competitive Market I Mankiw Chapter 14 Nov 5 Firms in Competitive Market II Mankiw Chapter 14 Nov 7 Monopoly Mankiw Chapter 15 Nov 12 Midterm2 Nov 14 Oligopoly & Monopolistic Competition Mankiw Chapter 16&17 Nov 19 Factors Market Mankiw Chapter 18 Nov 21 Earnings & Discriminations Mankiw Chapter 19 Nov 26 Inequality & Poverty Mankiw Chapter 20 Nov 28 Thanksgiving Dec 3 Uncertainty & asymmetric information I Mankiw Chapter 22

5 Dec 5 Uncertainty & asymmetric information II Mankiw Chapter 22 Dec 10 Review Session Exam: Tue Dec 17, 2013: 8:00 PM - 11:00 PM University policies on registration: Tuesday, September 3, 2013 Fall term begins. Complete withdrawals from the University on or after this date yield prorated refunds during the first six weeks of the semester. Courses with less than five students are subject to cancellation. Tuesday, September 3 - Monday, September 9, 2013 Students may drop courses without a W grade in person or on the web. An advisor s approval is not required for course drops during this time period. Any course dropped during this period will be removed from the transcript and tuition will not be charged, provided the student remains registered for another course. Tuesday, September 3 Monday, September 9, 2013 Student may add courses without permission in person or on the web. Tuesday, September 10 - Monday, September 16, 2013 Students may drop courses without a W grade (providing they remain registered in other courses) in person only at the Graduate Registrar, Graduate School-New Brunswick, or their graduate program office. If students drop via the web a W will be assigned but the W will be subsequently removed and the course deleted. Tuesday, September 10 - Monday, September 16, 2013 Students may add courses without permission in person only at the Graduate Registrar, Graduate School-New Brunswick, or their graduate program office. Students will not be able to add courses via the web. Adds must be done in person or by calling