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Principles of Microeconomics

Principles of Microeconomics
Professor Guy Pascale

Semester: Spring 2013
ID#: 50:220:102:40
Index #: 47277
Room: Armitage 123
Office Hours: M: 5-6PM and by appointment; Armitage 332
Phone: (856) 225-6136
E-mail: pascale@camden.rutgers.edu

Texts:

Principles of Microeconomics, Case, Fair, and Oster, Prentice Hall, 10th edition

SAKAI:

Most of the materials for the course, along with additional items of interest, will be posted on SAKAI during the semester.

Overview of the Course:

This course is designed to expose students to the important terms and concepts related to the subject of microeconomics. 

Once completed students should understand:

  • Scarcity and the trade-offs implied by the decision making process
  • The concepts of supply, demand, and the basic functioning of markets
  • Applications of supply/demand analysis in the real world
  • The concept of elasticity and it’s application in economics
  • Household behavior, consumer choice, and the profit maximizing behavior of firms
  • Long-run vs. short-run: costs and output decisions
  • The demand for land, labor, and capital
  • The spectrum of competition: perfect competition, monopoly, oligopoly, and monopolistic competition
  • Externalities, public goods, and social choice
  • The economics of taxation

Preparation For Class:

Students are expected to read the chapters covered in lecture prior to class.  This will allow students to gain familiarity with terms and concepts used during the lectures.  This preparation decreases the likelihood of students “getting lost” during the lecture.  Also, students should make note of terms or concepts that they have difficulty understanding when reading the assigned chapters.  Armed with this knowledge, students can focus in on items with which they are having difficulty during the lecture. 

Students should not be shy about asking questions if they don’t understand concepts discussed in class.  If the professor is unaware of issues students are having, he or she cannot make adjustments in order for all students to understand the important concepts from the course.

If you are uncomfortable asking questions during class, feel free to stay after class or make an appointment for additional office hours.

Assignments:

There are assignments for each chapter covered.  They are not handed in nor do they count directly toward your final grade.  However, they are selected to test your ability to answer multiple choice and objective questions on the exams.  It is highly recommended that you do the assignments and check them against the answer key that is provided at a later date.  If you do not understand how to do the assignments, even after reviewing the answer keys, be sure to seek additional help.  The assignments are listed in the course outline at the end of the syllabus with corresponding chapters in the textbook.

Sample Multiple Choice Questions:

Sample multiple choice questions will be made available after the completion of each chapter.  Be sure to attempt these sample questions and check your results against the answer keys.  If you do not understand why a particular answer is correct, be sure to get an explanation from the professor.

Grading:

During the semester, there will be three exams and a final.  The exams only encompass material covered from the previous exam.  The final is cumulative.  The exams are worth 20% and the final is worth 30% of your grade.  The tests occur on 2/18, 4/8, and 5/6, respectively. The exams and final consist of a mixture multiple choice and problems.  The final exam is scheduled for 5/13.

All electronic devices must be turned off during exams.

Attendance is worth 10% of the final grade.

 Test 1  Test 2  Test 3  Final  Attendance  Total 
20% 20% 20% 30% 10% 100%

There are no makeup exams.  Individuals who miss an exam will have their final exam weighted to include the missed exam.  Thus, a student missing an exam will have the final count as 50% of their final grade.

There is no extra credit for this course.

Cheating:

THE UNIVERSITY HAS A WELL DEFINED POLICY ON CHEATING AND ACADEMIC DISHONESTY.  IN SUMMARY, DON’T DO IT.

Class Room Etiquette:

Cell Phones must be turned off during class.

School policy allows for the removal of any student who is a disruption in the classroom.  A cell phone ringing in class constitutes a disruption and will adversely impact your final grade.  

Course Outline with Assignments 

Part I: Introduction to Economics
Section 1.1: The Scope and Method of Economics (Chapter 1)
– No Assignment
Section 1.2: Scarcity and Choice (Chapter 2)
– Problems 8, 9, and 14
Section 1.3:

Supply, Demand, and Equilibrium (Chapter 3)
– Problems 2, 9, and 11

Section 1.4:

Demand and Supply Applications (Chapter 4)
– Problems 1, 8, and 16

Section 1.5:

Elasticity: Price, Cross-Price, and Income (Chapter 5)
– Problems 1, 2, 3, 5, and 14

 

Part II: The Market System: Choices Made By Households and Firms
Section 2.1: Consumer Choice (Chapter 6)
– Problems 1, 2, 4, and 10
Section 2.2:

Profit Maximization (Chapter 7)
– Problems 1, 4, 5, and 15

Section 2.3:

Short-Run Costs and Output (Chapter 8)
– Problems 6, 8, 14, and 15

Section 2.4:

Long-Run Costs and Output (Chapter 9)
– Problems 1, 2, 3, 5, and 14

Section 2.5:

Land and Labor Markets (Chapter 10)
– Problems 1, 2, 4, 11

Section 2.6:

Capital Markets (Chapter 11)
– Problems 1 and 4

 

Part III: Perfect Competition, Market Imperfections, and the Role of Government
Section 3.1:

The Efficiency of Perfect Competition (Chapter 12)
– Problems 3, 4, 5, and 13

Section 3.2:

Monopoly and Anti-Trust Policy (Chapter 13)
– Problems 1, 2, 3, 4, and 6

Section 3.3:

Oligopoly (Chapter 14)
– Problems 4, 5, and 10

Section 3.4:

Monopolistic Competition (Chapter 15)
– Problems 1, 7, and 10

Section 3.5:

Externalities and Public Choice (Chapter 16)
– No Assignment

Section 3.6:

Public Finance (Chapter 19)
– Problems 1, 2, and 14