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Principles of Microeconomics

Fall 2014
Rutgers University–Camden
Economics Department
Course Syllabus

Course title:  Principles of Microeconomics (50:220:102:01), Index number (07422), 3 credits
Prerequisite: none
Day Time Place: Tuesday and Thursday (9:30 AM to 10:50 AM)  Fine Arts Building, Room 219
Instructor: Robert Vaden
Phone: 856-582-9325
Email: robert.vaden@rutgers.edu

Required Text: Microeconomics (Principles, Problems, and Policies)
by Campbell McConnell, Stanley Brue, Sean Flynn, Nineteenth  Edition, McGraw Hill (paperback).

Note: Reading and studying the text are very important for learning and understanding the course material. There is no substitute for spending a significant amount of time reading the assigned chapters.

Recommended Reading: The student should supplement the course material with readings from the following as often as time permits: The EconomistThe Wall Street JournalThe New York Times Business Section.

Catalog Description: Economic systems; supply, demand, and role of the market; consumer behavior and utility; firm behavior, cost, and profit; competitive and monopolistic markets for products and inputs; government regulation of markets.

Course Overview: This course is the introductory course in micro economics.  Emphasis is placed on understanding  how a market economy works and the strengths and weaknesses of such an economic system. To this end, heavy emphasis is placed on understanding supply and demand and the role of prices and competition in a market economy.

The course will also cover the derivation of both the short-run and long-run cost curves. Special emphasis will be placed on economies of scale and their role in determining the structure and, in turn, the performance of the nation’s various industry sectors. 

The course will provide a detailed discussion of the strengths and weaknesses of the four major market structures in the American economy (pure competition, pure monopoly, oligopoly, and monopolistic competition). The demand for economic resources, including the determination of wages, will  be covered in detail.   

Current issues relevant to microeconomics will also be discussed, as appropriate.   

Course Objectives:

  • Introduce the student to the formal study of economics.
  • Improve the student’s level of economic literacy.
  • Stimulate the student’s interest in the field of economics.
  • Provide the student with a good understanding of the principles of microeconomics and show how the lessons of economics can help them in day-to-day living. 
  • Provide the student with the knowledge and understanding to better understand the economic issues facing the country today.

Grades:  There will be two tests and a final exam. In calculating your final grade, each of the three exams will make up a third of the course grade. Note that all tests and the final exam are cumulativeThis means that each test and the final exam will include all material covered to date.

Final grades will be assigned as follows: 90+ = A; 84-89= B+; 78-83=B; 72-77=C+; 66-71=C; 60-65=D; Less than 60=F.  Make-up examinations will be given on an individual basis. All make-up tests must be taken within two weeks of the scheduled exam date.

“Pop” or unannounced tests will be given and factored into your final grade.

Class participation is welcomed, encouraged and will be considered in your final grade.   

Office Hours:  Office hours will be on Tuesday and Thursday from 11:00 AM to 12:00 AM in Armitage Hall (Office 332). Please feel free to schedule an appointment if there is anything you would like to discuss or for individual help.             

Attendance:  Attendance is strongly encouraged. However, you are allowed three (3) absences. The student is responsible for all material missed when absent. Attendance will be considered in your final grade.         

Course Outline

Week ofChapter TitleChapter #

Sept 1

Introduction

Limits, Alternatives, Choices

 

1

Sept. 8

The Market System and the Circular Flow

2

Sept 15

Demand, supply and Market Equilibrium

3

Sept  22

Chapter 3, continued

Elasticity

 

4

Sept. 29

Chapter 4, continued 

 

Oct. 6

Review  

EXAMNATION I   

 

Oct. 13

Market Failures:  Public Goods and Externalities

5

Oct. 20

Chapter 5, continued

 Consumer Behavior

 

6

Oct. 27

Business Costs

7

Nov. 3

Business Costs , continued

Pure competition in the short-run

 

8        

Nov. 10

Pure Competition in the long-run

EXAMINATION II

9

Nov. 17.

Pure Monoploy                    

Monopolistic Competition and Oligopoly 

10

11

Nov. 24

The Demand for Economic Resources

12                         

Dec. 1

Wage Determination

13

Dec 8

Rent, Interest, and Profit            

14

 

 

          Last Day of Classes December 10

 

 

          FINAL EXAM  DATES 15-22

 

Chapter Questions/Problems

The problems below at the end of each assigned chapter will be covered in class.   The problems will not, however, be taken up or graded.  You should use these problems as a self-testing device to see if you understand the material. 

ChapterQuestions/Problems

1

2,5,6,7.8, 10,11,12/3

2

1,2,4,5,6,8,9,12/4

3

1,2,3,4,5,6,7,8,9,12/4

4

3,4,6,7,8,9,10,11

5

1,2,3,4,6,7,10

6

1,2,3,4,5,6,9

7

1,2,3,4,5 6,8/1

8

1,2,3,4,6,7

9

1,2,3,4,5,7,8

10`

1,2,3,5,6,7,8

11

1,2,6,9,10,11

12

1,2,3,4,6,7

13

1.2, 6,7, 8,10

14

1,5,7,8,9,10